search query: @journal_id 1688 / total: 73
reference: 3 / 73
| Author: | Qiu, J. |
| Title: | Termination risk, multiple managers and mutual fund tournaments |
| Journal: | European Finance Review
2003 : VOL. 7:2, p. 161-190 |
| Index terms: | Risk management Unit trusts |
| Freeterms: | Termination risk |
| Language: | eng |
| Abstract: | The author analyzes the risk-taking behaviour of mutual funds in response to their relative performance 1992-1999. The results show that managers of funds whose performance is closer to that of the top who exhibit a tendency to lock in their positions. The evidence suggests that termination risk imposes a constraint on the risk taking behaviour of underperforming fund managers and the winner takes all phenomenon generates a strong incentive for the fund managers to be the top manager. |
SCIMA