Model

Raw return

Flow_i,t−1

0.080

0.003

Rank^Bottom

−1.294

−1.63

Rank^Middle

1.515**

2.04

Rank^Top

5.334***

4.36

ln(TNA)

−1.388***

−8.43

ln(Family Size)

0.124

1.17

Std

−1.309

0.32

Market^Return

0.886***

3.19

ln(Age)

0.085

0.52

Year Dummy

Yes

Observations

1993

Sargan test

0.515

AR(1)

0.003

AR(2)

0.735