| Before the launching of open-ended fund | After the introduction of open-ended fund | ||||
Full sample A | Sub-sample A 1 | Sub-sample A 2 | Full -sample B | Sub-sample B 1 | Sub-sample B 2 | |
| −7.90E−01 | −6.49E−01 | −5.08E−01 | −2.29E−01 | −1.21E−01 | −9.47534 |
| 0.333136 | 0.13064 | 0.304074 | 0.144829 | 0.102853 | 0.022645 |
| −0.08309 | −0.1191 | −0.02271 | −0.01581 | 0.065952 | −0.00634 |
| 0.935879 | 0.936605 | 0.967874 | 0.985395 | 0.993794 | −0.30662 |