Vidal García, JavierVidal, MartaMolero González, LauraTrinidad Segovia, Juan E.2025-03-032025-03-032025Vidal-García, J., Vidal, M., Molero González, L., & Trinidad-Segovia, J. E. (2025). Global tournaments. Risk Management, 27(1), 5. https://doi.org/10.1057/s41283-024-00157-11460-37991743-4637http://hdl.handle.net/11268/14077We examine whether funds that lag performance around the world increase their risk exposure to improve performance with the intention that larger returns will attract new capital inflow and boost the fund manager´s fees. Previous research confirmed that underperforming funds increased their risk to improve performance, the aim of this paper is to examine whether this phenomenon holds around the world using daily returns. The major problem of employing monthly observations to measure risk on an annual basis is that insufficient data prevent adequate evaluations, to address this issue we use a large sample of daily returns for funds in 35 countries around the world over the 1990–2023 period.engjournal article10.1057/s41283-024-00157-1open accessEconomíaEmpresaCapitalGoal 9: Build resilient infrastructure, promote sustainable industrialization and foster innovation