Summary statistics.

I provide summary statistics for closed funds in Panel A and open funds in Panel B from July 2003 to December 2017. Panel C contains the differences in means between the two groups of funds, the Folded F-test statistics of equality of variances, Student’s t-test statistics and Welch’s t-test statistics. *, **, and *** indicate significance at the 10%, 5%, and 1% levels, respectively. All variables are taken directly from the CRSP Mutual Fund database unless otherwise stated. Gross Monthly Return represents the return of a fund before fees and is calculated by adding the annual Net Expense Ratio of the fund, divided by 12, to the Net Monthly Return of the fund. The Net Monthly Return is the return of a fund to its shareholders after fees. Total Net Assets represents the size of a fund and is calculated as the sum of the Total Net Assets of all share classes belonging to the fund. Net Expense Ratio is the proportion of the total investments of a fund that went towards covering its operating expenses and may include waivers and reimbursements. Fund Turnover Ratio is taken directly from the CRSP Mutual Fund database and is defined as the minimum of aggregated sales and aggregated purchases of securities of a fund, divided by the fund’s 12-month average size. Age of Fund is the number of years that have passed since the inception date (“Fund First Offer Date”) of a fund’s oldest share class. Number of Funds in the Family is the total number of funds offered by the management company that oversees a fund. Family Total Size is the sum of the Total Net Assets of all funds belonging to the management company of a fund. Fractional Flow is the Sirri and Tufano [15] measure and is calculated as the monthly growth rate of the Total Net Assets of a fund minus the fund’s Net Monthly Return.