Table 5 Leaders’ comments and followers’ trading frequency
\(Trades_{i,t}\) | \(Turnover_{i,t}\) | |||
|---|---|---|---|---|
(1) | (2) | (3) | (4) | |
\(Leader\ comment_{i,t-1}\) | 0.0701\(^{***}\) | 0.0364\(^{***}\) | 0.0686\(^{***}\) | 0.0429\(^{***}\) |
(7.56) | (4.37) | (5.54) | (3.66) | |
\(Return_{i,t-1}\) | 0.5551\(^{***}\) | − 0.0168 | ||
(5.52) | (− 0.10) | |||
\(Return\ SD_{i,t-1}\) | 0.4938\(^{***}\) | 1.0086\(^{***}\) | ||
(2.94) | (3.31) | |||
\(No.securities_{i,t-1}\) | 0.4209\(^{***}\) | 0.2746\(^{***}\) | ||
(25.09) | (13.86) | |||
\(No.followers_{i,t-1}\) | 0.0735\(^{***}\) | 0.0837\(^{***}\) | ||
(2.61) | (2.67) | |||
\(\text{Portfolio age}_{i,t-1}\) | − 0.1006\(^{***}\) | − 0.0856\(^{***}\) | ||
(− 7.21) | (− 4.52) | |||
\(No.leaders_{i,t-1}\) | 0.0688\(^{***}\) | 0.0516\(^{***}\) | ||
(3.90) | (2.75) | |||
\(Leader\ return_{i,t-1}\) | 0.1620\(^{**}\) | 0.2603\(^{**}\) | ||
(2.17) | (2.41) | |||
\(Leader\ SD_{i,t-1}\) | 0.4760\(^{**}\) | 0.5164\(^{*}\) | ||
(2.28) | (1.68) | |||
\(Leader\ trades_{i,t-1}\) | 0.0500\(^{***}\) | 0.0445\(^{***}\) | ||
(5.13) | (2.97) | |||
\(Leader\ followers_{i,t-1}\) | 0.0151\(^{**}\) | 0.0112 | ||
(2.01) | (1.16) | |||
\(Leader\ securities_{i,t-1}\) | 0.0137 | 0.0112 | ||
(1.12) | (0.60) | |||
\(Leader\ age_{i,t-1}\) | − 0.0269\(^{***}\) | − 0.0228\(^{**}\) | ||
(−4.07) | (−2.57) | |||
Portfolio fixed effects | Yes | Yes | Yes | Yes |
Time fixed effects | Yes | Yes | Yes | Yes |
Observations | 262,457 | 262,457 | 262,457 | 262,457 |
Adjusted \(R^2\) | 0.2861 | 0.3274 | 0.3154 | 0.3270 |