| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w13121 |
| 来源ID | Working Paper 13121 |
| The Small World of Investing: Board Connections and Mutual Fund Returns | |
| Lauren Cohen; Andrea Frazzini; Christopher Malloy | |
| 发表日期 | 2007-05-24 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | This paper uses social networks to identify information transfer in security markets. We focus on connections between mutual fund managers and corporate board members via shared education networks. We find that portfolio managers place larger bets on firms they are connected to through their network, and perform significantly better on these holdings relative to their non-connected holdings. A replicating portfolio of connected stocks outperforms a replicating portfolio of non-connected stocks by up to 8.4% per year. Returns are concentrated around corporate news announcements, consistent with mutual fund managers gaining an informational advantage through the education networks. Our results suggest that social networks may be an important mechanism for information flow into asset prices. |
| 主题 | Financial Economics ; Financial Markets ; Portfolio Selection and Asset Pricing |
| URL | https://www.nber.org/papers/w13121 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/570789 |
| 推荐引用方式 GB/T 7714 | Lauren Cohen,Andrea Frazzini,Christopher Malloy. The Small World of Investing: Board Connections and Mutual Fund Returns. 2007. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w13121.pdf（276KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
