Table 6 The impact of media attention from Finance.JR.com sample and Baidu index sample on 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	0.0275*** (0.00883)	0.0175** (0.00875)	0.0387** (0.0167)
L. media				0.0233*** (0.00850)	0.0211*** (0.00807)	0.0282* (0.0153)
media							0.0616** (0.0252)	0.0171** (0.00702)	−0.0862 (0.0899)
L. media										0.170* (0.0910)	0.0166** (0.00735)	0.112 (0.101)
Observations	7261	3791	3470	7210	3760	3450	19126	9740	9386	19,122	9736	9386
R-squared	0.409	0.595	0.338	0.403	0.593	0.334	0.004	0.520	0.006	0.004	0.520	0.006
Number of funds	533	338	384	533	336	384	787	526	614	787	526	614
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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