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Do mutual funds gamble? Evidence from the skewness adjusting behavior of Fund Managers
| Content Provider | Semantic Scholar |
|---|---|
| Author | Chang, Eric |
| Copyright Year | 2011 |
| Abstract | We investigate the performance-induced gambling propensity of mutual fund managers by examining their tendency to adjust fund return skewness in response to interim performance. Managers of interim underperforming funds are more likely to increase fund return skewness in the second half of the year than their counterparts, especially in regions with favorable gambling environments or during market downturns. The evidence is robust to the control of managerial volatility-seeking behavior. We further reveal that fund managers alter fund return skewness through adjusting portfolio diversication or portfolio exposures to stocks with higher expected coskewness, and that |
| File Format | PDF HTM / HTML |
| DOI | 10.2139/ssrn.1914130 |
| Alternate Webpage(s) | http://ifas.xmu.edu.cn/uploads/soft/131231/2-131231160136.pdf |
| Alternate Webpage(s) | https://doi.org/10.2139/ssrn.1914130 |
| Language | English |
| Access Restriction | Open |
| Content Type | Text |
| Resource Type | Article |
