Figure 6

Welch’s t-statistic on the difference in age, length of co-insidership and geographical distance between (a) \(\text{NPATH}\text{-}\text{SYNC}\) (Eq. (14)) and \(\text{PATH}\text{-}\text{SYNC}\) (Eq. (13)) sets, and (b) \(\text{NPATH}\text{-}\text{SYNC}^{*}\) (Eq. (16)) and \(\text{PATH}\text{-}\text{SYNC}^{*}\) (Eq. (15)) 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