Table 5 One-sided Welch’s t-test on the differences in age and geographical distance between \(\text{NCON}\text{-}\text{SYNC}\) and \(\text{CON}\text{-}\text{SYNC}\) sets. 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