Table 10 Robustness checks: alternative measures of stock market liberalization
(1) | (2) | (3) | (4) | |
|---|---|---|---|---|
DailySprd1 | DailySprd2 | DailySprd1 | DailySprd2 | |
HSSC1 | 0.0019*** | 0.0016*** | ||
(9.90) | (9.47) | |||
HSSC2 | 0.0015*** | 0.0012*** | ||
(7.97) | (7.49) | |||
Size | 0.0023*** | 0.0021*** | 0.0024*** | 0.0021*** |
(22.75) | (22.37) | (23.19) | (22.82) | |
Lev | − 0.0058*** | − 0.0052*** | − 0.0059*** | − 0.0052*** |
(− 13.71) | (− 13.50) | (− 13.87) | (− 13.67) | |
ROA | 0.0024 | 0.0019 | 0.0024 | 0.0019 |
(1.56) | (1.39) | (1.57) | (1.40) | |
Cash_vol | − 0.0002** | − 0.0001** | − 0.0002** | − 0.0001** |
(− 2.41) | (− 2.24) | (− 2.44) | (− 2.28) | |
Loss | 0.0003 | 0.0003 | 0.0003 | 0.0003 |
(1.28) | (1.31) | (1.33) | (1.36) | |
Age | 0.0002 | 0.0001 | 0.0002* | 0.0001 |
(1.52) | (1.06) | (1.85) | (1.38) | |
Opinion | − 0.0002 | − 0.0002 | − 0.0002 | − 0.0002 |
(− 0.69) | (− 0.75) | (− 0.71) | (− 0.77) | |
Analyst | − 0.0012*** | − 0.0012*** | − 0.0013*** | − 0.0012*** |
(− 16.74) | (− 18.42) | (− 16.88) | (− 18.54) | |
Turnover | − 0.0008*** | − 0.0008*** | − 0.0008*** | − 0.0008*** |
(− 51.32) | (− 51.74) | (− 51.47) | (− 51.88) | |
_cons | − 0.0894*** | − 0.0802*** | − 0.0904*** | − 0.0811*** |
(− 51.66) | (− 51.37) | (− 52.20) | (− 51.88) | |
Industry | Yes | Yes | Yes | Yes |
Year | Yes | Yes | Yes | Yes |
N | 17,086 | 17,086 | 17,086 | 17,086 |
adj. R2 | 0.757 | 0.758 | 0.756 | 0.757 |