Table 1 Variables description Variables...

Table 1

Variables description

Variables	Description
W	Standardized fund eigenvector centrality from the Weighted Network, where funds and stocks connections are weighted by portfolio weights
Oi	Standardized fund eigenvector centrality from the Over-index Network, where funds and stocks connections are weighted by the fund’s holding weight minus market portfolio weights
Op	Standardized fund eigenvector centrality from the Over-past Network, where funds and stocks connections are weighted by the fund’s holding weight minus past portfolio weights
Oiroi	Standardized fund eigenvector centrality from the Over-index Rise to Over-index Network, where funds and stocks connections are weighted by the fund’s holding weight minus past portfolio weights only when both weights are greater than market portfolio weights
Return (%)	Monthly fund return
4factoralpha (%)	Monthly fund return after risk adjustment for the four-factor model
Netasset (Billion Won)	Monthly fund total net asset (in billions of wons)
Expense (%)	Monthly fund expense ratio
Familysize (Billion Won)	Monthly total net asset of the fund family (in billions of wons)
Turnover	Monthly minimum of the total value of purchases or sales adjusted by Netasset
Fundflow (%)	Monthly net volume of capital flow adjusted by past month Netasset
Fundage (Month)	The number of dates from the fund’s founding date divided by 30
Top30 (%)	The monthly total percentage that Top30 holding stocks represent by each fund
Idiovol	The average decile of idiosyncratic volatility of holding stocks
Turnover_stock	The average decile of turnover of holding stocks
Stockage	The average decile of the age of holding stocks multiplied by −1
CSSD	Cross-sectional standard deviation (standard deviation of excess fund return)
CSAD	Cross-sectional absolute deviation (sample mean of the absolute value of the excess return)
$D_{L}$ $D_{U}$	The indicator of market return lies in its distribution at 2.5% or 5% lower (upper) tail
$R_{M}$	Equally weighted monthly return of all available securities
$R_{M (U P)}$ ⁠, $R_{M (D O W N)}$	Equally weighted monthly return of all available securities when the market is up or down

Variables	Description
W	Standardized fund eigenvector centrality from the Weighted Network, where funds and stocks connections are weighted by portfolio weights
Oi	Standardized fund eigenvector centrality from the Over-index Network, where funds and stocks connections are weighted by the fund’s holding weight minus market portfolio weights
Op	Standardized fund eigenvector centrality from the Over-past Network, where funds and stocks connections are weighted by the fund’s holding weight minus past portfolio weights
Oiroi	Standardized fund eigenvector centrality from the Over-index Rise to Over-index Network, where funds and stocks connections are weighted by the fund’s holding weight minus past portfolio weights only when both weights are greater than market portfolio weights
Return (%)	Monthly fund return
4factoralpha (%)	Monthly fund return after risk adjustment for the four-factor model
Netasset (Billion Won)	Monthly fund total net asset (in billions of wons)
Expense (%)	Monthly fund expense ratio
Familysize (Billion Won)	Monthly total net asset of the fund family (in billions of wons)
Turnover	Monthly minimum of the total value of purchases or sales adjusted by Netasset
Fundflow (%)	Monthly net volume of capital flow adjusted by past month Netasset
Fundage (Month)	The number of dates from the fund’s founding date divided by 30
Top30 (%)	The monthly total percentage that Top30 holding stocks represent by each fund
Idiovol	The average decile of idiosyncratic volatility of holding stocks
Turnover_stock	The average decile of turnover of holding stocks
Stockage	The average decile of the age of holding stocks multiplied by −1
CSSD	Cross-sectional standard deviation (standard deviation of excess fund return)
CSAD	Cross-sectional absolute deviation (sample mean of the absolute value of the excess return)
$D_{L}$ $D_{U}$	The indicator of market return lies in its distribution at 2.5% or 5% lower (upper) tail
$R_{M}$	Equally weighted monthly return of all available securities
$R_{M (U P)}$ , $R_{M (D O W N)}$	Equally weighted monthly return of all available securities when the market is up or down

Source(s): Authors' work

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