Fortune favours the bold? exploring tournament behavior among Australian superannuation funds

T Hallahan, Robert Faff, K Benson

Research output: Contribution to journalArticle

7 Citations (Scopus)

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 languageEnglish
Pages (from-to)205-220
Number of pages16
JournalJournal of Financial Services Research
Volume33
Issue number3
DOIs
Publication statusPublished - Jun 2008

Keywords

  • fortune
  • bold
  • tournament behavior
  • australian
  • superannuation funds
  • mutual funds
  • risk taking
  • incentives
  • tournaments

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