Mutual Fund Tournaments in Korea (우리나라 펀드 시장의 토너먼트 현상 연구)

KWANGSOO KO (고광수); Yeonjeong Ha (하연정)

Mutual Fund Tournaments in Korea

Journal of Insurance and Finance
2008, 19(3), pp.209-228
Publisher : Korea Insurance Research Institute
Research Area : Social Science > Business Management

KWANGSOO KO ¹, Yeonjeong Ha ¹

¹부산대학교

Accredited

ABSTRACT

This paper investigates the mutual fund tournaments and finds that fund agency problems exist in the Korean fund industry. The results are summarized as follows:First, mutual fund tournaments are found in the sense of Brown, Harlow, and Starks(1996). The tournament phenomena are observed in monthly, weekly, and daily returns, which implies the robustness of the empirical results. Second, mutual fund tournaments are remarkable for start-up funds and ceased funds. Third, we fail to find the fund tournaments for public balanced funds and private equity funds. These findings support that observed mutual fund tournaments for public equity fund is robust.

KEYWORDS

behavior of fund managers, fund agency problems, fund performance, fund risk adjustment, fund tournaments

Citation status

* References for papers published after 2023 are currently being built.

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KJCKorea
Journal Central

Journal of Insurance and Finance 2023 KCI Impact Factor : 0.59