Variable

FTQ

(1)

(2)

Experiment Variable

Condition

0.018 (2.05)**

0.052 (4.26)***

Fund-Level Control Variables

LnTNA

0.005 (0.95)

0.003 (0.68)

Turnover

0.001 (0.68)

0.002 (1.95)*

Fund_VOL

−5.009 (6.89)***

−5.356 (5.19)***

Fund_BM

0.456 (12.81)***

0.793 (10.96)***

Fund_ROA

−0.059 (0.35)

−1.785 (8.46)***

Alternative Investment Strategy

Difbeta

−0.057 (3.08)**

Difsize

0.150 (9.32)***

Difturnover

0.016 (0.76)

Difbm

−0.255 (8.43)***

Constant

Yes

Yes

Year

−0.162 (1.41)

−0.201 (2.00)**

Observations

2740

2740

Adjusted R-Squared

0.347

0.428