Independent variable

D

E

Intercept

0.1449***

0.1298***

(0.000)

(0.000)

Performance (t)

0.5329***

0.4970***

(0.000)

(0.000)

Performance (t−1)

−0.4097**

−0.3511**

(0.004)

(0.009)

Performance 12 months

0.0834***

0.0439***

(0.004)

(0.000)

Ln(NAV)

−0.0082***

−0.0073***

(0.000)

(0.000)

Age

−0.0044***

−0.0027***

(0.000)

(0.001)

St. dev.

−0.1301

−0.0915

(0.244)

(0.392)

LowPerf

0.1101

0.0522

(0.228)

(0.551)

MidPerf

0.0621***

0.0502***

(0.000)

(0.001)

HighPerf

0.2989***

0.2047**

(0.000)

(0.002)

Flow in prev. month

0.1349***

(0.000)

Flow in last 3 months

0.0627***

(0.000)

Adjusted R2

0.2504

0.3123