Table 5 Fund net capital flow and fund rally.

From: The impact of social media on fund net capital flow and performance

Interpreted variable: Fund rally (rally)

 

(1)

(2)

(3)

flow

0.0807** (0.0361)

0.0790** (0.0361)

0.0734** (0.0357)

flowmedia

0.0646** (0.0259)

0.0650** (0.0259)

0.0606** (0.0256)

return

0.0661*** (0.00632)

0.0662*** (0.00632)

0.0653*** (0.00620)

media

−0.332*** (0.0690)

−0.333*** (0.0688)

−0.350*** (0.0684)

flowret

−0.00579** (0.00225)

−0.00572** (0.00225)

−0.00532** (0.00220)

Observations

20,575

20,575

20,575

R-squared

0.532

0.532

0.533

Number of funds

807

807

807

Fund FE

YES

YES

YES

Quarter FE

YES

YES

YES

  1. 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. (3), including the fund’s 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 (\({{Stdret}}_{i,t}\)), the market return rate (\({{Rm}}_{t}\)), the fund manager’s stock-picking ability (\({{pick}}_{i,t}\)), the fund manager’s timing ability (\({{timing}}_{i,t}\)).
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