Table 5 Effects of variables summary
| Â | Arousal | Attention (lack of) | Dis-engagement | |||
|---|---|---|---|---|---|---|
Holdings | Decision | Holdings | Decision | Holdings | Decision | |
(A) First trading round | ||||||
 Cross-section regression | + | − | − | + | − | − |
 Panel regression | − | − | − | − | − | − |
PSTR | \(\beta_{0}\) | + | + | Threshold variable | − | − |
\(\beta_{0} + \beta_{1}\) | − | + |  | 0 | − | |
(B) Second trading round | ||||||
 Cross-section regression | + | + | − | + | + | − |
 Panel regression | + | + | + | + | + | + |
PSTR | \(\beta_{0}\) | + | + | Threshold variable | − | − |
\(\beta_{0} + \beta_{1}\) | + | + |  | − | 0 | |