Abstract
This paper detects the Carbon-Peak Policy effect on energy funds' network herding measured by a mixed network centrality and the herding effect on profitability and stability using a sample of 231 funds in China between 2008 and 2019. By examining the dynamic changes of the network topological structure and module characteristics, we find a significant presence of the post-CPP network herding in the energy funds. Our results indicate a positive post-CPP network herding effect on the energy funds' profitability and risk resistance in the short term. However, the positive post-CPP network herding effect reverses in the detection of the long-run stability. In contrast, it triggers larger systemic risks. Moreover, the network herding effect appears to exhibit merely in small-size funds.
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