"February 1993." "Revised, replacing CISL WP #92-09."

Includes bibliographical references (p. 33-34).

Money managers are rewarded for increasing the value of assets under management, and predominantly so in the mutual fund industry. This gives the manager an implicit incentive to exploit the well-documented positive fund-flows to relative-performance relationship by manipulating her risk...

Includes bibliographical references (leaf 20).