Table 6.

Foreign flow and home bias effect.

	(1)	(2)	(3)	(4)
		Tobit	Home & Host FE
Foreign Flow	−0.017***	−0.005***	−0.017***	−0.016***
COVID-19 Home Country * Foreign Flow	−0.010	−0.012*	−0.011	−0.018**
COVID-19 Host Country * Foreign Flow				−0.044***
Domestic Flow	0.334***	0.343***	0.336***	0.335***
Time FE	Yes	Yes	Yes	Yes
Home and Host FE	No	No	Yes	No
Observations	5670	5670	5670	5670
R-squared	0.341		0.353	0.345
Adjusted R-squared	0.259		0.271	0.263

This table shows the share of money flow to ETFs with foreign exposure. The dependent variable is ${\mathit{Flow\; Share}}_{\mathit{ijt}}=\frac{\sum \mathit{flow\; of\; ETFs\; listed\; in\; location}i\mathit{with\; exposure\; to\; location}j\mathit{at}\mathit{time}t}{\sum \mathit{AUM}\mathit{of\; ETFs\; in\; location}i\mathit{at}\mathit{time}t-1}$. Each column shows an OLS model, except for column 2, which represents a Tobit model.