{"title":"共同基金锦标赛和基金活跃份额","authors":"C. W. Li, Ashish Tiwari, Lin Tong","doi":"10.2139/ssrn.3074720","DOIUrl":null,"url":null,"abstract":"We study the impact of the tournament-like competition in the mutual fund industry by examining the Active Share choices of funds. Funds with relatively poor performance by the end of the third quarter in a calendar year tend to increase their Active Share during the last quarter. The increase in the trailing funds' Active Share is accompanied by an increase in the funds' downside risk exposure. The evidence suggests that the strategic shifts in Active Share we document are not information/skill motivated.","PeriodicalId":430354,"journal":{"name":"IO: Empirical Studies of Firms & Markets eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"2020-06-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"Mutual Fund Tournaments and Fund Active Share\",\"authors\":\"C. W. Li, Ashish Tiwari, Lin Tong\",\"doi\":\"10.2139/ssrn.3074720\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"We study the impact of the tournament-like competition in the mutual fund industry by examining the Active Share choices of funds. Funds with relatively poor performance by the end of the third quarter in a calendar year tend to increase their Active Share during the last quarter. The increase in the trailing funds' Active Share is accompanied by an increase in the funds' downside risk exposure. The evidence suggests that the strategic shifts in Active Share we document are not information/skill motivated.\",\"PeriodicalId\":430354,\"journal\":{\"name\":\"IO: Empirical Studies of Firms & Markets eJournal\",\"volume\":\"1 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"2020-06-11\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"IO: Empirical Studies of Firms & Markets eJournal\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.2139/ssrn.3074720\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"IO: Empirical Studies of Firms & Markets eJournal","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.2139/ssrn.3074720","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
We study the impact of the tournament-like competition in the mutual fund industry by examining the Active Share choices of funds. Funds with relatively poor performance by the end of the third quarter in a calendar year tend to increase their Active Share during the last quarter. The increase in the trailing funds' Active Share is accompanied by an increase in the funds' downside risk exposure. The evidence suggests that the strategic shifts in Active Share we document are not information/skill motivated.
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