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Table 5 Leaders’ comments and followers’ trading frequency

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

  \(Trades_{i,t}\) \(Turnover_{i,t}\)
  (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
  1. This table reports the results from the fixed-effects estimation of the panel regression model specified in Eq. 2.
  2. The dependent variable is either the (log) number of trades of portfolios (Columns 1 and 2) or the turnover ratio of portfolios (Columns 3 and 4). Only treated real-account portfolios are included in the regressions. All explanatory variables are lagged by one week. Standard errors are double-clustered at the portfolio level and over time. *, **, and *** denote significance at the 10%, 5%, and 1% level, respectively