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Tournaments in Mutual Fund FamiliesAlexander KempfUniversity of Cologne - Department of Finance & Centre for Financial Research (CFR) Stefan RuenziUniversity of Mannheim - Department of International Finance March 2005 EFA 2003 Annual Conference Paper; CFR Working Paper No. 04-02 Abstract: In this paper we examine intra-firm competition in the U.S. mutual fund industry. Our empirical study shows that fund managers within mutual fund families compete against other fund managers within the same fund family. They adjust the risk they take dependent on the relative position within their fund family. The direction of the adjustment crucially hinges on the competitive situation within a family. Funds from small families behave in the opposite way than funds from large families. The results are very robust. They hold for different time periods and for different subgroups of funds.
Number of Pages in PDF File: 36 Keywords: Intra-Firm Competition, Mutual Funds, Risk-Taking, Rank-Order Tournaments, Family Tournament JEL Classification: D81, G20, G23, J33 working papers seriesDate posted: September 1, 2003Suggested CitationContact Information
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