000168757 001__ 168757
000168757 005__ 20260217214839.0
000168757 0247_ $$2doi$$a10.1080/01605682.2026.2619030
000168757 0248_ $$2sideral$$a148133
000168757 037__ $$aART-2026-148133
000168757 041__ $$aeng
000168757 100__ $$0(orcid)0000-0001-9525-9530$$aBoumda, Beatrice$$uUniversidad de Zaragoza
000168757 245__ $$aMutual fund tournaments: a network DEA model using interim rankings to forecast risk-taking and fund inflows
000168757 260__ $$c2026
000168757 5060_ $$aAccess copy available to the general public$$fUnrestricted
000168757 5203_ $$aInvestors are attracted to well-performing funds, with the top-performing receiving a disproportionately high share of money inflows. This behaviour, combined with incentives like status and monetary rewards, drives the tournament effect, whereby fund managers adjust their portfolio risk to either catch up with competitors or lock their position. Data Envelopment Analysis (DEA) is useful for studying this complex behaviour because it does not assume a predetermined relationship between variables. In this study, we use the Network DEA approach to assess and forecast how efficiently mutual funds compete in this tournament. We propose and test a model with three stages: reacting to mid-year rankings, improving year-end rankings, and receiving inflows in the subsequent quarter. This study is the first to use DEA to examine dynamic behaviour in mutual fund tournaments. Our findings show that managers who improve their year-end ranks compared to their mid-year ranks are more likely to attract inflows efficiently. However, changes in portfolio beta, concentration, and equity exposure are not directly linked to the rewards at the end of the tournament. Our results remain consistent across different time frames and variable specifications.
000168757 536__ $$9info:eu-repo/grantAgreement/ES/AEI/PID2022-136818NB-I00$$9info:eu-repo/grantAgreement/ES/DGA/S38-23R
000168757 540__ $$9info:eu-repo/semantics/openAccess$$aby-nc-nd$$uhttps://creativecommons.org/licenses/by-nc-nd/4.0/deed.es
000168757 655_4 $$ainfo:eu-repo/semantics/article$$vinfo:eu-repo/semantics/acceptedVersion
000168757 700__ $$aDuxbury, Darren
000168757 700__ $$0(orcid)0000-0003-3275-5814$$aOrtiz, Cristina$$uUniversidad de Zaragoza
000168757 700__ $$0(orcid)0000-0003-4778-5960$$aVicente, Luis$$uUniversidad de Zaragoza
000168757 7102_ $$14002$$2230$$aUniversidad de Zaragoza$$bDpto. Contabilidad y Finanzas$$cÁrea Economía Finan. y Contab.
000168757 773__ $$g(2026), 1-23$$pJ. Oper. Res. Soc.$$tJOURNAL OF THE OPERATIONAL RESEARCH SOCIETY$$x0160-5682
000168757 8564_ $$s833091$$uhttps://zaguan.unizar.es/record/168757/files/texto_completo.pdf$$yPostprint
000168757 8564_ $$s2147815$$uhttps://zaguan.unizar.es/record/168757/files/texto_completo.jpg?subformat=icon$$xicon$$yPostprint
000168757 909CO $$ooai:zaguan.unizar.es:168757$$particulos$$pdriver
000168757 951__ $$a2026-02-17-20:15:01
000168757 980__ $$aARTICLE