Note(s): Table 6 shows the average marginal effect of centrality at the 1st and 3rd quantiles of value uncertainty. The panel regression model is as below. All models include fund characteristics(⁠$X$⁠), value uncertainty measures (⁠$VU$⁠), fund(⁠$αi$⁠) and year-month(⁠$γt$⁠) fixed effect. All variables except Top30 and value uncertainty measures are lagged variables. We use the logarithm of Netasset, Familysize and Fundage variables as used in the regression model. All variables are winsorized at a 1% level for both tails to mitigate the effect of outliers. Detailed variable definitions are in Table 1. Standard errors clustered at the firm level are in parentheses. ***, ** and * denote significance at the 1, 5 and 10% level, respectively

$4factoralphait=β0+β1centralityit−1+β2VUit+β3centralityit−1*VUit+Xβ+αi+γt+eit$

Source(s): Authors' work