Peer Effects in Mutual Funds Managers in Mood Open Access
He, Candice (Jingyi) (Spring 2020)
Abstract
Peer effect and social connections have been studied extensively in sociology, pedagogy and economics discipline. In recent decades, peer effect has been investigated in the financial market, often linking the peer effect with the performance of individual or institutional investors. In this paper, I explore the peer effect between the mutual fund manager’ssentiment. To my knowledge, there is no current literature linking peer effect with optimistic or pessimistic mood of the mutual fund managers. By employing a game theoretic in the large network model, this paper examines and estimates the peer effect of mutual fund managers in mood from 2003 to 2006, a total of 16 quarters. This paper finds that the peer effect is significant between the mutual fund manager’s sentiment, but such an effect is not consistent in the given time span. The direction of the peer effect could be on both sides, but when the peer effect is positive, the magnitude of such effect is larger than that of negative peer effect.
Table of Contents
Chapter 1: Introduction.............................................................................................................1
Chapter 2: Relation to the Existing Literature and Contribution..............................................5
Chapter 3: Data description...................................................................................................... 8
Chapter 4: Methodology...........................................................................................................11
Chapter 5: Estimation...............................................................................................................14
Chapter 6: Results.....................................................................................................................15
Chapter 7: Conclusion...............................................................................................................17
Bibliography...............................................................................................................................19
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