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Flow-performance relationship and to...

Ma, Baoling.

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Flow-performance relationship and tournament behavior in the mutual fund industry.

紀錄類型:	書目-語言資料,印刷品 : Monograph/item
正題名/作者:	Flow-performance relationship and tournament behavior in the mutual fund industry./
作者:	Ma, Baoling.
面頁冊數:	47 p.
附註:	Source: Masters Abstracts International, Volume: 48-06, page: 3375.
Contained By:	Masters Abstracts International48-06.
標題:	Economics, Commerce-Business. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=1478227
ISBN:	9781124081113

Flow-performance relationship and tournament behavior in the mutual fund industry.
Ma, Baoling.

Flow-performance relationship and tournament behavior in the mutual fund industry. - 47 p.

Source: Masters Abstracts International, Volume: 48-06, page: 3375.

Thesis (M.Sc.)--Singapore Management University (Singapore), 2009.

In this paper, we interpret the flow-performance relationship as an incentive scheme implicitly given to mutual fund managers by mutual fund investors. We show that the flow-performance relationship varies not only with economic activity but also across fund attributes. We provide evidence that the degree of convexity of the flow-performance relationship has a positive effect on the magnitude of tournament behavior. Different from the conventional tournament hypothesis, we show that although the convexity of the flow-performance relationship does produce implicit incentives for fund managers to modify risk-taking behavior as a function of their prior performance, whether or not the mid-year losers increase the risk of their portfolios highly depends on the convexity degree of the flow-performance relationship.

ISBN: 9781124081113Subjects--Topical Terms:

626649
Economics, Commerce-Business.

Flow-performance relationship and tournament behavior in the mutual fund industry.
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520 $a In this paper, we interpret the flow-performance relationship as an incentive scheme implicitly given to mutual fund managers by mutual fund investors. We show that the flow-performance relationship varies not only with economic activity but also across fund attributes. We provide evidence that the degree of convexity of the flow-performance relationship has a positive effect on the magnitude of tournament behavior. Different from the conventional tournament hypothesis, we show that although the convexity of the flow-performance relationship does produce implicit incentives for fund managers to modify risk-taking behavior as a function of their prior performance, whether or not the mid-year losers increase the risk of their portfolios highly depends on the convexity degree of the flow-performance relationship.
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