The Influence Of Inter-fund Information Advantage On Fund Investment Ability

As the investment demand of Chinese residents continues to grow and the institutionalization rate of investment entities continues to rise,the impact of public offering funds on the stock market is increasingly significant.Therefore,it is of great significance to study the investment behavior and investment capacity of public offering funds.For public offering funds,one of the important manifestations of strong investment ability is the information advantage,that is,the ability to obtain valuable information more widely and at lower cost,and the ability to make accurate judgments on various kinds of information and make investment decisions with high win rate.In this paper,the information superiority of funds is measured by the centrality of holding network and anti-herd behavior.We explored the influence of inter-fund information advantage on three indexes of fund investment ability,namely,fund excess return rate,fund stock selection ability and fund timing ability,and analyzed the influence mechanism of information advantage.The sample is quarterly position data for 3,152 skew funds from 2005 to the first half of 2022.We find that funds at the center of the network have a wider range of high-quality information sources,outperform the market in stock selection,and have higher excess returns.At the same time,funds with obvious anti-herding behavior have richer private information,stronger information processing ability,higher stock selection ability and excess return rate.It is also found that the network centrality of funds and anti-herding behavior promote each other to a certain extent,and the information advantages of the representatives overlap to a certain extent,but this overlap does not affect the play of their heterogeneous information advantages.The research results of this paper have certain reference significance for fund investors,fund managers and regulators.