Independent variable

PBZ Eq

PBZ Glob

PBZ Istock

Intercept

0.2393

0.1141

0.1664

(0.222)

(0.121)

(0.621)

Performance (t)

0.3016^**

0.4206^***

0.2802^**

(0.006)

(0.000)

(0.003)

Performance 12 months

0.0025

0.0204

0.0093

(0.928)

(0.396)

(0.640)

Ln(NAV)

−0.012

−0.006

−0.009

(0.219)

(0.123)

(0.606)

Flow in prev. month

−0.082

0.1418

−0.216

(0.591)

(0.229)

(0.236)

Flow in last 3 months

0.2501^***

0.1655^***

0.2274^*

(0.000)

(0.001)

(0.020)

Adjusted R²

0.5667

0.5458

0.4242