Note(s): This table presents the results of robustness tests using alternative proxies for stock liquidity. The Spread represents the time-weighted (T.W.) quoted bid-ask spread, computed as the average daily ratio of the T.W. bid-ask spread, where higher values indicate lower stock liquidity and vice versa. AnC denotes the number of analysts covering the company. Definitions and measurement details for other variables can be found in Table 1. Significance levels are indicated as follows: ***, ** and * represent 0.1%, 1% and 5%, respectively

Source(s): Authors’ own work