Tournaments in mutual fund families

Alexander Kempf and Stefan Ruenzi

No 04-02, CFR Working Papers from University of Cologne, Centre for Financial Research (CFR)

Abstract: In this paper we examine intra-firm competition in the U.S. mutual fund industry. Our empirical study shows that fund managers within mutual fund families compete against each other. They adjust the risk they take dependent on the relative position within their fund family. The direction of the adjustment crucially hinges on the competitive situation within a family. Funds from small families behave in the opposite way than funds from large families. The results are very robust. They hold for different time periods and for different subgroups of funds.

Date: 2004
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (6)

Downloads: (external link)
https://www.econstor.eu/bitstream/10419/57718/1/699886767.pdf (application/pdf)

Related works:
Journal Article: Tournaments in Mutual-Fund Families (2008)
Working Paper: Tournaments in Mutual Fund Families (2004)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:zbw:cfrwps:0402

Access Statistics for this paper

More papers in CFR Working Papers from University of Cologne, Centre for Financial Research (CFR) Contact information at EDIRC.
Bibliographic data for series maintained by ZBW - Leibniz Information Centre for Economics ().