Table 3 Correlation matrix W Oi Op Oiroi...

Table 3

Correlation matrix

	W	Oi	Op	Oiroi	Netasset	Familysize	Fundage	Expense	Turnover	Return	Fundflow	Top30	Idiovol	Turnover_ stock	Stockage
W	1.00
Oi	−0.07^***	1.00
Op	0.17^***	0.11^***	1.00
Oiroi	0.12^***	0.28^***	0.20^***	1.00
Netasset	−0.05^***	0.09^***	−0.08^***	−0.05^***	1.00
Familysize	−0.02^*	0.19^***	−0.12^***	−0.05^***	0.34^***	1.00
Fundage	0.25^***	−0.12^***	0.03^***	0.05^***	0.03^***	−0.06^***	1.00
Expense	0.11^***	0.09^***	0.07^***	0.10^***	0.05^***	−0.12^***	0.14^***	1.00
Turnover	−0.04^***	0.01	0.40^***	0.23^***	−0.19^***	−0.30^***	0.01	0.10^***	1.00
Return	0.04^***	−0.05^***	0.05^***	0.01^*	−0.02^**	−0.03^***	0.06^***	−0.02^***	−0.00	1.00
Fundflow	−0.06^***	−0.03^***	−0.06^***	−0.06^***	0.02^**	−0.01	0.01	−0.11^***	−0.01	−0.14^***	1.00
Top30	0.19^***	0.56^***	0.17^***	0.22^***	−0.01	0.03^***	0.02^**	0.14^***	0.07^***	0.03^***	−0.06^***	1.00
Idiovol	−0.25^***	0.43^***	0.11^***	0.12^***	−0.02^*	−0.03^***	−0.18^***	0.14^***	0.22^***	−0.06^***	−0.03^***	0.44^***	1.00
Turnover_stock	−0.19^***	0.33^***	0.13^***	0.14^***	−0.09^***	−0.11^***	−0.08^***	0.13^***	0.26^***	0.02^**	−0.01	0.39^***	0.84^***	1.00
Stockage	−0.61^***	−0.30^***	−0.13^***	−0.17^***	−0.01	−0.05^***	−0.10^***	−0.15^***	0.03^***	−0.03^***	0.06^***	−0.62^***	−0.03^***	−0.03^***	1.00

	W	Oi	Op	Oiroi	Netasset	Familysize	Fundage	Expense	Turnover	Return	Fundflow	Top30	Idiovol	Turnover_ stock	Stockage
W	1.00
Oi	−0.07^***	1.00
Op	0.17^***	0.11^***	1.00
Oiroi	0.12^***	0.28^***	0.20^***	1.00
Netasset	−0.05^***	0.09^***	−0.08^***	−0.05^***	1.00
Familysize	−0.02^*	0.19^***	−0.12^***	−0.05^***	0.34^***	1.00
Fundage	0.25^***	−0.12^***	0.03^***	0.05^***	0.03^***	−0.06^***	1.00
Expense	0.11^***	0.09^***	0.07^***	0.10^***	0.05^***	−0.12^***	0.14^***	1.00
Turnover	−0.04^***	0.01	0.40^***	0.23^***	−0.19^***	−0.30^***	0.01	0.10^***	1.00
Return	0.04^***	−0.05^***	0.05^***	0.01^*	−0.02^**	−0.03^***	0.06^***	−0.02^***	−0.00	1.00
Fundflow	−0.06^***	−0.03^***	−0.06^***	−0.06^***	0.02^**	−0.01	0.01	−0.11^***	−0.01	−0.14^***	1.00
Top30	0.19^***	0.56^***	0.17^***	0.22^***	−0.01	0.03^***	0.02^**	0.14^***	0.07^***	0.03^***	−0.06^***	1.00
Idiovol	−0.25^***	0.43^***	0.11^***	0.12^***	−0.02^*	−0.03^***	−0.18^***	0.14^***	0.22^***	−0.06^***	−0.03^***	0.44^***	1.00
Turnover_stock	−0.19^***	0.33^***	0.13^***	0.14^***	−0.09^***	−0.11^***	−0.08^***	0.13^***	0.26^***	0.02^**	−0.01	0.39^***	0.84^***	1.00
Stockage	−0.61^***	−0.30^***	−0.13^***	−0.17^***	−0.01	−0.05^***	−0.10^***	−0.15^***	0.03^***	−0.03^***	0.06^***	−0.62^***	−0.03^***	−0.03^***	1.00

Note(s): Table 3 shows the correlation matrix for the full sample. All variables are winsorized at a 1% level for both tails to mitigate the effect of outliers. Detailed variables definitions are in Table 1. ***, ** and * denote significance at the 0.1, 1 and 5% level, respectively

Source(s): Authors' work

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