Tournament behavior in Australian superannuation funds: A non-parametric analysis

The funds management industry has proven to be fertile ground for theoretical and empirical research over the past forty years. Using a sample period covering 1989 to 2001, we investigate the tournament induced risk-shifting behavior of Australian “multi-sector growth funds”.\ud This study looked for evidence of risk-taking behavior on the part of fund managers but provided evidence on the question of whether benchmark choice may affect such behavior