Table 9 Regression results of residual fund net capital flow.

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

Interpreted variable: Ordinary return rate of fund (return)

 

(1)

flow_res

0.176*** (0.0109)

Observations

20,569

Number of funds

807

R-squared

0.827

Fund FE

YES

Quarter FE

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. (5), 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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