Fund Network Centrality, Hard-to-Value Portfolio, and Investment Performance

Table 2

The effect of fund network centrality on investment performance.

	Performance
	(1-1)	(1-2)	(1-3)
Closeness	12.783; (5.985)
Betweenness		5.500; (5.491)
Eigenvector			2.059; (1.136)
Netasset	−0.139; (0.029)	−0.136; (0.029)	−0.139; (0.030)
Familysize	−0.146; (0.063)	−0.145; (0.063)	−0.146; (0.063)
Fundage	0.353; (0.067)	0.356; (0.067)	0.352; (0.067)
Expense	1.900; (1.223)	1.939; (1.224)	1.880; (1.222)
Turnover	−0.106; (0.015)	−0.106; (0.015)	−0.105; (0.015)
Return	−0.007; (0.006)	−0.006; (0.006)	−0.007; (0.006)
Fundflow	0.068; (0.042)	0.067; (0.042)	0.068; (0.042)
PhD	0.059; (0.065)	0.057; (0.065)	0.058; (0.065)
Gender	0.003; (0.066)	0.003; (0.066)	0.003; (0.066)
Teamsize	−0.054; (0.038)	−0.052; (0.038)	−0.053; (0.038)
Tenure	−0.083; (0.027)	−0.083	−0.083; (0.027)
		(0.027)
Time fixed effect	Included	Included	Included
Style fixed effect	Included	Included	Included
Constant	4.517; (1.512)	6.026; (1.373)	6.060; (1.366)
Cluster	Fund	Fund	Fund
Observation	37607	37607	37607
R^2 (within)	0.211	0.211	0.211

Notes: standard errors in parentheses; , , and .