This paper investigates the impact of fund managers' social networks on the herding behavior of Securities Investment Funds (SIFs) in China. Using data from recent years, the study employs the CSAD model to measure herding behavior and constructs a regression model incorporating social network centrality, constraint, and size to analyze the influence of fund managers' networks. Heterogeneity is explored across herding behavior degree, gender, education level, and region. Results show that larger social networks correlate with less herding behavior, while the impact of network constraint is insignificant. Heterogeneity exists, with network size significantly affecting herding behavior only when it's high. The social network's effect is more prominent for male fund managers than females and those with master's degrees compared to PhDs.

Liang Wang, Yuanfei Wang, Bixiao Li