Local Religious Beliefs and Mutual Fund Risk-Taking Behaviors
研究发现，位于低新教或高天主教地区的共同基金，其回报波动性显著更高，这种风险承担行为还体现在投资组合集中度、换手率、中期交易和锦标赛式风险转移上，但不表现为过度持有高风险个股。
We study the effects of local religious beliefs on mutual fund risk-taking behaviors. Funds located in low-Protestant or high-Catholic areas exhibit significantly higher fund return volatilities. Similar differences persist when we use the religiosity ratios at fund managers' college locations. Risk-taking associated with local religious beliefs manifests in higher portfolio concentrations, higher portfolio turnover, more aggressive interim trading, and more “tournament” risk-shifting behaviors, but not over-weighting risky individual stocks. Overall, our results suggest that local religious beliefs have significant influences on mutual fund behaviors. This paper was accepted by Brad Barber, finance.