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Keswani, A., Medhat, M., Miguel, A. F. & Ramos, S. B. (2020). Uncertainty avoidance and mutual funds. Journal of Corporate Finance. 65
A. Keswani et al., "Uncertainty avoidance and mutual funds", in Journal of Corporate Finance, vol. 65, 2020
@article{keswani2020_1735106825184, author = "Keswani, A. and Medhat, M. and Miguel, A. F. and Ramos, S. B.", title = "Uncertainty avoidance and mutual funds", journal = "Journal of Corporate Finance", year = "2020", volume = "65", number = "", doi = "10.1016/j.jcorpfin.2020.101748", url = "http://www.journals.elsevier.com/journal-of-corporate-finance/" }
TY - JOUR TI - Uncertainty avoidance and mutual funds T2 - Journal of Corporate Finance VL - 65 AU - Keswani, A. AU - Medhat, M. AU - Miguel, A. F. AU - Ramos, S. B. PY - 2020 SN - 0929-1199 DO - 10.1016/j.jcorpfin.2020.101748 UR - http://www.journals.elsevier.com/journal-of-corporate-finance/ AB - We study how culture influences mutual funds around the world. Uncertainty Avoidance (UA), which is related to ambiguity aversion, is negatively associated with flow-performance sensitivity, deviation from the fund benchmark, fund alpha, and the fraction of active management across the 25 countries in our sample. This is true even when controlling for an exhaustive set of fund- and country-level characteristics. We also find that a fund’s deviation from its benchmark is not only affected by the UA of its domicile country but also by the UA of its fund family’s country of origin. Our results highlight the importance of considering cultural characteristics, and UA in particular, when studying mutual funds across countries. ER -