Please find the recent article on Nature by following the link above. The study, which examined a year's worth of ERC grants with 3,207 applicants, can be accessed through the link below:
“if the goal is to
reward the most talented persons (thus increasing their level of success), it
is much more convenient to distribute periodically (even small) equal amounts
of capital to all individuals rather than to give a greater capital only to a
small percentage of them, selected through their level of success - already
reached - at the moment of the distribution” https://arxiv.org/abs/1802.07068