Fund flow measures.

I compare the flows of closed funds to those of comparable open funds in the same month. I define comparable funds as those that are in the same size quintile and lagged (by one month) 12-month within-style cumulative net return rank. The table contains the average flows of closed and open funds with a given past performance rank and the average differences. The column number indicates the past performance rank, where a higher number is indicative of better performance. The final column contains the average flows of all funds used in the comparison. The flow measures are New Sales (%) in Panel A, Redemptions (%) in Panel B and their difference—Net Cash Flow (%) in Panel C. All flow measures are equal to the corresponding dollar amounts, as reported by Morningstar Direct, divided by the fund size in the previous month, as in [15], and multiplied by 100. The t-stats are reported in parentheses.