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  • We hypothesize that social trust, in mitigating contracting incompleteness, may have an important effect on the activeness and effectiveness of delegated portfolio management. Using a complete sample of worldwide open-end mutual funds, we find that trust is positively associated with the activeness of funds and that trust-related active share delivers superior performance (e.g., approximately 2% per year for cross-border investments). Moreover, “trust in the market” and “trust in managers” play important yet different roles for different types of cross-border delegated portfolio management. Our results suggest that trust acts as a fundamental building block for delegated portfolio management. (xsd:string)
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  • (EVS) (Eurobarometer) (xsd:string)
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  • EVS-Bibliography (xsd:string)
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  • 2022 (xsd:gyear)
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  • 2022 (xsd:gyear)
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  • 10.1017/S0022109020000848 ()
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  • 240 (xsd:string)
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  • english (xsd:string)
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  • 00221090 ()
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  • 1 (xsd:string)
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  • Investing in Low-Trust Countries: On the Role of Social Trust in the Global Mutual Fund Industry (xsd:string)
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  • article (xsd:string)
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  • In Journal of Financial and Quantitative Analysis, 57(1), 240-290, 2022 (xsd:string)
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  • European Values Study (EVS) (xsd:string)
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  • 290 (xsd:string)
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  • 57 (xsd:string)