The People in Your Neighborhood: Social Interactions and Mutual Fund Portfolios
研究发现，居住在同一个社区的基金经理，其持股和交易相似度更高，且这种效应在相同族裔背景的经理中更强。通过邻里网络传递的信息能带来超额收益，研究还区分了社交互动与社区效应的影响。
ABSTRACT We find that socially connected fund managers have more similar holdings and trades. The overlap of funds whose managers reside in the same neighborhood is considerably higher than that of funds whose managers live in the same city but in different neighborhoods. These effects are larger when managers share a similar ethnic background, and are not explained by preferences. Valuable information is transmitted through these peer networks: a long‐short strategy composed of stocks purchased minus sold by neighboring managers delivers positive risk‐adjusted returns. Unlike prior empirical work, our tests disentangle the effects of social interactions from community effects.