Portfolio manager home‐country culture and mutual fund risk‐taking
研究发现，来自高安全价值观国家的基金经理管理的基金波动性更低、交易更少、更贴近基准，且因避免彩票型股票而表现更好，但该影响随经理离开母国时间延长而减弱。
Abstract I find that home‐country culture affects portfolio managers’ investment risk‐taking and performance. I focus on security value, which measures the degree to which people in a country assign importance to security, safety, and stability. Funds managed by managers from countries with higher security value exhibit lower fund return volatility, trade less frequently, and follow benchmarks more closely. These funds also tend to avoid lottery‐type stocks and hence perform significantly better. However, the impact of home‐country security value decays as managers spend more time away from their home countries.