https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4322134 Skip to main content PDF iconDownload This Paper Open PDF in Browser Add Paper to My Library Share: * * * * Permalink Using these links will ensure access to this page indefinitely [https://papers.ssrn.] Copy URL [https://dx.doi.org/1] Copy DOI What Beauty Brings? Managers' Attractiveness and Fund Performance 46 Pages Posted: 11 Jan 2023 Last revised: 25 Oct 2023 See all articles by Chengyu Bai Chengyu Bai Shanghai Jiao Tong University (SJTU) - Shanghai Advanced Institute of Finance (SAIF) Shiwen Tian Shanghai Jiao Tong University (SJTU) - Shanghai Advanced Institute of Finance (SAIF) Date Written: October 9, 2023 Abstract In this paper, we study the relationship between stock fund managers' facial attractiveness and fund outcomes. Utilizing the state-of-art deep learning technique to quantify facial attractiveness, we find that funds with facial unattractive managers outperform funds with attractive managers by over 2% per annum. We next show that good-looking managers attract significant higher fund flow especially if the funds are available on Fintech platforms where their photos are accessible to investors. Good-looking managers also have greater chance of promotion and tend to move to small firms. The potential explanations for their underperformance include inadequate ability, insufficient effort, overconfidence and inefficient site visits. Keywords: Mutual fund, Facial attractiveness, Skill, Fund flow, Manager career JEL Classification: C81, G11, G21, G41, J70 Suggested Citation: Suggested Citation Bai, Chengyu and Tian, Shiwen, What Beauty Brings? Managers' Attractiveness and Fund Performance (October 9, 2023). Available at SSRN: https://ssrn.com/abstract=4322134 or http://dx.doi.org/10.2139/ ssrn.4322134 Chengyu Bai Shanghai Jiao Tong University (SJTU) - Shanghai Advanced Institute of Finance (SAIF) ( email ) Shanghai Jiao Tong University 211 West Huaihai Road Shanghai, 200030 China Shiwen Tian (Contact Author) Shanghai Jiao Tong University (SJTU) - Shanghai Advanced Institute of Finance (SAIF) ( email ) Shanghai Jiao Tong University 211 West Huaihai Road Shanghai, 200030 China PDF iconDownload This Paper Open PDF in Browser Do you have negative results from your research you'd like to share? 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