Table 8 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
From: Trade synchronization and social ties in stock markets
l and m | avg. \(\mathrm{D}_{l}\) | avg. \(\mathrm{D}_{m}\) | p | \(|\mathrm{D}_{l}|\) | \(|\mathrm{D}_{m}|\) | \(H_{A}\) | |
|---|---|---|---|---|---|---|---|
1 and 2 | 0.00807 | 0.00491 | 1.39E − 09 | *** | 18,027 | 219,572 | \(\mathrm{D}_{1}\succ \mathrm{D}_{2}\) |
2 and 3 | 0.00491 | 0.00386 | 9.64E − 18 | *** | 219,572 | 686,930 | \(\mathrm{D}_{1}\succ \mathrm{D}_{2}\) |
3 and 4 | 0.00386 | 0.00386 | 4.92E − 01 | 686,930 | 473,756 | \(\mathrm{D}_{1}\succ \mathrm{D}_{2}\) | |
4 and 5 | 0.00386 | 0.00408 | 9.49E − 01 | 473,756 | 127,752 | \(\mathrm{D}_{1}\succ \mathrm{D}_{2}\) | |
5 and 6 | 0.00408 | 0.00416 | 5.76E − 01 | 127,752 | 14,355 | \(\mathrm{D}_{1}\succ \mathrm{D}_{2}\) | |
6 and 7 | 0.00416 | 0.00131 | 1.44E − 04 | *** | 14,355 | 498 | \(\mathrm{D}_{1}\succ \mathrm{D}_{2}\) |