Table 4 One-sided Welch’s t-test on the differences in age, length of co-insidership and geographical distance between \(\text{NPATH}\text{-}\text{SYNC}\) (Eq. (14)) and \(\text{PATH}\text{-}\text{SYNC}\) (Eq. (13)) sets (Panel A), and \(\text{NPATH}\text{-}\text{SYNC}^{*}\) (Eq. (16)) and \(\text{PATH}\text{-}\text{SYNC}^{*}\) (Eq. (15)) 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