Table 3 One-sided Welch’s t-test on the difference in age, length of co-insidership and geographical distance between \(\text{CON}\text{-}\text{NSYNC}\) (Eq. (9)) and \(\text{CON}\text{-}\text{SYNC}\) (Eq. (8)) sets (Panel A), and \(\text{CON}\text{-}\text{NSYNC}^{*}\) (Eq. (10)) and \(\text{CON}\text{-}\text{SYNC}\) sets (Panel B). Trade synchronization between investors is validated at the significance level of \(\alpha = 0.01\). Here, \(H_{A}\) is the direction of the alternative hypothesis. The units for the co-insidership are trading days, age difference in years, and geographical distance in kilometers

From: Trade synchronization and social ties in stock markets