Hallahan, T and Faff, Robert and Benson, K (2008) Fortune favours the bold? exploring tournament behavior among Australian superannuation funds. Journal of Financial Services Research, 33 (3). pp. 205-220. ISSN 0920-8550Full text not available in this repository. (Request a copy from the Strathclyde author)
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.
|Keywords:||fortune, bold, tournament behavior , australian, superannuation funds, mutual funds, risk taking, incentives, tournaments, Accounting, Finance, Economics and Econometrics, Accounting|
|Subjects:||Social Sciences > Commerce > Accounting|
|Department:||Strathclyde Business School > Accounting and Finance|
|Depositing user:||Pure Administrator|
|Date Deposited:||10 Sep 2012 14:34|
|Last modified:||22 Mar 2017 12:18|