Do Alpha Males Deliver Alpha? Facial Width-to-Height Ratio and Hedge Funds
研究发现，面部宽高比高的男性对冲基金经理管理的基金业绩更差、风险更高，但他们通过更积极的营销吸引更多资金和费用收入，这种关系与睾酮水平有关。
Abstract An abundance of evidence relates facial width-to-height ratio (fWHR) to masculine behaviors in males. We show that hedge funds operated by high-fWHR managers underperform those operated by low-fWHR managers, bear greater downside risk, are more susceptible to fire sales, and fail more often. High-fWHR managers compensate for their underperformance by marketing their funds more aggressively, thereby garnering higher flows and fee revenues. By exploiting major personal events that shape testosterone, namely marriage and fatherhood, we trace the biological mechanism underlying the relation between fWHR and investment performance to circulating testosterone. Our findings are robust and extend to equity mutual funds.