Political Cognitive Biases Effects on Fund Managers' Performance

被引：2
|
作者：
Moszoro, Marian W. [1 ,2 ]
机构：
[1] George Mason Univ, Arlington, VA USA
[2] SGH Warsaw Sch Econ, Warsaw, Poland
来源：
JOURNAL OF BEHAVIORAL FINANCE | 2021年 / 22卷 / 03期
关键词：
Political biases; Money managers' performance; PSYCHOLOGY; DECISIONS; CHOICE;
D O I：
10.1080/15427560.2020.1772259
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Does political affiliation matter for stock-market investing? Rare events can produce polarized narratives that potentiate cognitive dissonance on a spectrum of agents. Using a comprehensive dataset of equity hedge funds' performance and managers' political affiliation matched by their partisan contributions, I document higher returns of funds managed by Democrats for ten subsequent months-from December 2008 to September 2009-when the interpretation of the US central bank policy was politically polarized and conducive to cognitive dissonance. This result is robust to a set of falsification tests and randomized quasi-experiments.
引用
收藏
页码：235 / 253
页数：19
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