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This paper investigates the role of birth order on managerial behavior using rich data on familial background of US mutual fund managers. We find that managers who are born later in the sibling hierarchy take on more investment risks relative to first-born managers, but perform worse. Motivated by sensation seeking, later-born managers take extreme style bets, hold more lottery stocks, and report more civil and regulatory violations compared to lower-birth-order managers. Taken together, our findings suggest that birth order-induced sensation seeking tendencies originate from sibling rivalry for limited parental resources during childhood, shape trading behavior, and extend beyond portfolio management.

This paper shows that trust-building characteristics of fund managers affect purchase decisions of mutual fund investors. We exploit variation in fund managers' prior affiliations with the well-trusted U.S. military institution and relate it to fund flows. Results show that funds with ex-military managers receive significantly higher flows and grow by 6.5% p.a. faster relative to other funds. Investor inclination toward military managers strengthens with managers' military involvement and its salience, and nationwide confidence in the military. Military managers' superiority in competition for investor funds is not due to variation in fund or managerial attributes and robust to several alternative explanations.

The results of an investigation into square permalloy film microdots with a quasivortical magnetic structure by the method of Lorentz electron microscopy are presented. The found before mechanism of the switching of microdot chirality in homogeneous plane magnetic field is discussed. The calculations are performed to evaluate the interaction of microdots under switching chirality. Приводятся результаты изучения методом лоренцевой электронной микроскопии квадратных пермаллоевых плёночных микропятен с квазивихревой магнитной структурой. Обсуждается механизм обнаруженного ранее эффекта переключения киральности пятна в однородном плоскостном магнитном поле. Выполнен расчёт по оценке взаимного влияния микропятен при переключении киральности.

В настоящей работе аналитически решается задача о низкочастотных колебаниях магнитного вихря малой амплитуды в изолированном цилиндрическом ферромагнетике субмикронных размеров. Расчеты проводятся в модели "жесткого" вихря, т.е. распределение намагниченности вблизи точки Блоха считается неизменной при смещении ядра из положения равновесия. Построены диаграммы, позволяющие предсказать частоты мод в зависимости от геометрических размеров наноцилиндра. The paper is devoted to the problem of low frequency oscillations of a magnetic vortex of small amplitude in isolated cylindrical ferromagnetic of submicronic size. The problem is solved analytically in the context of the rigid vortex model. This model assumes a certain constant magnetization distribution near the Bloch point when the vortex core is displaced from the equilibrium position. Numerical results are presented in the form of diagrams. These diagrams can be used to predict how frequencies of modes depend on geometrical sizes of a nanocylinder.

Does internationalization affect firm valuation? To answer this question, literature mainly considers firms from around the world internationalizing by issuing equity in the USA, whereas the current study focuses on US firms that internationalize by issuing debt in overseas markets. This paper provides evidence on theories of internationalization and capital structure, finding that overseas corporate debt offerings have a positive short-term effect on US firms’ valuations. The effect varies in firm characteristics, timing, and the location of the issue. Additionally, firms with a strong need for external funds and growth prospects accelerate their offshore public debt market entry.

This paper shows that currency carry trades can be rationalized by the time-varying risk premia originating from the sovereign solvency risk. We find that solvency risk is a key determinant of risk premia in the cross section of carry trade returns, as its covariance with returns captures a substantial part of the cross-sectional variation of carry trade returns. Importantly, low interest rate currencies serve as insurance against solvency risk, while high interest rate currencies expose investors to more risk. The results are not attenuated by existing risks and pass a broad range of various robustness checks.