Table 7 The impact of fund net capital flows from Finance.JR.com sample and Baidu index sample on fund performance.

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

Interpreted variable: Ordinary return rate of fund (return)

 

(1)

(2)

(3)

(4)

flow

0.000539 (0.00300)

   

L. flow

 

0.0505*** (0.00345)

  

flow

  

0.00127*** (0.000389)

 

L. flow

   

0.00370** (0.00170)

Observations

7387

7450

14,720

14,720

R-squared

0.826

0.842

0.745

0.748

Number of funds

532

533

691

691

Fund FE

YES

YES

YES

YES

Quarter FE

YES

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. (2), 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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