MARC Record from Library of Congress

LEADER: 01977nam a22002897a 4500
001 2007616275
003 DLC
005 20070720084116.0
007 cr |||||||||||
008 070719s2007 mau sb 000 0 eng
010 $a 2007616275
040 $aDLC$cDLC
050 00 $aHB1
100 1 $aCohen, Lauren.
245 14 $aThe small world of investing$h[electronic resource] :$bboard connections and mutual fund returns /$cLauren Cohen, Andrea Frazzini, Christopher Malloy.
260 $aCambridge, MA :$bNational Bureau of Economic Research,$cc2007.
490 1 $aNBER working paper series ;$vworking paper 13121
538 $aSystem requirements: Adobe Acrobat Reader.
538 $aMode of access: World Wide Web.
500 $aTitle from PDF file as viewed on 7/19/2007.
530 $aAlso available in print.
504 $aIncludes bibliographical references.
520 3 $a"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"--National Bureau of Economic Research web site.
700 1 $aFrazzini, Andrea.
710 2 $aNational Bureau of Economic Research.
830 0 $aWorking paper series (National Bureau of Economic Research : Online) ;$vworking paper no. 13121.
856 40 $uhttp://papers.nber.org/papers/w13121