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| PLS-SEM results Years | GSCA results (robustness) Years | |||||||
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| 2011 | 2012 | 2013 | 2014 | 2011 | 2012 | 2013 | 2014 | |
| Reflective measurement model |
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| Average Variance Extracted (convergent validity) | 0.378 | 0.376 | 0.450 | 0.407 | 0.378 | 0.375 | 0.452 | 0.417 | |
| Outer loadings on reflective indicators |
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| % of assets liquid in seven days | 0.812 (0.073)a | 0.642 (0.076) | 0.819 (0.066) | 0.734 (0.069) | 0.831 (0.259) | 0.631 (0.556) | 0.816 (0.056) | 0.743 (0.192) | |
| Variation in gross yield | 0.686 (0.082) | 0.841 (0.091) | 0.821 (0.084) | 0.825 (0.085) | 0.660 (0.355) | 0.848 (0.704) | 0.820 (0.047) | 0.812 (0.117) | |
| Change in redemptions | −0.076 (0.152) | −0.088 (0.150) | 0.078 (0.151) | −0.038 (0.152) | −0.088 (0.285) | −0.092 (0.250) | 0.137 (0.151) | −0.198 (0.204) | |
| Structural model |
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| Significant path coefficients | MPb | MP | Pc | P; MP | MP | P; MP | P; MP | P; MP | |
| Coefficient of determination (R2) | 37.8 | 48.2 | 52.5 | 41.6 | 40.2 | 56.4 | 55.5 | 46.1 | |