<Para ID="Par3">The tournament hypothesis of Brown et al. (J Finance 51(1):85–110, <CitationRef CitationID="CR7">1996</CitationRef>) posits that managers of poorly performing funds actively increase portfolio risk in the second half of the year. At the same time, it is a well-established fact that stock returns and the subsequent return standard...</citationref></para>

<Para ID="Par3">The tournament hypothesis of Brown et al. (J Financ 51(1):85–110, <CitationRef CitationID="CR2">1996</CitationRef>) conjectures that mutual funds with a below-average performance over the first half of the year tend to increase their risk in the second half of the year. Schwarz (Rev Financ Stud 25(3):913–936, <CitationRef CitationID="CR14">2012</CitationRef>) argues that the...</citationref></citationref></para>

We study the performance and portfolio characteristics of 828 newly launched US equity mutual funds over the period 1991-2005. These fund starts initially earn, on average, higher excess returns and higher abnormal returns. Their risk-adjusted performance is also superior to existing funds....

In this paper, we provide an in-depth analysis of the performance of newly launched mutual funds. We highlight a positive connection between past performance of families and subsequent new fund performance among top deciles. Moreover, we present a new performance measure for newly launched funds...

This paper examines the relationship between the volatilities of equity indexes returns and FX rates for a set of emerging countries. We study the sensitivity of sector indexes volatility to FX rates volatility of local currencies with respect to the U.S. Dollar, the British Pound, and the...

We study the performance and portfolio characteristics of 828 newly launched U.S. equity mutual funds over the time period 1991-2005. These fund starts initially earn, on average, higher excess returns and higher abnormal returns. Their risk-adjusted performance is also superior to existing...