Table 3 Social media attention and fund net capital flow.

Explained variable: Fund net capital flow (flow)
	(1)			(2)			(3)			(4)
	all	large	small	all	large	small	all	large	small	all	large	small
media	0.0525*** (0.0141)	0.0161*** (0.00582)	0.0728** (0.0365)
\(L.{media}\)				0.0492*** (0.0150)	0.0181*** (0.00518)	0.0499 (0.0320)
\({media\_pos}\)							0.0103 (0.0120)	0.0174*** (0.00527)	0.00578 (0.0260)
\({media\_ntr}\)							0.0126 (0.0152)	0.00663 (0.00515)	0.0446 (0.0405)
\({media\_neg}\)							0.0330** (0.0142)	−0.00615 (0.00515)	0.0394 (0.0287)
\(L.{media\_pos}\)										0.0233 (0.0149)	0.0236*** (0.00470)	0.0163 (0.0260)
\(L.{media\_ntr}\)										0.0311* (0.0169)	0.00708 (0.00506)	0.0429 (0.0312)
\(L.{media\_neg}\)										0.00635 (0.0172)	−0.0104* (0.00540)	0.0146 (0.0354)
Observations	20,306	10,528	9778	20,306	10,528	9778	20,306	10,528	9778	20,306	10,528	9778
R-squared	0.076	0.518	0.054	0.076	0.518	0.054	0.076	0.519	0.054	0.076	0.519	0.054
Number of funds	807	542	669	807	542	669	807	542	669	807	542	669
Fund FE	YES	YES	YES	YES	YES	YES	YES	YES	YES	YES	YES	YES
Quarter FE	YES	YES	YES	YES	YES	YES	YES	YES	YES	YES	YES	YES

The numbers in parentheses are the robust standard errors adjusted for clustering at the fund level. ***, **, and * represent significance at the 1%, 5%, and 10% levels, respectively. Estimation of Eq. (1) including the ordinary return rate of the fund in the previous period (\({{return}}_{i,t-1}\)), the fund age (\({{lnage}}_{i,t}\)), the net asset value of the fund (\(\mathrm{ln}{{tna}}_{i,t}\)), the net asset value of the fund manager (\({{lnfamsize}}_{i,t}\)), volatility of the fund’s ordinary return rate (\({{Stdret}}_{i,t}\)), total dividend amount of the fund (\({{div}}_{i,t}\)), number of fund dividends (\({{divnum}}_{i,t}\)), market return rate (\({{Rm}}_{t}\)).

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