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. 2020 Apr 26;22(5):499. doi: 10.3390/e22050499

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© 2020 by the authors.

Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (http://creativecommons.org/licenses/by/4.0/).

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Estimated marginal means (large dots) from ANVOCA (95% confidence error bars), with thirds of AT_emp as fixed factor, controlling for the covariates dep_t−1, GDPr, infl, intr, unpl; orange circles: third with lowest algorithmic trading (AT_low); blue triangles: third with highest algorithmic trading (AT_high); (a–c) for coarse-grained perspective of 20 bins, (d–f) for fine-grained perspective of 200 bins. Note: in contrary to means, scatter data points are not corrected for control variables and some outlier are cut off by presentation.

Estimated marginal means (large dots) from ANVOCA (95% confidence error bars), with thirds of AT_emp as fixed factor, controlling for the covariates dep_t−1, GDPr, infl, intr, unpl; orange circles: third with lowest algorithmic trading (AT_low); blue triangles: third with highest algorithmic trading (AT_high); (a–c) for coarse-grained perspective of 20 bins, (d–f) for fine-grained perspective of 200 bins. Note: in contrary to means, scatter data points are not corrected for control variables and some outlier are cut off by presentation.