Institutional Investor Behavior And Performance Based On Large-position Stock Network

Institutional investors,as one of the most important participants in financial market,play an important role in the transmission of information.Based on the large-position stocks held by funds,this paper establishes the fund network model,and studies the influence of the information transmission on the investor behavior and investment performance.First of all,in terms of investor behavior,we study the influence on fund positions change by other fund behavior through the network,the results show that there is a significant positive relationship between them.From the investment style,the impact of growth funds are largest.From the market segment,in bear market,stock position changes in the fund by the impact of other funds is significantly greater than the bull market.At the same time,we also found that the change of a fund’s stock position cannnot be well explained by the public market information,but more likely by the private information in the network.The impact of private information on the performance of the fund has been widely concerned,this paper calculates indicators of information transmission through the network,mainly from the centrality and clustering of the fund network.It is shown that the more extensive the relationship between the fund,the better the performance,and whether it is direct or indirect links,the Fund’s performance has a significant impact.However,from the clustering side,the degree of aggregation between the funds and the degree of interrelatedness of the impact of performance is not obvious.The research of this paper shows that the Fund network has a theoretical and practical significance for the information transmission,and provides a new perspective for studying the impact of herding behavior and private information on fund performance among institutional investors,and also helps the regulatory body Analysis and monitoring of institutional investor behavior.