Do alpha males deliver alpha? Facial width-to-height ratio and hedge funds

An abundance of evidence relates facial width-to-height ratio (fWHR) to masculine behaviors in males. We show that hedge funds operated by high-fWHR managers underperform those operated by low-fWHR managers, bear greater downside risk, are more susceptible to fire sales, and fail more often. High-fW...

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Main Authors: LU, Yan, TEO, Melvyn
Format: text
Language:English
Published: Institutional Knowledge at Singapore Management University 2022
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Online Access:https://ink.library.smu.edu.sg/lkcsb_research/7029
https://ink.library.smu.edu.sg/context/lkcsb_research/article/8028/viewcontent/Do_alpha_males_deliver_alpha_facial_width_to_height_ratio_and_hedge_funds_pvoa_cc_by.pdf
https://ink.library.smu.edu.sg/context/lkcsb_research/article/8028/filename/0/type/additional/viewcontent/S0022109021000399sup001.pdf
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spelling sg-smu-ink.lkcsb_research-80282023-03-30T08:18:04Z Do alpha males deliver alpha? Facial width-to-height ratio and hedge funds LU, Yan TEO, Melvyn An abundance of evidence relates facial width-to-height ratio (fWHR) to masculine behaviors in males. We show that hedge funds operated by high-fWHR managers underperform those operated by low-fWHR managers, bear greater downside risk, are more susceptible to fire sales, and fail more often. High-fWHR managers compensate for their underperformance by marketing their funds more aggressively, thereby garnering higher flows and fee revenues. By exploiting major personal events that shape testosterone, namely marriage and fatherhood, we trace the biological mechanism underlying the relation between fWHR and investment performance to circulating testosterone. Our findings are robust and extend to equity mutual funds. 2022-08-01T07:00:00Z text application/pdf https://ink.library.smu.edu.sg/lkcsb_research/7029 info:doi/10.1017/S0022109021000399 https://ink.library.smu.edu.sg/context/lkcsb_research/article/8028/viewcontent/Do_alpha_males_deliver_alpha_facial_width_to_height_ratio_and_hedge_funds_pvoa_cc_by.pdf https://ink.library.smu.edu.sg/context/lkcsb_research/article/8028/filename/0/type/additional/viewcontent/S0022109021000399sup001.pdf http://creativecommons.org/licenses/by/4.0/ Research Collection Lee Kong Chian School Of Business eng Institutional Knowledge at Singapore Management University hedge funds alpha facial width-to-height testosterone downside risk fire sales marriage fatherhood marketing intensity Finance and Financial Management Portfolio and Security Analysis
institution Singapore Management University
building SMU Libraries
continent Asia
country Singapore
Singapore
content_provider SMU Libraries
collection InK@SMU
language English
topic hedge funds
alpha
facial width-to-height
testosterone
downside risk
fire sales
marriage
fatherhood
marketing intensity
Finance and Financial Management
Portfolio and Security Analysis
spellingShingle hedge funds
alpha
facial width-to-height
testosterone
downside risk
fire sales
marriage
fatherhood
marketing intensity
Finance and Financial Management
Portfolio and Security Analysis
LU, Yan
TEO, Melvyn
Do alpha males deliver alpha? Facial width-to-height ratio and hedge funds
description An abundance of evidence relates facial width-to-height ratio (fWHR) to masculine behaviors in males. We show that hedge funds operated by high-fWHR managers underperform those operated by low-fWHR managers, bear greater downside risk, are more susceptible to fire sales, and fail more often. High-fWHR managers compensate for their underperformance by marketing their funds more aggressively, thereby garnering higher flows and fee revenues. By exploiting major personal events that shape testosterone, namely marriage and fatherhood, we trace the biological mechanism underlying the relation between fWHR and investment performance to circulating testosterone. Our findings are robust and extend to equity mutual funds.
format text
author LU, Yan
TEO, Melvyn
author_facet LU, Yan
TEO, Melvyn
author_sort LU, Yan
title Do alpha males deliver alpha? Facial width-to-height ratio and hedge funds
title_short Do alpha males deliver alpha? Facial width-to-height ratio and hedge funds
title_full Do alpha males deliver alpha? Facial width-to-height ratio and hedge funds
title_fullStr Do alpha males deliver alpha? Facial width-to-height ratio and hedge funds
title_full_unstemmed Do alpha males deliver alpha? Facial width-to-height ratio and hedge funds
title_sort do alpha males deliver alpha? facial width-to-height ratio and hedge funds
publisher Institutional Knowledge at Singapore Management University
publishDate 2022
url https://ink.library.smu.edu.sg/lkcsb_research/7029
https://ink.library.smu.edu.sg/context/lkcsb_research/article/8028/viewcontent/Do_alpha_males_deliver_alpha_facial_width_to_height_ratio_and_hedge_funds_pvoa_cc_by.pdf
https://ink.library.smu.edu.sg/context/lkcsb_research/article/8028/filename/0/type/additional/viewcontent/S0022109021000399sup001.pdf
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