Do Shocks to Personal Wealth Affect Risk-taking in Delegated Portfolios?
利用住房市场崩盘带来的外生财富冲击，研究发现基金经理因房价下跌遭受重大损失后，会降低其管理基金的风险，主要通过减少特质风险和跟踪误差实现，表明该行为可能源于职业担忧。
Using exogenous wealth shocks stemming from the collapse of the housing market, we show that managers who experience substantial losses in their home values subsequently reduce risk in their delegated funds. The decline in fund risk comes through reductions in idiosyncratic risk and tracking error, suggesting that the behavior is likely driven by career concerns. Our paper provides evidence that idiosyncratic personal preferences affect mutual fund managers’ professional decisions and offers a methodology for testing for manager effects that is not subject to the selection critique of Fee, Hadlock, and Pierce (2013).Received March 30, 2016; editorial decision February 28, 2018 by Editor Itay Goldstein. Editor Itay Goldstein. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.