The DOI matches its Crossref record; 1 of the 1 references it cites were found in a registry or an index.
Of Tournaments and Temptations: An Analysis of Managerial Incentives in the Mutual Fund Industry
Abstract
We test the hypothesis that when their compensation is linked to relative performance, managers of investment portfolios likely to end up as “losers” will manipulate fund risk differently than those managing portfolios likely to be “winners.” An empirical investigation of the performance of 334 growth‐oriented mutual funds during 1976 to 1991 demonstrates that mid‐year losers tend to increase fund volatility in the latter part of an annual assessment period to a greater extent than mid‐year winners. Furthermore, we show that this effect became stronger as industry growth and investor awareness of fund performance increased over time.
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Cites
Survivorship Bias in Performance Studies
Brown, S. J., Goetzmann, W., Ibbotson, R. G., & Ross, S. A. (1992) · Review of Financial Studies · doi:10.1093/rfs/5.4.553 · Cited by 1,121
Cited by
The Provision of Incentives in Firms
Prendergast, C. (1999) · Journal of Economic Literature · doi:10.1257/jel.37.1.7 · Cited by 3,338
Does Fund Size Erode Mutual Fund Performance? The Role of Liquidity and Organization
Chen, J., Hong, H., Huang, M., & Kubik, J. D. (2004) · American Economic Review · doi:10.1257/0002828043052277 · Cited by 1,430
Institutional shareholders and corporate social responsibility
Chen, T., Dong, H., & Lin, C. (2020) · Journal of Financial Economics · doi:10.1016/j.jfineco.2019.06.007 · Cited by 975
The Determinants of the Flow of Funds of Managed Portfolios: Mutual Funds vs. Pension Funds
Guercio, D. D., & Tkac, P. A. (2002) · The Journal of Financial and Quantitative Analysis · doi:10.2307/3595011 · Cited by 796
Role of Managerial Incentives and Discretion in Hedge Fund Performance
AGARWAL, V., DANIEL, N. D., & NAIK, N. Y. (2009) · The Journal of Finance · doi:10.1111/j.1540-6261.2009.01499.x · Cited by 688
Metadata
- Authors
- BROWN, K. C., HARLOW, W. V., & STARKS, L. T.
- Venue
- The Journal of Finance
- Publisher
- Wiley
- Published
- 1996-03
- Volume
- 51
- Issue
- 1
- Pages
- 85-110
- ISSN
- 0022-1082 (ISSN-L)
- 1540-6261
- OpenAlex
- W2125585375
- Cited by
- 1,485
- References
- 1
- FWCI
- 34.16
- Type
- journal article
- Language
- en
- Open access
- closed
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- BROWN, K. C., HARLOW, W. V., & STARKS, L. T. (1996). Of Tournaments and Temptations: An Analysis of Managerial Incentives in the Mutual Fund Industry. The Journal of Finance. https://doi.org/10.1111/j.1540-6261.1996.tb05203.x
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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
