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The small world of investing : board connections and mutual fund returns

Author: Lauren Cohen; Andrea Frazzini; Christopher Malloy; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2007.
Series: Working paper series (National Bureau of Economic Research), no. 13121.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
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  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Lauren Cohen; Andrea Frazzini; Christopher Malloy; National Bureau of Economic Research.
OCLC Number: 137283419
Description: 1 online resource (1 volume).
Series Title: Working paper series (National Bureau of Economic Research), no. 13121.
Responsibility: Lauren Cohen, Andrea Frazzini, Christopher Malloy.

Abstract:

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.

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