Finance Research Letters ( IF 7.4 ) Pub Date : 2021-09-20 , DOI: 10.1016/j.frl.2021.102466 Barbara Abou Tanos 1
This paper investigates how culture affects US global mutual funds’ financial performance. I show that cultural dimensions are crucial not only for portfolio allocation choices but also for assessing the performance of institutional investors. Choosing securities from familiar cultural proximate markets significantly enhances the performance of mutual funds. The results suggest that fund managers can create positive performance for their clients if their portfolio allocation decisions are titled towards choosing cultural proximate markets that exhibit lower levels of information asymmetry.
中文翻译:
文化与共同基金表现
本文研究了文化如何影响美国全球共同基金的财务业绩。我表明,文化维度不仅对于投资组合配置选择至关重要,而且对于评估机构投资者的表现也至关重要。从熟悉的文化邻近市场选择证券可以显着提高共同基金的表现。结果表明,如果基金经理的投资组合分配决策倾向于选择信息不对称程度较低的文化邻近市场,则他们可以为客户创造积极的业绩。