Table 2 One-sided independent two-sample Welch’s t-test on the difference in trade synchronization score for pairwise consecutive social distance. Here, \(\mathrm{D}_{k}\) is the set of the synchronization scores between investors at the distance k

1 and 2

0.02633

0.01810

7.59E − 12

***

\(\mathrm{D}_{1}\succ \mathrm{D}_{2}\)

2 and 3

0.01810

0.01621

1.67E − 09

***

\(\mathrm{D}_{1}\succ \mathrm{D}_{2}\)

3 and 4

0.01621

0.01846

1

\(\mathrm{D}_{1}\succ \mathrm{D}_{2}\)

4 and 5

0.01846

0.01956

9.95E − 01

\(\mathrm{D}_{1}\succ \mathrm{D}_{2}\)

5 and 6

0.01956

0.01854

1.92E − 01

\(\mathrm{D}_{1}\succ \mathrm{D}_{2}\)

6 and 7

0.01854

0.00984

2.75E − 02

*

\(\mathrm{D}_{1}\succ \mathrm{D}_{2}\)