Table 15 M&As (MA, NMA) and Stock Liquidity (CPQS, ILLIQ, CPQSIM)

CPQS

0.065^*

1.058^*

(0.112)

(0.500)

CPQSIM

− 0.774^***

− 3.014^***

(0.077)

(0.346)

ILLIQ

− 1.169^***

− 4.688^***

(0.098)

(0.439)

CONSTANT

0.691

1.768^***

0.771^***

2.175^***

0.739^***

2.042^***

(0.014)

(0.062)

(0.009)

(0.040)

(0.008)

(0.035)

N

4786

4786

4786

4786

4786

4786

\({R}^{2}\)/Pseudo \({R}^{2}\)

0.000

0.001

0.023

0.023

0.016

0.015