Table 1.

Regressions on relative trading volume

	(1) SYMM and SYMM_EXT	(2) 6SELLERS and 6SELLERS_EXT	(3) 6BUYERS and 6BUYERS_EXT
EXT (= 1)	− 2.82 (0.37)***	− 2.14 (1.07)**	− 0.83 (1.19)
PERIOD	0.03 (0.08)	0.16 (0.09)*	0.69 (0.00)***
PERIOD*EXT	− 0.04 (0.09)	− 0.16 (0.09)*	− 0.78 (0.04)***
Constant	3.59 (0.33)***	4.00 (1.00)***	3.87 (0.99)***
N	160	240	240

Fraction (logit) regression with clustered standard errors on market level. Dependent variable is the relative trading volume. The total number of trades in a period is divided by the maximum number of trades (5 in SYMM and SYMM_EXT, and 4 in the other treatments), thus ranging from 0 to 1. Coefficients are reported. Robust standard errors are given in parenthesis

*,**,*** represent the 10%, 5% and the 1% significance levels