Independent variable

HI Bal

HI Growth

HPB Eq

HPB Dyn

Intercept

0.2305^*

0.1445

0.2555

0.0815

(0.047)

(0.138)

(0.439)

(0.505)

Performance (t)

0.5695^*

0.3756^*

0.5909^*

0.4738^***

(0.022)

(0.020)

(0.020)

(0.001)

Performance 12 months

0.0348

0.0349

0.0885

−0.011

(0.447)

(0.284)

(0.061)

(0.611)

Ln(NAV)

−0.013

−0.008

−0.014

−0.006

(0.054)

(0.155)

(0.452)

(0.392)

Flow in prev. month

0.3002^*

0.1873

0.2791

−0.068

(0.018)

(0.149)

(0.058)

(0.588)

Flow in last 3 months

0.0517

0.1166^*

−0.0350

−0.0015

(0.277)

(0.017)

(0.5962)

(0.744)

Adjusted R²

0.3331

0.4264

0.1858

0.2175