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Fund Flows, Manager Changes, and Performance Persistence*

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Figure

Figure 2: This figure presents the average monthly raw returns in percent per month of the decile portfoliosrelative to the evaluation year (t)
Figure 3: This figure presents monthly four-factor alphas in percent per month for winner funds and winner-fund subgroups based on both a single sorting and a double sorting on absolute fund flows and / or managerchange
Figure 4: This figure presents monthly four-factor alphas in percent per month for loser funds and loser-fundsubgroups based on both a single sorting and a double sorting on absolute fund flows and / or manager change.See the note to Figure 3 for more explanation.
Figure 5: This figure presents monthly four-factor alphas in percentage points per month in the evaluationperiod for the winner-minus-loser spread portfolio based on both a single sorting and a double sorting on absolutefund flows and / or manager change
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