Table 8 Regression results of residual media attention.

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

Explained variable: Fund net capital flow (flow)

 

(1)

(2)

(3)

 

all

large

small

media_res

0.480*** (0.135)

0.0393* (0.0228)

0.910*** (0.286)

Observations

20,306

10,528

9,778

R-squared

0.085

0.518

0.074

Number of funds

807

542

669

Fund FE

YES

YES

YES

Quarter FE

YES

YES

YES

  1. The numbers in parentheses are robust standard errors after fund-level clustering. ***, ** and * represent significance at the 1%, 5% and 10% levels respectively. Estimation of Eq. (4), including 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 (\({{Rm}}_{t}\)), the fund manager’s stock-picking ability (\({{pick}}_{i,t}\)), the fund manager’s timing ability (\({{timing}}_{i,t}\)), the fund manager’s gender (\({{gender}}_{i,t}\)), the fund manager’s education level (\({{edu}}_{i,t}\)), the fund manager’s experience (\({\exp }_{i,t}\) or \({{expmax}}_{i,t}\)), the fund team’s management model (\({{team}}_{i,t}\)).
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