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Religion and Derivative Use: Evidence from the Hedge Fund Industry.
- Source :
- Journal for the Scientific Study of Religion; Jun2023, Vol. 62 Issue 2, p451-475, 25p, 1 Diagram, 7 Charts
- Publication Year :
- 2023
-
Abstract
- We examine how local religions influence derivative usage in the hedge fund industry. Measuring religiosity by the ratio of religious adherents in the county of a U.S. hedge fund headquarters, we find that religiosity is negatively related to the probability of hedge funds using derivatives for speculative purposes. In contrast, funds in regions with higher ratios of Catholics to Protestants are more likely to engage in speculationābased trading of derivatives. Finally, we show that the effects of local religion are more pronounced if the hedge fund size is small. Overall, our study highlights the significant role of local religion in shaping the purpose of hedge fund derivative usage. [ABSTRACT FROM AUTHOR]
- Subjects :
- RELIGIOUS influence
HEDGE funds
RELIGIOUSNESS
PROTESTANTS
CATHOLICS
Subjects
Details
- Language :
- English
- ISSN :
- 00218294
- Volume :
- 62
- Issue :
- 2
- Database :
- Complementary Index
- Journal :
- Journal for the Scientific Study of Religion
- Publication Type :
- Academic Journal
- Accession number :
- 164254846
- Full Text :
- https://doi.org/10.1111/jssr.12837