סמינר במימון חשבונאות

Noah Stoffman, Indiana University 

Using exogenous wealth shocks stemming from the collapse of the housing market, we show that managers who

experience substantial losses in their home values subsequently reduce the risk in their funds.

The decline in fund risk is seen in total risk, idiosyncratic risk, systematic risk, and in tracking error.

Our paper provides evidence that the idiosyncratic personal preferences of mutual fund managers affect their

professional decisions and offers a methodology for testing for manager idiosyncratic style effects that is not subject to

the "selected" style critique of Fee, Hadlock, and Pierce (2013).