T1 0.239*** 0.313*** 0.313*** T2 0.075 0.074 T4 0.000 Notes: Two-sided t-test significance levels * (10%), ** (5%) and *** (1%). Table 6: Comparison of Average between Periods with Dividend-Collecting Period-RD Investors and Periods with only Speculating Investors Periods with Periods with Difference dividend-collecting only speculating (2)-(1) investors present investors 0.295 0.741 High-liquidity session 0.446*** (Treatment H) (177) (204) -0.087 -0.340 Low-liquidity session -0.253*** (Treatment L) (178) (203) Notes: *** indicates that the difference is statistically significant at 1% level by two-sided t-test. Table 7: Comparison of Average between Periods with Period-VOLA Investors and vs. Periods with only Speculating Investors (1) Periods with (2) Periods with Difference dividend-collecting only speculating (2)-(1) investors present investors 0.135 0.222 High-liquidity session 0.086*** (Treatment H) (172) (203) 0.091 0.266 Low-liquidity session 0.175*** (Treatment L) (176) (201) Notes: *** indicates that the difference is statistically significant at 1% level by two-sided t-test.
T1 0.239*** 0.313*** 0.313*** T2 0.075 0.074 T4 0.000 Notes: Two-sided t-test significance levels * (10%), ** (5%) and *** (1%). Table 6: Comparison of Average Period-RD between Periods with Dividend-Collecting Investors and Periods with only Speculating Investors Periods with dividend-collecting investors present Periods with only speculating investors Difference (2)-(1) High-liquidity session (Treatment H) 0.295 (177) 0.741 (204) 0.446*** Low-liquidity session (Treatment L) -0.087 (178) -0.340 (203) -0.253*** Notes: *** indicates that the difference is statistically significant at 1% level by two-sided t-test. Table 7: Comparison of Average Period-VOLA between Periods with Investors and vs. Periods with only Speculating Investors (1) Periods with dividend-collecting investors present (2) Periods with only speculating investors Difference (2)-(1) High-liquidity session (Treatment H) 0.135 (172) 0.222 (203) 0.086*** Low-liquidity session (Treatment L) 0.091 (176) 0.266 (201) 0.175*** Notes: *** indicates that the difference is statistically significant at 1% level by two-sided t-test.