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Title:Tournaments in mutual fund families PDF Logo
Authors:Kempf, Alexander
Ruenzi, Stefan
Issue Date:2004
Series/Report no.:CFR Working Paper 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 each other. 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.
Document Type:Working Paper
Appears in Collections:CFR Working Papers, Centre for Financial Research (CFR), Universität Köln

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