从竞赛观点探讨金经理人的风险调整行为.docVIP

从竞赛观点探讨基金经理人的风险调整行为 史晨昱刘霞 摘 要：竞赛假说将共同基金的市场环境比喻为一项持续、激烈的年度竞赛。本文探讨定期绩效评估系统对于基金经理人所持投资组合风险调整的影响，以检验其是否具有自利性风险调整的行为倾向。研究结果发现：国内基金市场的竞争日趋激烈，基金公司数目日益增加，业绩相对较差的基金经理人有加大风险调整比率的倾向。此外，新基金对投资风险的调整程度，会比老基金来得大。 词：证券投资基金基金经理风险调整Studies of Mutual Fund Managers’ Risk-Adjusted Behaviors on the Basis of Tournament Conjecture Abstract: Recent studies focus on “tournaments” in which mutual funds managers compete for the top performance rankings. This paper analyzes the risk-adjusted behavior of mutual fund managers on the basis of tournament conjecture. During the assessment period, they may revise the ris