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family has on performance. We test for strategic and competitive behaviour among family funds and whether this affects … performance persistence and risk taking behaviour. We find no conclusive evidence of stronger performance persistence among family … funds versus non-family funds, although we do find some significant differences in the future performance of portfolios of …
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We show that early-life family disruption (death or divorce of a parent) causes fund managers to be more risk averse …-treated managers. This effect is most pronounced for managers who experienced family disruption during their formative years or who had …
Persistent link: https://www.econbiz.de/10011989092
We show a long-lasting association between a common societal phenomenon, early-life family disruption, and investment …
Persistent link: https://www.econbiz.de/10012123271
This paper investigates the role of birth order on managerial behavior using rich data on familial background of US mutual fund managers. We find that managers who are born later in the sibling hierarchy take on more investment risks relative to first-born managers, but perform worse. Motivated...
Persistent link: https://www.econbiz.de/10013466616
families with which they have previous experience. Our results are consistent with the influence of family-level reputation and …-based purchases, investors earn higher returns even controlling for investor ability and within-family correlation …
Persistent link: https://www.econbiz.de/10012940260
This paper investigates the role of the family organization of the mutual fund industry in shaping managerial portfolio … same fund family significantly outperform managers who passively mimic their family's portfolio. The superior performance … the family portfolio because withholding their investment ideas from family peers enables such managers to achieve top …
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