Abstract
In this paper we investigate the tournament induced risk-shifting behavior of Australian "multi-sector growth funds". We apply a regression-based methodology and examine tournaments based on the calendar year and the financial year. In our core analysis we find evidence in favor of Taylor's (J Econ Behav Organ 1455: 1-11, 2003) risk shifting tournament hypothesis for financial year-end tournaments. Apart from the standard tournament hypothesis we also report a range of findings regarding stability; fund age; and fund size. Support for the Taylor hypothesis generally continues across these variations as well.
| Original language | English |
|---|---|
| Pages (from-to) | 205-220 |
| Number of pages | 16 |
| Journal | Journal of Financial Services Research |
| Volume | 33 |
| Issue number | 3 |
| DOIs | |
| Publication status | Published - Jun 2008 |
Keywords
- fortune
- bold
- tournament behavior
- australian
- superannuation funds
- mutual funds
- risk taking
- incentives
- tournaments