Cultural Diversity Among Money Managers and Mutual Fund Risk and Return
研究发现美国资产经理中基于原籍国个人主义分数差异的文化多样性，与基金未来回报和活跃度降低、权益贝塔值升高相关，但对基金风险和净资金流无显著影响。
ABSTRACT We use the dispersion in country‐of‐origin individualism scores among U.S. asset managers as a measure of cultural diversity and find that it is associated with lower future fund return and activeness, and higher equity beta. This dispersion is unrelated to fund risk and net fund flow but positively related to the fund redemption rate. Tests based on alternative measures of cultural traits, controls for gender and racial diversity, instrumental variables and exogenous shocks offer strong support for cultural diversity being a probable cause underlying our findings. However, their statistical significance seems vulnerable to conventional controls for fund and year fixed effects.