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Local Religious Beliefs and Mutual Fund Risk-Taking Behaviors


Tao Shu


University of Georgia - Department of Finance; Hong Kong University of Science & Technology - Department of 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 Citation

Shu, Tao and 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

Contact Information

Tao Shu (Contact Author)
University of Georgia - Department of Finance ( email )
Department of Finance
Terry College of Business, University of Georgia
Athens, GA 30602
United States
Hong Kong University of Science & Technology - Department of Finance ( email )
Clear Water Bay, Kowloon
Hong Kong
Johan Sulaeman
Southern Methodist University (SMU) - Edwin L. Cox School of Business ( email )
Dallas, TX 75225
United States
214-768-8284 (Phone)
HOME PAGE: http://jsulaeman.cox.smu.edu
P. Eric Yeung
Cornell University - Samuel Curtis Johnson Graduate School of Management ( email )
Ithaca, NY 14853
United States
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