24.05.2022 Capital+ picks up on our recent study on narcissism among fund managers

One of our recent studies, 'Fund Manager Narcissism' (Anna-Lena Bauer, Dominik Scheld and Oscar Stolper) was presented to a wide circle of interested financial market participants by the popular business magazine Capital+.

In the study, we show a significant influence of narcissism on the work of fund management and document three key findings. First, narcissism is even more prevalent among fund managers than among CEOs. Moreover, narcissistic fund managers generate significantly lower risk-adjusted returns and often deviate from the investment style advertised in the fund's prospectus. Overall, the results suggest that retail investors are worse off when their equity funds are managed by narcissistic managers.

Many thanks to Stefan Schaaf for the great preparation of our key study results. You can find the Capital+ column here.