\(Trades_{i,t}\) | \(Turnover_{i,t}\) | |||
---|---|---|---|---|
\(Treatment_{i,t}\) | 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 |