Figure 5

Welch’s t-statistic on the differences in age, length of co-insidership and geographical distance between (a) \(\text{CON}\text{-}\text{NSYNC}\) (Eq. (9)) and \(\text{CON}\text{-}\text{SYNC}\) (Eq. (8)) sets, and (b) \(\text{CON}\text{-}\text{NSYNC}^{*}\) (Eq. (10)) and \(\text{CON}\text{-}\text{SYNC}\) sets. The statistic is reported for 100 log-spaced α thresholds used for the validation of investors’ trade synchronization. The dotted vertical line marks the Bonferroni validation threshold