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

Table 3

The effect of hard-to-value portfolio on investment performance.

	Performance
	(2-1)	(2-2)	(2-3)
HTV_mrkt	0.236; (0.047)
HTV_fdmt		0.046; (0.021)
HTV_info			−0.175; (0.110)
Netasset	−0.135; (0.029)	−0.137; (0.029)	−0.138; (0.029)
Familysize	−0.146; (0.063)	−0.147; (0.063)	−0.146; (0.063)
Fundage	0.357; (0.067)	0.355; (0.067)	0.353; (0.067)
Expense	1.967; (1.223)	1.932; (1.223)	1.897; (1.222)
Turnover	−0.107; (0.015)	−0.106; (0.015)	−0.105; (0.015)
Return	−0.006; (0.006)	−0.006; (0.006)	−0.007; (0.006)
Fundflow	0.069; (0.042)	0.068; (0.042)	0.067; (0.042)
PhD	0.059; (0.065)	0.059; (0.065)	0.058; (0.065)
Gender	0.009; (0.066)	0.005; (0.066)	<0.001; (0.067)
Teamsize	−0.052; (0.038)	−0.052; (0.038)	−0.052; (0.038)
Tenure	−0.085; (0.027)	−0.084; (0.027)	−0.081; (0.027)
Time fixed effect	Included	Included	Included
Style fixed effect	Included	Included	Included
Constant	5.908; (1.365)	6.119; (1.366)	6.230; (1.370)
Cluster	Fund	Fund	Fund
Observation	37607	37607	37607
R2(within)	0.211	0.211	0.211

Notes: standard errors in parentheses; , , and .