Research Article
Fund Network Centrality, Hard-to-Value Portfolio, and Investment Performance
Table 4
The effect of fund network centrality on the performance of hard-to-value portfolio.
| | | Performance | | (3-1) | (3-2) | (3-3) | (3-4) | (3-5) | (3-6) | (3-7) | (3-8) | (3-9) |
| | Closeness × HTV_mrkt | 0.352
(2.304) | | | | | | | | | | Closeness × HTV_fdmt | | 0.462
(1.160) | | | | | | | | | Closeness × HTV_info | | | 9.318
(5.841) | | | | | | | | Betweenness × HTV_mrkt | | | | 7.049
(9.064) | | | | | | | Betweenness × HTV_fdmt | | | | | 0.215
(4.102) | | | | | | Betweenness × HTV_info | | | | | | 0.916
(23.508) | | | | | Eigenvector × HTV_mrkt | | | | | | | 1.931
(1.701) | | | | Eigenvector × HTV_fdmt | | | | | | | | 1.541
(0.709) | | | Eigenvector × HTV_info | | | | | | | | | 15.611
(4.342) | | Closeness | 15.600
(6.536) | 12.562
(6.770) | 10.108
(6.212) | | | | | | | | Betweenness | | | | 0.824
(11.304) | 6.933
(12.461) | 4.319
(10.427) | | | | | Eigenvector | | | | | | | 0.428
(2.327) | −2.284
(2.425) | −4.203
(2.042) | | HTV_mrkt | 0.239
(0.061) | | | 0.229
(0.050) | | | 0.217
(0.055) | | | | HTV_fdmt | | 0.041
(0.028) | | | 0.049
(0.022) | | | 0.022
(0.025) | | | HTV_info | | | −0.292
(0.145) | | | −0.171
(0.120) | | | −0.354
(0.128) | | Netasset | −0.137
(0.029) | −0.139
(0.029) | −0.139
(0.029) | −0.132
(0.029) | −0.135
(0.029) | −0.137
(0.030) | −0.135
(0.029) | −0.137
(0.029) | −0.137
(0.029) | | Familysize | −0.146
(0.063) | −0.147
(0.063) | −0.145
(0.063) | 0.145
(0.063) | −0.146
(0.063) | −0.146
(0.063) | −0.146
(0.063) | 0.148
(0.063) | −0.145
(0.063) | | Fundage | 0.354
(0.067) | 0.353
(0.067) | 0.351
(0.067) | 0.358
(0.067) | 0.357
(0.067) | 0.354
(0.067) | 0.354
(0.067) | 0.355
(0.067) | 0.353
(0.067) | | Expense | 1.937
(1.223) | 1.908
(1.223) | 1.875
(1.223) | 2.002
(1.226) | 1.952
(1.224) | 1.910
(1.224) | 1.914
(1.222) | 1.901
(1.222) | 1.842
(1.223) | | Turnover | −0.106
(0.015) | −0.106
(0.015) | −0.105
(0.015) | −0.107
(0.015) | −0.106
(0.015) | −0.106
(0.015) | −0.106
(0.015) | −0.106
(0.015) | −0.105
(0.015) | | Return | −0.006
(0.006) | −0.006
(0.006) | −0.007
(0.006) | −0.005
(0.006) | −0.006
(0.006) | −0.007
(0.006) | −0.006
(0.006) | −0.007
(0.006) | −0.008
(0.006) | | Fundflow | 0.071
(0.042) | 0.070
(0.042) | 0.069
(0.042) | 0.070
(0.042) | 0.069
(0.042) | 0.067
(0.042) | 0.071
(0.042) | 0.070
(0.042) | 0.066
(0.042) | | PhD | 0.061
(0.065) | 0.060
(0.065) | 0.058
(0.065) | 0.058
(0.065) | 0.058
(0.065) | 0.057
(0.065) | 0.059
(0.065) | 0.058
(0.065) | 0.058
(0.065) | | Gender | 0.009
(0.066) | 0.005
(0.066) | <0.001
(0.066) | 0.010
(0.066) | 0.005
(0.066) | 0.001
(0.066) | 0.008
(0.066) | 0.004
(0.066) | <−0.001
(0.066) | | Teamsize | −0.054
(0.038) | −0.054
(0.038) | −0.053
(0.038) | −0.051
(0.038) | −0.052
(0.038) | −0.052
(0.038) | −0.053
(0.038) | −0.052
(0.038) | −0.052
(0.038) | | Tenure | −0.085
(0.027) | −0.084
(0.027) | −0.082
(0.027) | −0.085
(0.027) | −0.084
(0.027) | −0.081
(0.027) | −0.085
(0.027) | −0.084
(0.027) | −0.081
(0.027) | | Time fixed effect | Included | Included | Included | Included | Included | Included | Included | Included | Included | | Style fixed effect | Included | Included | Included | Included | Included | Included | Included | Included | Included | | Constant | 3.899
(1.516) | 4.479
(1.533) | 4.739
(1.518) | 5.786
(1.371) | 5.972
(1.375) | 6.134
(1.375) | 5.893
(1.361) | 6.248
(1.364) | 6.400
(1.361) | | Cluster | Fund | Fund | Fund | Fund | Fund | Fund | Fund | Fund | Fund | | Observation | 37607 | 37607 | 37607 | 37607 | 37607 | 37607 | 37607 | 37607 | 37607 | | R2(within) | 0.212 | 0.211 | 0.211 | 0.211 | 0.211 | 0.211 | 0.212 | 0.211 | 0.211 |
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Notes: standard errors in parentheses; , , and . |
