Global tournaments
Javier Vidal-García (),
Marta Vidal,
Laura Molero González and
Juan E. Trinidad-Segovia
Additional contact information
Javier Vidal-García: Complutense University of Madrid
Marta Vidal: Universidad Europea de Madrid
Laura Molero González: University of Almería
Juan E. Trinidad-Segovia: University of Almería
Risk Management, 2025, vol. 27, issue 1, No 5, 13 pages
Abstract:
Abstract We examine whether funds that lag performance around the world increase their risk exposure to improve performance with the intention that larger returns will attract new capital inflow and boost the fund manager´s fees. Previous research confirmed that underperforming funds increased their risk to improve performance, the aim of this paper is to examine whether this phenomenon holds around the world using daily returns. The major problem of employing monthly observations to measure risk on an annual basis is that insufficient data prevent adequate evaluations, to address this issue we use a large sample of daily returns for funds in 35 countries around the world over the 1990–2023 period.
Keywords: Mutual funds; Tournaments; Portfolio management; Fund performance (search for similar items in EconPapers)
JEL-codes: G11 G12 (search for similar items in EconPapers)
Date: 2025
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Persistent link: https://EconPapers.repec.org/RePEc:pal:risman:v:27:y:2025:i:1:d:10.1057_s41283-024-00157-1
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DOI: 10.1057/s41283-024-00157-1
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