Table 13 Summary statistics of the matched sample and treated portfolios This table presents the mean (Mean) and standard deviation (Std. Dev.) of the weekly observations of the variables for the matched sample and treated portfolios

Trades

0.4904

0.8308

0.4785

0.8237

Turnover

0.4002

1.1399

0.3770

1.1061

\(\text{Leader comment}\)

–

–

0.5731

0.4946

\(Leader\ count\)

–

–

1.5802

1.5872

\(Leader\ positive\)

–

–

0.0556

0.0283

\(Leader\ negative\)

–

–

0.0828

0.0365

Return

− 0.0013

0.0388

− 0.0013

0.0386

\(Return\ SD\)

0.0120

0.0440

0.0119

0.0404

No.securities

1.7720

1.0864

1.7690

1.0918

No.followers

0.1200

0.3787

0.1337

0.3939

\(Portfolio\ Age\)

3.8097

1.0245

3.9829

0.8854

No.leaders

–

–

1.4846

0.7607

\(Leader\ Return\)

–

–

0.0009

0.0337

\(Leader\ SD\)

–

–

0.0134

0.0127

\(\text{Leader trades}\)

–

–

0.2854

0.5005

\(Leader\ securities\)

–

–

1.6948

1.0646

\(Leader\ followers\)

–

–

2.5574

1.8616

\(Leader\ age\)

–

–

3.9835

1.1526