Zhang, Zhichao; Ding, Li; Zhou, Si; Fu, Yaoyao - In: Multinational Finance Journal 18 (2014) 1-2, pp. 43-84
By applying tournament analysis to the UK Unit Trusts data, the results support significant risk shifting in the family tournament; i.e. interim winning managers tend to increase their level of risk exposure more than losing managers. It also shows that the risk-adjusted returns of the winners...
