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Table 4 Difference-in-differences analysis

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

  \(Trades_{i,t}\) \(Turnover_{i,t}\)
\(Treatment_{i,t}\) 0.0953\(^{***}\) 0.0938\(^{***}\)
(6.14) (4.86)
\(Return_{i,t}\) − 0.4857\(^{***}\) − 1.4245\(^{***}\)
(− 4.98) (− 8.16)
\(Return\ SD_{i,t}\) 0.6393\(^{***}\) 1.2393\(^{***}\)
(2.62) (2.69)
\(No.securities_{i,t}\) 0.4996\(^{***}\) 0.3862\(^{***}\)
(30.88) (20.36)
\(No.followers_{i,t}\) 0.1041\(^{***}\) 0.0861\(^{***}\)
(5.85) (4.48)
\(Portfolio\ age_{i,t}\) − 0.0788\(^{***}\) − 0.0868\(^{***}\)
(− 9.92) (− 8.45)
Portfolio fixed effects Yes Yes
Time fixed effects Yes Yes
Observations 626,762 626,762
Adjusted \(R^2\) 0.3171 0.3102
  1. This table presents the estimation of the time-varying difference-in-differences model specified in Eq. 1.
  2. Standard errors are double-clustered at the portfolio level and over time. *, **, and *** denote significance at the 10%, 5%, and 1% level, respectively