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

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Hallahan, Terrence, Faff, Robert W and Benson, Karen L (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 (print) 1573-0735 (online)

Abstract

In this paper, the tournament induced risk-shifting behavior of Australian “multi-sector growth funds” is investigated. A regression-based methodology is applied and tournaments based on the calendar year and the financial year are examined. In the core analysis evidence is found in favor of Taylor’s risk shifting tournament hypothesis for financial year-end tournaments. Apart from the standard tournament hypothesis, a range of findings regarding stability, fund age and fund size is reported upon. Support for the Taylor hypothesis generally continues across these variations as well.

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Item type	Article
URI	https://vuir.vu.edu.au/id/eprint/9163
DOI	10.1007/s10693-008-0030-y
Official URL	http://link.springer.com/article/10.1007%2Fs10693-...
Subjects	Historical > Faculty/School/Research Centre/Department > School of Economics and Finance Historical > FOR Classification > 1501 Accounting, Auditing and Accountability Historical > FOR Classification > 1502 Banking, Finance and Investment
Keywords	ResPubID23680, tournaments, mutual funds, risk taking, incentives, managed fund, investment returns, retail fund investors, fund age hypothesis, multi-sector growth funds
Citations in Scopus	7 - View on Scopus
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