This paper analyzes the dynamic portfolio choice implications of strategic interaction among
money managers who compete for fund flows. We study such interaction between two risk …

Absent much theory, empirical works often rely on the following informal reasoning when
looking for evidence of a mutual fund tournament: If there is a tournament, interim winners …

This paper develops a tractable dynamic model of competition between two risk-averse
portfolio managers who attempt to outperform each other by trading in different stocks …

This paper characterizes the optimal risk-taking strategies of mutual fund managers
competing in multi-period winner-take-all tournaments. With competition among mutual …

This study examines family-level risk taking behavior from the perspective of the strategic
choice of risk. We examine whether family-level risk taking tendency is affected by a fund …

This paper studies the portfolio choice of two large investors who act strategically because
their trading affects interest rates. Each investor chooses her optimal portfolio conditional on …

This article analyzes the dynamic portfolio choice implications of strategic interaction among
money managers. The strategic interaction is modelled as managers' having relative …

Several recent empirical papers test for tournament-type behavior in the mutual fund
industry. The empirical specification is build around the following intuitive idea: if there is a …

This paper studies the portfolio choice of two large investors who act strategically because
their trading affects expected stock returns. Each investor chooses her optimal portfolio …

Thomas Hoffmann analysiert das Verhältnis der Anleger zu den von ihnen in Anspruch
genommenen Wertpapierdienstleistern unter Effizienzgesichtspunkten. Er vergleicht die …