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Financial Innovation

Table 3 Balance tests of the matched sample

From: Does communication increase investors’ trading frequency? Evidence from a Chinese social trading platform

 

Treat

Control

Diff

p-value

Trades

0.5854

0.5980

− 0.0496

0.3107

Turnover

0.5095

0.5330

− 0.0235

0.2273

Return

− 0.0014

− 0.0014

0.0000

0.8316

\(Return\ SD\)

0.0123

0.0123

0.0000

0.7837

No.securities

1.6511

1.6496

0.0015

0.9518

No.followers

0.1016

0.1065

− 0.0049

0.5225

\(Portfolio\ age\)

3.4933

3.4789

0.0140

0.4154

  1. This table reports the balance tests of the PSM procedure.
  2. The first two columns report the average values of the covariates for treated and control groups, respectively. The last two columns report the mean differences and p values of t-tests for the mean differences of the covariates between treated and control groups, respectively
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