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The value of social networks in financial markets
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RSCAS_2013_21.pdf (363.05 KB)
2013/21
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1028-3625
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EUI RSCAS; 2013/21
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RANCAN, Michela, The value of social networks in financial markets, EUI RSCAS, 2013/21 - https://hdl.handle.net/1814/26337
Abstract
Social contacts influence decisions and economic outputs in a variety of contexts. Does social network matter also in financial markets? In this paper I investigate the effect of social networks on mutual funds performance by exploiting data on the education of U.S. fund managers. The results show that performance is better for fund managers with many social connections. Furthermore, positional advantages in the social network generate superior performance. This evidence suggests that social interaction and information spillovers have a positive and meaningful value for mutual funds.