| Topic: |
Mutual Fund Tournaments for Distribution |
| Time&Date: |
10:30 am -12:00 pm, June 6, 2025 (Friday) |
| Venue |
Room 804, Teaching Complex D Building |
| Speaker: |
Byoung Uk Kang
Hong Kong Polytechnic University
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| Abstract: |
We study strategic behavior among mutual funds sold through common distributors. We find that funds on the same menu offered by a distributor compete with each other in a tournament: funds adjust their risk profiles in the second half of the year based on their midyear rankings within the distributor’s menu, rather than within their respective style categories or fund families. This risk adjustment is particularly strong within distributors that channel a disproportionate amount of investor flows to top-performing funds and those that tend not to delete underperforming funds from their menus. |
| Biography: |
Byoung Uk Kang is an Associate Professor of Finance at the Hong Kong Polytechnic University. He joined the School of Accounting and Finance in 2009, upon completion of his PhD at KAIST Business School. Byoung completed his undergraduate studies also at KAIST. Byoung’s research interests lie in hedge funds, mutual funds, empirical asset pricing, and financial econometrics (with a focus on copulas and wavelets). His research has appeared in top journals, such as the Review of Financial Studies, Management Science, and Journal of Financial and Quantitative Analysis. |
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