Research On The Relationship Between Fund Manager Network Centrality And Stock Market Bubbles

In recent years,with the development of the economy,the financial market has also developed rapidly,and the status of institutional investors in the financial market has become increasingly apparent,especially in the stock market.As a representative of institutional investors,securities investment funds will have an impact on the stock market.Does the important human capital in the securities investment fund,that is,the characteristics of the individual level of the fund manager,affect the fund allocation situation? This paper uses the fund's investment detail data to define the top ten stocks in the fund investment as the heavy stocks of the fund,and uses the fund's heavy position data to establish the network relationship between the fund managers.Through the network relationship,the fund manager is in the network,whether the location will have an impact on the fund's investment decisions.This paper uses the measure of centrality in social network theory,and selects the four centrality indicators of degree centrality,close centrality,intermediate degree and feature vector centrality to measure the position of fund managers in the network.There is a definition of bubble stocks in the literature,which defines the top 20% of the market's market-to-sales ratio at the end of each quarter as a bubble stock.The results show that fund managers with higher centrality and eigenvector centrality will allocate more bubble stocks,indicating that the deeper the fund manager's relationship with other fund managers in the network,the more the fund manager will manage the fund management.More bubble stocks,meanwhile,the higher the network status of the fund managers associated with them,the more they will allocate more bubble stocks.In addition,this paper also examines the impact of fund manager network centrality on fund allocation bubble stocks in different contexts.The results show that compared with the fund managers with lower securities years,the higher the network center of the fund managers with longer securities time,the more funds they manage are more likely to allocate more bubble stocks.The higher the degree of closeness of a highly educated fund manager compared to a low-educated fund manager,the more funds it manages are more likely to allocate more stock.The results of this paper supplement the literature between the relationship between fund manager characteristics and the stock market bubble.Starting from the perspective of the fund manager's network center size,it provides new ideas for related research and also provides new layers for the regulatory layer focus point.