Communities and regularities in the behavior of investment fund managers
Abstract
This paper relies on a unique database of fund managers’ holdings to map their behavior across asset classes. We unravel the existence of stable and persistent communities. This paper characterizes three different main behavioral attitudes: conservative, reactive, and proactive. Macroeconomic shocks temporarily perturb the configuration of the system, altering the differences between communities. This paper represents a significant step forward in understanding how heuristics, attitudes, and routines shape the behavior of expert investors. It opens a research trajectory in the analysis of behavioral interdependencies in financial markets.
Document Details
- Document Type
- Pub Defense Publication
- Publication Date
- Mar 20, 2019
- Source ID
- 10.1073/pnas.1802976116
Entities
People
- Andrea Flori
- Fabio Pammolli
- H. Eugene Stanley
- Luca Regis
- Sergey V. Buldyrev
Organizations
- Boston University
- Human Technopole Foundation
- Polytechnic University of Milan
- University of Siena
- Yeshiva University