Independent variable

D

E

Intercept

0.1449^***

0.1298^***

(0.000)

(0.000)

Performance (t)

0.5329^***

0.4970^***

(0.000)

(0.000)

Performance (t−1)

−0.4097^**

−0.3511^**

(0.004)

(0.009)

Performance 12 months

0.0834^***

0.0439^***

(0.004)

(0.000)

Ln(NAV)

−0.0082^***

−0.0073^***

(0.000)

(0.000)

Age

−0.0044^***

−0.0027^***

(0.000)

(0.001)

St. dev.

−0.1301

−0.0915

(0.244)

(0.392)

LowPerf

0.1101

0.0522

(0.228)

(0.551)

MidPerf

0.0621^***

0.0502^***

(0.000)

(0.001)

HighPerf

0.2989^***

0.2047^**

(0.000)

(0.002)

Flow in prev. month

0.1349^***

(0.000)

Flow in last 3 months

0.0627^***

(0.000)

Adjusted R²

0.2504

0.3123