(WFRF:(Kirchler Michael 1977 )) pers:(Kirchler Michael 1977)
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- Fang, Dawei,1983Gothenburg University,Göteborgs universitet,Institutionen för nationalekonomi med statistik,Centrum för finans,Department of Economics,Centre for Finance (author)
How tournament incentives affect asset markets: A comparison between winner-take-all tournaments and elimination contests
- Article/chapterEnglish2017
Publisher, publication year, extent ...
- Elsevier BV,2017
Numbers
- LIBRIS-ID:oai:gup.ub.gu.se/251888
- https://gup.ub.gu.se/publication/251888URI
- https://doi.org/10.1016/j.jedc.2016.11.006DOI
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- Language:English
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- SwePubSwePub
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Notes
- We investigate the impact of investment managers׳ tournament incentives on investment strategies and market efficiency, distinguishing between winner-take-all tournaments (WTA), where a minority wins, and elimination contests (EC), where a majority wins. Theoretically, we show that investment managers play heterogeneous strategies in WTA and homogeneous strategies in EC, and markets are more prone to mispricing in WTA than in EC. Experimentally, we find that investment managers play more heterogeneous strategies in WTA than in EC, but this does not trigger significant differences in prices. Moreover, prices in WTA and EC do not differ significantly from markets composed of linearly incentivized subjects.
Subject headings and genre
- SAMHÄLLSVETENSKAP Ekonomi och näringsliv hsv//swe
- SOCIAL SCIENCES Economics and Business hsv//eng
- Tournament incentives; Investment behavior; Market efficiency; Experimental finance
Added entries (persons, corporate bodies, meetings, titles ...)
- Holmen, Martin,1976Gothenburg University,Göteborgs universitet,Institutionen för nationalekonomi med statistik,Centrum för finans,Department of Economics,Centre for Finance(Swepub:gu)xhmart (author)
- Kleinlercher, Daniel (author)
- Kirchler, Michael,1977Gothenburg University,Göteborgs universitet,Institutionen för nationalekonomi med statistik,Centrum för finans,Department of Economics,Centre for Finance(Swepub:gu)xkirmi (author)
- Göteborgs universitetInstitutionen för nationalekonomi med statistik (creator_code:org_t)
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- In:Journal of Economic Dynamics and Control: Elsevier BV75, s. 1-270165-1889
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