The lack of transparency on fund performance seems to induce customers to base their choice of funds on very poor information like rankings. On the other hand, the way fund managers are compensated and laid off does not induce them to look for the best performance. In this article, the misbehavior of fund managers is studied in the light of empirical studies.
CHARLETY-LEPERS, P. (2001). La gestion institutionnelle : incitations données aux gérants et performances. Revue d’Économie Financière, pp. 107-123.