Managerial behavior in fund tournaments—the impact of TrueSkill

Alexander Swade (), Gerrit Köchling () and Peter N. Posch ()
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Alexander Swade: Lancaster University Management School
Gerrit Köchling: TU Dortmund University
Peter N. Posch: TU Dortmund University

Journal of Asset Management, 2021, vol. 22, issue 1, No 6, 62-75

Abstract: Abstract Measuring mutual fund managers’ skills by Microsoft’s TrueSkill algorithm, we find highly skilled managers to behave self-confident resulting in higher risk-taking in the second half of the year compared to less skilled managers. Introducing the TrueSkill algorithm, which is widely used in the e-sports community, to this branch of literature, we can replicate previous findings and theories suggesting overconfidence for mid-years winners.

Keywords: Fund tournament; Skill; Risk-shifting; TrueSkill; Bayesian network (search for similar items in EconPapers)
JEL-codes: G11 G23 G40 (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (1)

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DOI: 10.1057/s41260-020-00198-7

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