Variables | Definitions |

IRAR | Intended Risk Adjustment Ratio, ${\text{IRAR}}_{i,t}={\text{\sigma}}_{i,t}^{\left(2\right)\mathrm{int}}/{\text{\sigma}}_{i,t}^{\left(1\right)}$ |

IRAL | Intended Risk Adjustment Level, ${\text{IRAL}}_{i,t}={\text{\sigma}}_{i,t}^{\left(2\right)\mathrm{int}}-{\text{\sigma}}_{i,t}^{\left(1\right)}$ |

LnEPU | The logarithm of the average monthly EPU |

LnTNA | The logarithm of the average fund net asset |

LnAge | The logarithm of the fund month age at the beginning of the period |

Expense | The ratio of the fund management fee to fund net asset |

Holding | The ratio of stock to fund net asset |

InsHolder | The ratio of institutional investor |

Stgy_size | The weighted average of the quantile of stock market value at the fund level |

Stgy_bm | The weighted average of the quantile of stock book-to-market ratio at the fund level |

Stgy_mom | The weighted average of the quantile of stock return at the fund level |

Stgy_vol | The weighted average of the quantile of stock volatility at the fund level |