Variable

FTQ

(1)

(2)

Experiment Variable

Condition

0.078 (7.04)***

0.121 (7.81)***

Fund-Level Control Variables

LnTNA

0.004 (0.94)

0.001 (0.35)

Turnover

0.000 (0.48)

0.002 (1.84)*

Fund_VOL

−5.254 (8.20)***

−6.273 (6.69)***

Fund_BM

0.556 (17.51)***

0.824 (12.85)***

Fund_ROA

−0.264 (1.76)*

−1.753 (9.36)***

Alternative Investment Strategy

Difbeta

−0.001 (0.06)

Difsize

0.168 (10.82)***

Difturnover

0.015 (0.80)

Difbm

−0.239 (8.95)***

Constant

−0.175 (1.84)*

−0.165 (1.93)*

Year

Yes

Yes

Observations

2740

2740

Adjusted R-Squared

0.347

0.428