000088194 001__ 88194 000088194 005__ 20230126102835.0 000088194 0247_ $$2doi$$a10.1016/j.iref.2019.03.009 000088194 0248_ $$2sideral$$a111426 000088194 037__ $$aART-2019-111426 000088194 041__ $$aeng 000088194 100__ $$0(orcid)0000-0003-3661-5448$$aAndreu, L.$$uUniversidad de Zaragoza 000088194 245__ $$aRisk shifting consequences depending on manager characteristics 000088194 260__ $$c2019 000088194 5060_ $$aAccess copy available to the general public$$fUnrestricted 000088194 5203_ $$aThis paper investigates the performance consequences of the risk shifting behavior shown by domestic equity mutual funds through the analysis of monthly portfolio holdings. The objective of this paper is to assess the implications of risk shifting for mutual fund investors. Specifically, we study the performance consequences of different mechanisms of risk shifting, such as the change in the composition between equity and cash holdings and the change of the systematic or idiosyncratic risk within the equity positions. We find that funds that increase their risk level obtain significantly better performance than funds with stable or reduced risk levels. This finding is robust when controlling for fund characteristics such as past performance and fund size. Additionally, we examine whether the performance consequences of risk shifting depends on fund manager characteristics and find that manager gender, education and level of specialization are revealed as important variables to differentiate the performance consequences of risk shifting. 000088194 536__ $$9info:eu-repo/grantAgreement/ES/DGA-FEDER/Construyendo Europa desde Aragón$$9info:eu-repo/grantAgreement/ES/UZ/268-246 000088194 540__ $$9info:eu-repo/semantics/openAccess$$aby-nc-nd$$uhttp://creativecommons.org/licenses/by-nc-nd/3.0/es/ 000088194 590__ $$a1.818$$b2019 000088194 592__ $$a0.813$$b2019 000088194 591__ $$aECONOMICS$$b125 / 371 = 0.337$$c2019$$dQ2$$eT2 000088194 593__ $$aFinance$$c2019$$dQ1 000088194 591__ $$aBUSINESS, FINANCE$$b48 / 108 = 0.444$$c2019$$dQ2$$eT2 000088194 593__ $$aEconomics and Econometrics$$c2019$$dQ2 000088194 655_4 $$ainfo:eu-repo/semantics/article$$vinfo:eu-repo/semantics/acceptedVersion 000088194 700__ $$0(orcid)0000-0001-6078-0465$$aSarto, J.L.$$uUniversidad de Zaragoza 000088194 700__ $$0(orcid)0000-0002-8655-9934$$aSerrano, M. 000088194 7102_ $$14002$$2230$$aUniversidad de Zaragoza$$bDpto. Contabilidad y Finanzas$$cÁrea Economía Finan. y Contab. 000088194 773__ $$g62 (2019), 131-152$$pINTERNATIONAL REVIEW OF ECONOMICS & FINANCE$$tINTERNATIONAL REVIEW OF ECONOMICS & FINANCE$$x1059-0560 000088194 8564_ $$s329360$$uhttps://zaguan.unizar.es/record/88194/files/texto_completo.pdf$$yPostprint 000088194 8564_ $$s168670$$uhttps://zaguan.unizar.es/record/88194/files/texto_completo.jpg?subformat=icon$$xicon$$yPostprint 000088194 909CO $$ooai:zaguan.unizar.es:88194$$particulos$$pdriver 000088194 951__ $$a2023-01-26-09:53:04 000088194 980__ $$aARTICLE