How tournament incentives affect asset markets: A comparison between winner-take-all tournaments and elimination contests
We investigate the impact of investment managers׳ tournament incentives on investment strategies and market efficiency, distinguishing between winner-take-all tournaments (WTA), where a minority wins, and elimination contests (EC), where a majority wins. Theoretically, we show that investment manage...
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| Published in | Journal of economic dynamics & control Vol. 75; pp. 1 - 27 |
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| Main Authors | , , , |
| Format | Journal Article |
| Language | English |
| Published |
Elsevier B.V
01.02.2017
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| Subjects | |
| Online Access | Get full text |
| ISSN | 0165-1889 1879-1743 |
| DOI | 10.1016/j.jedc.2016.11.006 |
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| Abstract | We investigate the impact of investment managers׳ tournament incentives on investment strategies and market efficiency, distinguishing between winner-take-all tournaments (WTA), where a minority wins, and elimination contests (EC), where a majority wins. Theoretically, we show that investment managers play heterogeneous strategies in WTA and homogeneous strategies in EC, and markets are more prone to mispricing in WTA than in EC. Experimentally, we find that investment managers play more heterogeneous strategies in WTA than in EC, but this does not trigger significant differences in prices. Moreover, prices in WTA and EC do not differ significantly from markets composed of linearly incentivized subjects. |
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| AbstractList | We investigate the impact of investment managers׳ tournament incentives on investment strategies and market efficiency, distinguishing between winner-take-all tournaments (WTA), where a minority wins, and elimination contests (EC), where a majority wins. Theoretically, we show that investment managers play heterogeneous strategies in WTA and homogeneous strategies in EC, and markets are more prone to mispricing in WTA than in EC. Experimentally, we find that investment managers play more heterogeneous strategies in WTA than in EC, but this does not trigger significant differences in prices. Moreover, prices in WTA and EC do not differ significantly from markets composed of linearly incentivized subjects. |
| Author | Fang, Dawei Holmén, Martin Kirchler, Michael Kleinlercher, Daniel |
| Author_xml | – sequence: 1 givenname: Dawei surname: Fang fullname: Fang, Dawei email: dawei.fang@cff.gu.se organization: Centre for Finance, Department of Economics, University of Gothenburg, Vasagatan 1, 40530 Gothenburg, Sweden – sequence: 2 givenname: Martin orcidid: 0000-0002-6788-0802 surname: Holmén fullname: Holmén, Martin email: martin.holmen@cff.gu.se organization: Centre for Finance, Department of Economics, University of Gothenburg, Vasagatan 1, 40530 Gothenburg, Sweden – sequence: 3 givenname: Daniel surname: Kleinlercher fullname: Kleinlercher, Daniel email: daniel.kleinlercher@uibk.ac.at organization: University of Innsbruck, Department of Banking and Finance, Universitätsstrasse 15, 6020 Innsbruck, Austria – sequence: 4 givenname: Michael surname: Kirchler fullname: Kirchler, Michael email: michael.kirchler@uibk.ac.at organization: Centre for Finance, Department of Economics, University of Gothenburg, Vasagatan 1, 40530 Gothenburg, Sweden |
| BackLink | https://gup.ub.gu.se/publication/251888$$DView record from Swedish Publication Index |
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| Keywords | Tournament incentives Experimental finance G02 Investment behavior Market efficiency C91 G14 C92 |
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| Title | How tournament incentives affect asset markets: A comparison between winner-take-all tournaments and elimination contests |
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