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Miguel, A., A. Keswani & Sofia B. Ramos (2016). Lazy Investors, Lazy Fund Managers, Lousy Performance: Culture and Mutual Fund Management. 5th Luxembourg Asset Management Summit.

A. M. Miguel et al.,  "Lazy Investors, Lazy Fund Managers, Lousy Performance: Culture and Mutual Fund Management", in 5th Luxembourg Asset Management Summit, Luxembourg, 2016

@misc{miguel2016_1714041205462,
	author = "Miguel, A. and A. Keswani and Sofia B. Ramos",
	title = "Lazy Investors, Lazy Fund Managers, Lousy Performance: Culture and Mutual Fund Management",
	year = "2016",
	howpublished = "Outro",
	url = "http://wwwen.uni.lu/recherche/fdef/luxembourg_school_of_finance_research_in_finance/upcoming_events/5th_luxembourg_asset_management_summit_9_11_october_2016_program"
}

TY  - CPAPER
TI  - Lazy Investors, Lazy Fund Managers, Lousy Performance: Culture and Mutual Fund Management
T2  - 5th Luxembourg Asset Management Summit
AU  - Miguel, A.
AU  - A. Keswani
AU  - Sofia B. Ramos
PY  - 2016
CY  - Luxembourg
UR  - http://wwwen.uni.lu/recherche/fdef/luxembourg_school_of_finance_research_in_finance/upcoming_events/5th_luxembourg_asset_management_summit_9_11_october_2016_program
AB  - We use a comprehensive dataset of equity mutual funds covering 25 countries to study the effects of country-level culture on mutual fund management.  Culture contributes to differences in the flow-performance and flow-fee sensitivities of fund investors across countries.  Through its effect on flow-performance sensitivity, culture has an economically significant impact on fund manager effort, risk taking and fund performance.  In cases where culture raises the sensitivity of flows to fees, the level of fees charged is significantly lower.  If culture boosts the performance of active management then this significantly increases the fraction of assets that are actively managed in the fund industry.  Overall, our study provides evidence that culture influences the most important aspects of fund industry conduct.   
ER  -