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File name: SSRN-id1963015. ; Size: 351K
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Local Religious Beliefs and Mutual Fund Risk-Taking Behaviors
Tao Shu
University of Georgia - Department of Banking and Finance
Johan Sulaeman
Southern Methodist University (SMU) - Edwin L. Cox School of Business
P. Eric Yeung
Cornell University - Samuel Curtis Johnson Graduate School of Management
November 21, 2011
Abstract:
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.
Number of Pages in PDF File: 34
Keywords: Mutual funds, Geographic Location, Religion
JEL Classification: G23, G32, M54, Z12
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Date posted: December 20, 2009
; Last revised: November 22, 2011
Suggested CitationShu, Tao, Sulaeman, Johan and Yeung, P. Eric, Local Religious Beliefs and Mutual Fund Risk-Taking Behaviors (November 21, 2011). Available at SSRN: http://ssrn.com/abstract=1523770 or http://dx.doi.org/10.2139/ssrn.1523770
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