Note(s): Table 4 shows the coefficients of the panel regression result of the equation below. All models include fund characteristics(⁠$X$⁠), fund(⁠$αi$⁠) and year-month(⁠$γt$⁠) fixed effect. All variables except Top30 and value uncertainty measures are lagged variables. We use the logarithm of Netasset, Familysize and Fundage variables as used in the regression model. All variables are winsorized at a 1% level for both tails to mitigate the effect of outliers. Detailed variable definitions are in Table 1. Standard errors clustered at the firm level are in parentheses. ***, ** and * denote significance at the 1, 5 and 10% level, respectively

$4factoralphait=β0+β1centralityit−1+Xβ+αi+γt+eit$

Source(s): Authors' work