Mutual Fund Tournaments: The Sorting Bias and New Evidence PoorSatisfactoryGoodVery GoodExcellent Be the first. (0 ratings) Log in to rate this article. CFA Digest August 2012 | Vol. 42 | No. 3 Source: CFA InstituteChristopher G. SchwarzGhazal Zahid Khan, CFA (Reviewer) Abstract The author studies the validity of his hypothesis that mutual fund managers with low performance in the first half of the year increase their risk levels in the second half of the year. He finds statistically significant results in favor of his hypothesis and claims that this “tournament behavior” exists regardless of the sorting bias inherent in traditionally calculated portfolio risk and return data. View more information Topics Behavioral Finance : Institutional Investor Decision Making | Portfolio Management : Mutual Funds, Pooled Funds, and Exchange-Traded Funds (ETFs) Credits · About the CE Program 0 CE (including 0 SER) Record credits Credits recorded Members, log in to record your credits. Manage CE Credits Loading ...