Restrictive Effect of Fund Self-Purchase Behavior on Managerial Risk-taking: An Empirical Examination

摘要

The managerial fund self-purchase behavior contributes to building the "benefit and risk-sharing" mechanism between fund investors and fund managers. This paper examines the actual data of China's mutual fund market, and our empirical investigation of the relationship between Chinese fund managerial self-purchase behavior and risk-taking behavior indicates that the managerial self-purchasing behavior weakens their risk-taking tendency. And at the same time, investment managers become more prudent and responsible for their customers.