|
| (1) First stage regress | (2) Second stage regress |
| fund | ROE | |
| fund |
| 0.254*** |
|
|
| (0.045) |
| L.fund | 0.257*** |
|
|
| (0.016) |
|
| turnover | −0.001*** |
|
|
| (0.000) |
|
| control variables | Y | Y |
| Observations | 7287 | 7287 |
| R-square | 0.426 | 0.156 |
| F test | 72.94*** |
|
| Wald chi2(21) |
| 7870.99*** |