首页|When school ties meet geography: Education-province bias in mutual fund portfolios
When school ties meet geography: Education-province bias in mutual fund portfolios
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NETL
NSTL
Elsevier
Fund managers tilt towards stocks from the location of their tertiary education (education province). We find that, compared with their peers, fund managers overweight stocks headquartered in their education provinces. This overweighting differs from other biases, such as local bias, hometown bias, and educational ties, and is detrimental to fund performance. Funds with more education-province bias have poorer fund performance and higher idiosyncratic risk than those with less bias. Further analysis shows that education-province bias is more evident during poor market times, among underperforming funds, for stocks with less information asymmetry, in economically depressed provinces, and when fund managers are educated at lower-ranked institutes. Overall, our findings suggest that education-province bias is largely attributed to fund managers' familiarity bias.
Fund managersPortfolio allocationEducational backgroundsFamiliarity bias
Quanxi Liang、Qi Jin、Meiting Lu、Yaowen Shan
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School of Economics and the Guangxi Development Strategy Institute, Guangxi University, China
School of Economics, Xiamen University, China
Macquarie Business School, Macquarie University, Australia
UTS Business School, University of Technology Sydney, Australia
NETL
NSTL
Elsevier
