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Tournaments in Mutual-Fund Families


Alexander Kempf


University of Cologne - Department of Finance & Centre for Financial Research (CFR)

Stefan Ruenzi


University of Mannheim - Department of International Finance
April 2008

Review of Financial Studies, Vol. 21, Issue 2, pp. 1013-1036, 2008

Abstract:     
We examine intrafirm competition in the mutual-fund industry. We test the hypothesis that fund managers within mutual-fund families compete with each other in a tournament. Our empirical study of the US equity mutual-fund market shows that they adjust the risk they take depending on the relative position within their fund family. The direction of the adjustment depends on the competitive situation in that family. Risk adjustments are particularly pronounced among managers of funds with high expense ratios, which are managed by a single manager and which belong to large families.

Keywords: G20, G23, J49

Accepted Paper Series


Date posted: June 26, 2008  

Suggested Citation

Kempf, Alexander and Ruenzi, Stefan, Tournaments in Mutual-Fund Families (April 2008). Review of Financial Studies, Vol. 21, Issue 2, pp. 1013-1036, 2008. Available at SSRN: http://ssrn.com/abstract=1151584 or http://dx.doi.org/hhm057

Contact Information

Alexander Kempf (Contact Author)
University of Cologne - Department of Finance & Centre for Financial Research (CFR) ( email )
Cologne, 50923
Germany
+49 221 470 2714 (Phone)
+49 221 470 3992 (Fax)
Stefan Ruenzi
University of Mannheim - Department of International Finance ( email )
L9, 1-2
Mannheim, 68131
Germany
Feedback to SSRN (Beta)


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