Table 4: Comparison of Average between Periods with Dividend-collecting Period-RAD Investors and Periods with only Speculating Investors Periods with Periods with only Difference speculating (2)-(1) present 0.401 1.024 High liquidity Session 0.623*** (Treatment H) (177) (204) 0.140 0.502 Low liquidity Session 0.362*** (Treatment L) (178) (203) Notes: Sample size is in parentheses. *** indicates that the difference is statistically significant at 1% level by t-test. Table 5: Comparison of Average between Treatments with High and Low Period-RAD Liquidity. Panel A: Average by Treatments Period-RAD Treatment T1 T2 T4 T8 0.421 0.586 0.739 1.187 High-liquidity (H) (95) (94) (96) (96) 0.116 0.355 0.429 0.429 Low-liquidity (L) (94) (96) (96) (95) Notes: Sample size is in parentheses. Panel B: Differences between Average across Treatments Period-RAD High-liquidity Session (H) T2 T4 T8 T1 0.165* 0.318*** 0.766*** T2 0.153 0.601*** T4 0.448*** Low-liquidity Session (L) T2 T4 T8
Table 4: Comparison of Average Period-RAD between Periods with Dividend-collecting Investors and Periods with only Speculating Investors Periods with present Periods with only speculating Difference (2)-(1) High liquidity Session (Treatment H) 0.401 (177) 1.024 (204) 0.623*** Low liquidity Session (Treatment L) 0.140 (178) 0.502 (203) 0.362*** Notes: Sample size is in parentheses. *** indicates that the difference is statistically significant at 1% level by t-test. Table 5: Comparison of Average Period-RAD between Treatments with High and Low Liquidity. Panel A: Average Period-RAD by Treatments Treatment T1 T2 T4 T8 High-liquidity (H) 0.421 (95) 0.586 (94) 0.739 (96) 1.187 (96) Low-liquidity (L) 0.116 (94) 0.355 (96) 0.429 (96) 0.429 (95) Notes: Sample size is in parentheses. Panel B: Differences between Average Period-RAD across Treatments High-liquidity Session (H) T2 T4 T8 T1 0.165* 0.318*** 0.766*** T2 0.153 0.601*** T4 0.448*** Low-liquidity Session (L) T2 T4 T8
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