Cutura, Jannic; Parise, Gianpaolo; Schrimpf, Andreas - 2020
sensitivity of flows-to-performance, in periods of market stress, and when bond yields are high. We provide evidence that debt de …We examine the incentive of corporate bond fund managers to manipulate portfolio risk in response to competitive … pressure. We find that bond funds engage in a reverse fund tournament in which laggard funds actively de-risk their portfolios …