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Area of Science:

  • Behavioral Finance
  • Financial Markets
  • Risk Management

Background:

  • Market crashes serve as significant exogenous shocks.
  • Fund managers' past experiences can influence future decision-making.
  • Understanding behavioral finance is crucial for market stability.

Purpose of the Study:

  • To investigate the impact of fund managers' crash experience on risk-taking.
  • To analyze the role of incentive mechanisms in post-crisis risk-taking.
  • To provide insights for regulatory risk management.

Main Methods:

  • Event study methodology using China's A-share market crashes (2007-2008, 2014-2015) and COVID-19 pandemic.
  • Analysis of risk components, asset allocation, and portfolio concentration.
  • Examination of incentive mechanisms' influence on fund manager behavior.

Main Results:

  • Fund managers with crash experience significantly increase overall risk-taking.
  • Incentive mechanisms amplify risk-taking, leading to higher portfolio concentration and expanded securities holdings.
  • Past negative experiences shape future risk appetite and investment strategies.

Conclusions:

  • Crash experience heightens fund managers' risk appetite.
  • Incentives can exacerbate risk-taking behavior, particularly in post-crisis environments.
  • Findings inform regulatory strategies for effective risk management and incentive design.