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Of Tournaments and Temptations: An Analysis of Managerial Incentives in the Mutual Fund Industry
The authors test the hypothesis that, when their compensation is linked to relative performance, managers of investment portfolios likely to end up as 'losers' will manipulate fund risk differentlyExpand
Why Constrain Your Mutual Fund Manager?
We examine the form, adoption rates, and economic rationale for the investment restrictions found in the contracts between mutual fund investors and managers. Based on a sample of U.S. domesticExpand
An Empirical Analysis of Interest Rate Swap Spreads
DONALD J. SMITH is associate professor of finance and economics at the School of Management of Boston University. nterest rate swaps are, without a doubt, one of the major financial innovations ofExpand
Asset allocation and portfolio performance: Evidence from university endowment funds
We use university endowment funds to study the relationship between asset allocation decisions and performance in multiple asset class portfolios. Although endowments differ substantially in assetExpand
Risk Arbitrage and the Prediction of Successful Corporate Takeovers
Risk arbitrage, in its most common usage, refers to the purchase of the securities of a firm targeted for acquisition. By purchasing shares immediately after a definite cash tender or exchange offerExpand
Risk aversion, uncertain information, and market efficiency
Abstract This paper develops and tests the uncertain information hypothesis as a means of explaining the response of rational, risk-averse investors to the arrival of unanticipated information. TheExpand
Investment analysis & portfolio management
Investment Analysis & Portfolio Management (FIN630) VUExpand
Staying the Course: The Role of Investment Style Consistency in the Performance of Mutual Funds
While a mutual fund's investment style influences the returns it generates, little is known about how a manager's execution of the style decision affects portfolio performance. Using both returns-Expand
Analysis of Investments and Management of Portfolios
Part 1: THE INVESTMENT BACKGROUND. 1. The Investment Setting. 2. The Asset Allocation Decision. 3. Selecting Investments in a Global Market. 4. Organization and Functioning of Securities Markets. 5.Expand
Why constrain your mutual fund manager
We examine the form, adoption rates, and economic rationale for the investment restrictions found in the contracts between mutual fund investors and managers. Based on a sample of U.S. domesticExpand
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