Note(s): The table above presents the results of a panel regression of fund flows on dummy variables denoting the level of stock-selection skills. The dependent variable is Flow_i,_t which is the normalized fund flow at month t and is defined as the monthly net fund flow divided by the fund's TNA at the beginning of the month. The terms d₁HighNeg_i,t-1, d₂MidNeg_i,t-1, and d₃LowNeg_i,_t-1are indicator variables that take the value of 1 if the fund i displays a high-negative (t ≤ −1.96), medium-negative (−1.96 < t < −1.28), or low negative (−1.28 ≤ t < 0) timing coefficient (g_i) and zero otherwise. Dummy variables d₄LowPos_i,t-1, d₅MidPos_i,t-1, and d₆HighPos_i,t-1 are defined analogously for the right tail of the timing estimates distribution; i.e. low-positive (0 ≤ t ≤ 1.28), medium-positive (1.28 < t < 1.96), and high-positive (t ≥ 1.96). X_i,k,t-1 includes all the remaining control variables mentioned in Table 10. We also control for time and fund fixed effects. We employ a cell-means model by estimating the regression without an intercept. T-statistics are provided in parentheses. ** denotes statistical significance at the 5% level. The sample period spans from January 1, 2012, to December 31, 2024