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

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 0920-8550

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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.