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 . |