Abstract
This paper analyzes the risk-shifting behavior among hedge fund and CTA managers with respect to managers’ gender and other features such as location and assets under management.The results indicate that US-managed funds, on average, display more propensity to shifting risk in response to weak performance and present a significantly higher degree of risk-shifting than European-managed funds. Our analysis also suggests that CTA managers engage more in risk-shifting when fund managers handle more assets under management at the family level (FLAUM). Regarding the role of gender on risk-shifting behavior, we do not find a significant difference between female and male-managed funds.
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