| In China,the Securities Regulatory Commission publicly stated as early as 2001 that it would vigorously develop institutional investors,mainly securities investment funds,with the aim of changing China’s retail-oriented pattern,giving full play to the unique information advantages of institutional investors,enhancing market stability and promoting rational investment.Because of their strong motivation to find pre-disclosed or hidden information,as well as their ability to form professional teams to analyze information,have become a special subject with information advantages in the market.A lot of facts prove that the grouping behavior among institutional investors has long been a common phenomenon in the capital market,which is in line with the trend of value investment based on intelligence analysis,and can this be one of the sources of information advantage? At present,scholars mainly study the motive of information advantage behind the grouping behavior of institutional investors through the information efficiency enhancement of the grouped stocks or the risk of stock price collapse,while this paper considers the influence of information advantage as a characteristic of the institution itself.The relationship between institutional investor grouping and information advantage is analyzed from the perspective of social networks.This paper takes the impact of grouping behavior on the information advantage possessed by institutions themselves as the entry point from the perspective of social networks.Unlike the general empirical research on the influence mechanism among variables,this paper introduces social network variables as new variables affecting information advantage,and constructs centrality to characterize the breadth,validity and depth of institutional investors’ grouping network connections,which are calculated by number of connections,connection mediator and inter-node feature vector,respectively,to reflect the embodied grouping participation in the network constituted by the connection condition of institutional investors’ common repositioning.In addition,we consider the moderating roles of competition and asset size between grouping behavior and information advantage,and empirically analyze the different effects of grouping behavior on information advantage in a social network environment based on panel data.The empirical results of this paper show that(1)the degree of cluster participation of institutional investors,i.e.the importance of nodes in the cluster network,has a significant positive impact on information advantage;(2)the proportion of competitive connections plays a negative moderating role on the relationship between the degree of institutional investors’ participation in cluster network and information advantage,i.e.,the larger the proportion of competitive connections in the cluster network,the lower the sensitivity of institutional information advantage to the degree of participation in it,which may be due to an increase in invalid connections caused by competition,which blocks information sharing;(3)the stronger effect of grouping on the information advantage of small-scale institutional investors in the network compared to large-scale institutional investors,which may be related to the operational flexibility and initiative affected by asset size.The findings of this paper suggest that there is an effect of institutional investors’ cluster network constructed with common long position holdings on information advantage,and the structure of the network and the connection between nodes will have an impact on the network members embedded in it,so the social network generated by their interaction should be paid attention to in future institutional investors’ research;in addition,the network location in the cluster network as a cross-sectional variable that indicates the level of information superiority of individuals in it,which can provide reference suggestions for investors when making investment decisions. |
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