Does religion play a key part in the way investors and managers place bets on their mutual funds? The answer is “Yes,” according to new research from the University of Georgia and Southern Methodist University.

Specifically, the findings show that mutual funds headquartered in heavily Catholic areas tend to take more risks and funds in heavily Protestant areas take less risks, said lead author Tao Shu, assistant professor of banking and finance in the UGA Terry College of Business.

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