Table 3.

Regressions refusers of trading

	(1) Trading volume	(2) Prices (normalized)
REFUSE_SHORT	− 1.13 (0.12)***	1. 30 (1.10)
REFUSE_LONG	− 0.10 (0.08)	− 1.58 (0.60)***
PERIOD	− 0.01 (0.01)	0.26 (0.06)***
Constant	3.96 (0.06)***	14.01 (0.60)***
N	240	240

GLS panel regressions with clustered standard errors on market level. Dependent variables are trading volume and mean price in each period, respectively. Coefficients are reported. Robust standard errors are given in parenthesis

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