Fund clique and stock price crash:based on behavior finance perspective
Recently,the phenomenon of mutual funds clique is common,which aroused market's wide attention.How does it affect the stability of the capital market?This paper takes listed companies in Chinese A-share market from 2003 to 2019 to study the impact of fund managers'clique behavior in active stock selection on the stock price crash risk.It is found that the increase of fund clique will promote the risk of stock price crash,and from behavior finance perspective,fund manager exposure,analyst attention and investor sentiment will exacerbate this effect.The research has some enlightening significance for the devel-opment and supervision of the mutual fund industry.
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