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Fund managers' attitudes to risk and time horizons: the effect of performance benchmarking

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  • Mae Baker
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    Abstract

    Results are reported of an interview survey conducted with 64 fund managers. The objective of the survey is to identify the performance appraisal and reward systems under which the fund managers are operating, and to identify ways in which this impacts upon their investment heuristics. The results of the interviews indicate that fund managers are evaluated on a regular basis against performance benchmarks, although the extent of such evaluation and the choice of benchmark differs according to the types of funds under management. The papers hows th at performance evaluation affects fund managers' attitudes to risk, to motivation and to time horizons. It is shown that fund managers believe that the quarterly relative performance monitoring to which many funds and fund managers are subject, results in the adoption of a more short-termist attitude and approach to the management of the funds in question.

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    Bibliographic Info

    Article provided by Taylor & Francis Journals in its journal The European Journal of Finance.

    Volume (Year): 4 (1998)
    Issue (Month): 3 ()
    Pages: 257-278

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    Handle: RePEc:taf:eurjfi:v:4:y:1998:i:3:p:257-278

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    Related research

    Keywords: Performance Monitoring Fund Managers Short-TERMISM;

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    Cited by:
    1. Éric Jondeau, 2004. "Gestion institutionnelle et volatilité des marchés financiers," Revue d'Économie Financière, Programme National Persée, vol. 74(1), pages 157-175.
    2. Hedesström, Martin & Andersson, Maria & Gärling, Tommy & Biel, Anders, 2012. "Stock investors’ preference for short-term vs. long-term bonuses," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 41(2), pages 137-142.
    3. Arnswald, Torsten, 2001. "Investment Behaviour of German Equity Fund Managers," Discussion Paper Series 1: Economic Studies 2001,08, Deutsche Bundesbank, Research Centre.
    4. Gert Brunekreeft, 2012. "On the role of international benchmarking of electricity Transmission System Operators facing significant investment requirements," Bremen Energy Working Papers 0012, Bremer Energie Institut.
    5. Lütje, Torben, 2004. "To Be Good or To Be Better: Asset Managers Attitudes Towards Herding," Hannover Economic Papers (HEP) dp-297, Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät.

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