Mutual Fund Tournaments: Evidence From Global And International Funds

Autor:	Michael R. Melton, Richard A. DeFusco, Thomas S. Zorn
Rok vydání:	2011
Předmět:	Fund of funds business.industry Financial economics Open-end fund Closed-end fund Diversification (finance) International economics Passive management Global assets under management Commodity pool business Mutual fund
Zdroj:	International Business & Economics Research Journal (IBER). 3
ISSN:	2157-9393 1535-0754
DOI:	10.19030/iber.v3i6.3696
Popis:	For a sample of global and international equity mutual funds, we test the proposition that managers likely to end up as losers manipulate fund risk differently from interim winners. In contrast with Brown, Harlow, and Starks (1996) who found robust support for the tournament model, we found no evidence of tournament like behavior for international and global mutual funds. A possible explanation of this behavior is that investors in these funds are primarily seeking diversification and therefore are less sensitive to relative performance.
Databáze:	OpenAIRE
Externí odkaz:	https://explore.openaire.eu/search/publication?articleId=doi_________::effb1d46c5167314c50d8ac968033adc https://doi.org/10.19030/iber.v3i6.3696 Zobrazit plný text záznamu