The paper analyses effort and risk-taking behavior of fund managers in a tournament framework where they can choose not only the risk level but can also adjust their effort to achieve the highest relative performance and win the competition. The results show that when effort is costly, the...

This paper aims to show that Data Envelopment Analysis (DEA) is an efficient tool to assist investors in multiple criteria decision-making tasks like assessing hedge fund performance. DEA has the merit of offering investors the possibility to consider simultaneously multiple evaluation criteria...

Numerous recent studies highlight the presence of a PER anomaly in the large stock exchange markets throughout the world. Meanwhile, some research provides contrary results. In this article, we provide evidence that the anomaly caused by the use of trailing PER did exist in the Paris Stock...