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- Title
Structural holes and hedge fund return comovement: evidence from network‐connected stock hedge funds in China.
- Authors
Li, Lu; Li, Yang; Wang, Xueding; Xiao, Tusheng
- Abstract
Using data from a new hedge fund database, we examine the impact of social networks on the return comovement of stock hedge funds in China. We use structural holes in the college alumni networks of managers to measure the managers' social network positions. We perform an empirical analysis on a sample of 3,012 hedge fund products in China from 2010 to 2017. We find that greater structural holes are associated with higher return comovement. The positive impact of the structural holes on return comovement is not affected by market cycles, a manager's major in college, or his or her abilities.
- Subjects
CHINA; HEDGE funds; STOCK funds; COLLEGE majors; UNIVERSITY &; college alumni; SOCIAL networks
- Publication
Accounting & Finance, 2020, Vol 60, Issue 3, p2811
- ISSN
0810-5391
- Publication type
Article
- DOI
10.1111/acfi.12537