Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/104305
Authors: 
Stolper, Anno
Year of Publication: 
2010
Series/Report no.: 
Munich Discussion Paper 2010-34
Abstract: 
A fund's performance is usually compared to the performance of an index or other funds. If a fund trails the benchmark, the fund manager is often replaced. We argue that this may lead to excessive risk-taking if fund managers differ in ability and have the opportunity to take excessive risk. To match the benchmark, fund managers may increase the risk of their portfolio even if this decreases the expected return on the portfolio.
Subjects: 
Benchmarking
risk taking
JEL: 
G01
G11
G23
Persistent Identifier of the first edition: 
Document Type: 
Working Paper

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