Goriaev, Aleksej P. (contributor); … - 2000
have ranking objectives (as in a tournament). First, in a two-period model, we analyze the game played by two risk … amount of risk undertaken in the late period is larger than in the first period. In the second part of the paper, we provide … evidence that (i) funds have risk incentives generated by ranking objectives, (ii) risk induced by ranking objectives is mainly …