Table 3.

Descriptive statistics.

$Variables$	Obs	Mean	Std. Dev.	Min	Max
$illiq\_y$	14,280	0.0494	0.0901	0.0003	5.8155
$FLS200$	14,280	0.4684	0.0573	0.3291	0.6056
$Shrcr1$	14,280	34.7034	15.0092	8.4484	74.9648
$Insi$	14,280	47.7540	22.7861	0.5781	90.6714
$Lev$	14,280	0.4463	0.1986	0.0560	0.8550
$Size$	14,280	22.7140	0.9621	20.9950	25.6683
$lnvprc$	14,280	0.1144	0.0733	0.0170	0.3760
$Age$	14,280	3.1703	0.2175	2.6391	3.6109
$Poid$	14,280	0.3785	0.0719	0.2500	0.600
$Volat$	14,280	0.0274	0.0088	0.0121	0.0550
$Sentiment$	14,280	0.2735	0.2880	−0.4055	1.1147