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On Tournament Behavior in Hedge Funds: High Water Marks, Managerial Horizon, and the Backfilling Bias

https://doi.org/10.2139/ssrn.1570789
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8/8 checkable references clean · checked 2026-10-07

Every reference with a DOI in the deposited reference list resolved to a known work in Crossref or DataCite at the dated check, and none carried a retraction, withdrawal, or removal notice.

6 without a DOI — not checked. A reference deposited without a DOI is never matched by title or guessed at; it stays outside the checked set, and this line discloses that.

The 8 checked references that resolve
resolves10.1086/209721
Does It All Add Up? Benchmarks and the Compensation of Active Portfolio Managers
resolves10.2139/ssrn.889008
Role of Managerial Incentives and Discretion in Hedge Fund Performance
resolves10.1016/j.jfineco.2005.11.001
Share restrictions and asset pricing: Evidence from the hedge fund industry☆
resolves10.1093/rfs/hhm026
Optimal Asset Allocation and Risk Shifting in Money Management
resolves10.1111/j.1540-6261.1996.tb05203.x
Of Tournaments and Temptations: An Analysis of Managerial Incentives in the Mutual Fund Industry
resolves10.1086/209603
Offshore Hedge Funds: Survival and Performance, 1989–95
resolves10.1111/0022-1082.00392
Careers and Survival: Competition and Risk in the Hedge Fund and CTA Industry
resolves10.1126/science.276.5311.347a
Panel Would Block LHC, Internet Funds
The 6 references without a DOI — listed, not checked
no DOI — not checkedref3
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no DOI — not checkedref6
no DOI — not checkedEach regression also includes LagRisk, Flow, ??, and dummy independent variables (not reported) for year and fund style categories. The performance variables is either a dummy variable equal to one if the fund's assets at mid-year are below their high-water mark (AbsWin), the fractional rank of the fund's raw return in the first six months relative to that of all other funds (RelRnk), or the fractional rank of the distance of a fund's net assets at mid-year to its high-water mark measured at the end of the previous year (AbsRnk). Panels B-D exclude backfilled data
no DOI — not checkedref12
no DOI — not checkedref14
What this badge says. CiteStamped means the CHECKABLE references of this work were clean at the dated check: each resolved to a known work in a public registry, and none carried a retraction notice at that time. If Crossref’s record marks the work itself retracted, withdrawn, or removed, the badge says so instead of showing clean. It says nothing about the quality, findings, or importance of the work itself, and nothing about references deposited without a DOI.

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