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 |