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出版SSRN, 2022
URLhttp://books.google.com.hk/books?id=nCfjzwEACAAJ&hl=&source=gbs_api
註釋We examine whether funds that lag performance around the world increase their risk exposure to improve performance with the intention that larger returns will attract new capital inflow and will boost the fund manager ́s fees. Previous research confirmed that underperforming funds increased their risk to improve performance, the aim of this paper is to examine whether using daily returns this phenomenon holds around the world. The major problem of employing monthly observations to measure risk on an annual basis is that insufficient data prevents adequate evaluations, to address this issue we use a large sample of daily returns for funds in 35 countries around the world over the 1990-2020 period.