∑Style Size Box i − dummies of Morningstar style and size categories for fund i

β0, β1, β2, β3, β4 and β5 are parameters of the regression and ε

is the error term for fund i

Sin Industries

− the sum of assets invested in "sin industries" for fund i Age

− years since inception date measured at April 2021 for fund i

log (Fund Size EUR)

− logarithm of mutual fund size in EUR temrs for fund i

∑Style Size Box

− dummies of Morningstar style and size categories for fund i

β0, β1, β2, and β3 are parameters of the regression and ε

is the error term for fund i

𝐻1

_{𝑎𝑑𝑗𝑢𝑠𝑡𝑒𝑑}

𝐻3

_{𝑎𝑑𝑗𝑢𝑠𝑡𝑒𝑑}

∑

𝐻2

_𝑎𝑑𝑗

𝐻3

_𝑎𝑑𝑗

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