88194 20230126102835.0 doi 10.1016/j.iref.2019.03.009 sideral 111426 ART-2019-111426 eng Andreu, L. Universidad de Zaragoza (orcid)0000-0003-3661-5448 Risk shifting consequences depending on manager characteristics 2019 Access copy available to the general public Unrestricted This 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. info:eu-repo/grantAgreement/ES/DGA-FEDER/Construyendo Europa desde Aragón info:eu-repo/grantAgreement/ES/UZ/268-246 info:eu-repo/semantics/openAccess by-nc-nd http://creativecommons.org/licenses/by-nc-nd/3.0/es/ 1.818 2019 ECONOMICS 125 / 371 = 0.337 2019 Q2 T2 BUSINESS, FINANCE 48 / 108 = 0.444 2019 Q2 T2 0.813 2019 Finance 2019 Q1 Economics and Econometrics 2019 Q2 info:eu-repo/semantics/article info:eu-repo/semantics/acceptedVersion Sarto, J.L. Universidad de Zaragoza (orcid)0000-0001-6078-0465 Serrano, M. (orcid)0000-0002-8655-9934 4002 230 Universidad de Zaragoza Dpto. Contabilidad y Finanzas Área Economía Finan. y Contab. 62 (2019), 131-152 INTERNATIONAL REVIEW OF ECONOMICS & FINANCE INTERNATIONAL REVIEW OF ECONOMICS & FINANCE 1059-0560 329360 http://zaguan.unizar.es/record/88194/files/texto_completo.pdf Postprint 168670 http://zaguan.unizar.es/record/88194/files/texto_completo.jpg?subformat=icon icon Postprint oai:zaguan.unizar.es:88194 articulos driver 2023-01-26-09:53:04 ARTICLE