haku: @indexterm Unit trusts / yhteensä: 185
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| Tekijä: | Qiu, J. |
| Otsikko: | Termination risk, multiple managers and mutual fund tournaments |
| Lehti: | European Finance Review
2003 : VOL. 7:2, p. 161-190 |
| Asiasana: | Risk management Unit trusts |
| Vapaa asiasana: | Termination risk |
| Kieli: | eng |
| Tiivistelmä: | 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. |
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