Modern fund managers are more likely to buy stocks from their ancestors' home countries, even if their family left those countries generations ago.

Professional investors significantly overweight companies from their ancestral homelands and firms led by people from the same background. We imagine these managers as cold, rational machines who only look at balance sheets and market trends. These results prove that subconscious tribal identity still dictates multi-million dollar trades. Even the most highly trained experts are influenced by a sense of home that has no basis in economic reality. This suggests that the global market is much more emotional and biased than the industry wants to admit.