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Consequently, these managers deliver lower Sharpe ratios than their peers. In addition, sports car owners were found to be more likely to terminate their funds and engage in fraudulent behavior. The authors consider several alternative explanations and conclude that the revealed preference of managers in the automobile market provides evidence of the personality trait of sensation seeking, which in turn drives their behavior in the investment arena.
Our clients do not need to be worried about these findings, as Volvo and Volkswagen are the most popular car brands among Robeco’s quant fund managers and analysts.