Tournament behavior in Australian superannuation funds: A non-parametric analysis

Hallahan, Terrence and Faff, Robert (2009) Tournament behavior in Australian superannuation funds: A non-parametric analysis. Global Finance Journal, 19 3: 307-322. doi:10.1016/j.gfj.2008.09.003


Author Hallahan, Terrence
Faff, Robert
Title Tournament behavior in Australian superannuation funds: A non-parametric analysis
Journal name Global Finance Journal   Check publisher's open access policy
ISSN 1044-0283
1873-5665
Publication date 2009
Year available 2008
Sub-type Article (original research)
DOI 10.1016/j.gfj.2008.09.003
Volume 19
Issue 3
Start page 307
End page 322
Total pages 16
Place of publication Amsterdam, Netherlands
Publisher Elsevier BV North-Holland
Language eng
Abstract Taylor's [Taylor, J. (2003). Risk-taking behavior in mutual fund tournaments, Journal of Economic Behavior and Organisation 50, 373–383] extension of the tournament model of Brown et al. [Brown, K. C., Harlow, W. V., & Starks, L. T. (1996). Of tournaments and temptations: An analysis of managerial incentives in themutual fund industry, Journal of Finance 15, 85–110] proposes that using an exogenous (endogenous) benchmark, will induce losing (winning) managers to gamble. This presents two competing testable hypotheses that are investigated in the current study. We use a sample period covering 1989 to 2001 of Australian multi-sector growth funds. We apply the non-parametric Cross-ProductRatiomethodology. Generally,we find evidence in support of Taylor's model.
Keyword Tournaments
Mutual funds
Risk taking
Incentives
Non-parametric analysis
Q-Index Code C1
Q-Index Status Provisional Code
Institutional Status Non-UQ
Additional Notes Available online 12 October 2008.

Document type: Journal Article
Sub-type: Article (original research)
Collection: UQ Business School Publications
 
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Created: Thu, 03 Mar 2011, 15:22:51 EST by Karen Morgan on behalf of UQ Business School