What's in a Name? Mutual Fund Flows When Managers Have Foreign-Sounding Names
研究发现，美国共同基金投资者会因基金经理名字听起来像外国人而产生刻板印象，导致资金流入减少约10%，且这种效应在对外国人更怀疑的投资者群体中更强。
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.