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Cited by 1,292

The DOI matches its Crossref record; 6 of the 6 references it cites were found in a registry or an index.

The Small World of Investing: Board Connections and Mutual Fund Returns

Open access
Cohen, Lauren, Frazzini, Andrea, Malloy, Christopher·2008·Journal of Political Economy
DOI 10.1086/592415
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Abstract

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 connected firms and perform significantly better on these holdings relative to their nonconnected holdings. A replicating portfolio of connected stocks outperforms nonconnected stocks by up to 7.8 percent per year. Returns are concentrated around corporate news announcements, consistent with portfolio managers gaining an informational advantage through the education networks. Our results suggest that social networks may be important mechanisms for information flow into asset prices.

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Metadata

Authors
Cohen, L., Frazzini, A., & Malloy, C.
Venue
Journal of Political Economy
Publisher
University of Chicago Press
Published
2008-10
Volume
116
Issue
5
Pages
951-979
ISSN
  • 0022-3808 (ISSN-L)
  • 1537-534X
DOI
10.1086/592415
OpenAlex
W2090811468
Cited by
1,292
References
6
FWCI
76.99
Type
journal article
Language
en
Open access
green

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CoChat. (2026). Citation check: The Small World of Investing: Board Connections and Mutual Fund Returns. https://app.cochat.ai/papers/10.1086/592415
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Cohen, L., Frazzini, A., & Malloy, C. (2008). The Small World of Investing: Board Connections and Mutual Fund Returns. Journal of Political Economy. https://doi.org/10.1086/592415

Data sources

Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.