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What's in a name? Mutual fund flows when managers have foreign-sounding names
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Kumar, Alok, Niessen-Ruenzi, Alexandra and Spalt, Oliver G. (2015) What's in a name? Mutual fund flows when managers have foreign-sounding names. Review of Financial Studies, 28 (8). pp. 2281-2321. doi:10.1093/rfs/hhv017 ISSN 0893-9454.
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Official URL: http://dx.doi.org/10.1093/rfs/hhv017
Abstract
We show that name-induced stereotypes affect the investment choices of U.S. mutual fund investors. Managers with foreign-sounding names have about 10% lower annual fund flows, and this effect is stronger among funds with investor clienteles more likely to be suspicious of foreigners. Foreign-named managers experience lower appreciation (greater decline) in flows following good (bad) performance. Following 9/11, flows to funds with managers with Middle-Eastern-sounding names declined abnormally. In an experimental setting in which skill differences are absent, individuals allocate 11% less money to an index fund managed by a foreign-named manager. This gap widens following the Boston marathon bombings.
Item Type: | Journal Article | ||||||
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Divisions: | Faculty of Social Sciences > Warwick Business School > Finance Group Faculty of Social Sciences > Warwick Business School |
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Journal or Publication Title: | Review of Financial Studies | ||||||
Publisher: | Oxford University Press | ||||||
ISSN: | 0893-9454 | ||||||
Official Date: | 27 February 2015 | ||||||
Dates: |
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Volume: | 28 | ||||||
Number: | 8 | ||||||
Page Range: | pp. 2281-2321 | ||||||
DOI: | 10.1093/rfs/hhv017 | ||||||
Status: | Peer Reviewed | ||||||
Publication Status: | Published | ||||||
Access rights to Published version: | Restricted or Subscription Access |
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