We used balanced panel data with 17 time dimensions from 2000 to 2016 and 14 cross sections (representing the different fund style/size categories) from the SPIVA US Scorecard, resulting in a total of
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
