Goriaev, Alexei P.; Palomino, Frédéric; Prat, Andrea - C.E.P.R. Discussion Papers - 2001
managers have ranking objectives (as in a tournament). First, in a two-period model, we analyse the game played by two risk …-neutral fund managers with ranking objectives. We show that ranking objectives provide incentives for an interim loser to increase … that funds ranked in the top decile after the first part of the year have risk incentives generated by ranking objectives …