Table 6.

PSM test.

	(1)	(2)	(3)
$Variables$	$illiq\_y$	$illiq\_y$	$illiq\_y$
$FLS200$	0.0005 (0.0082)	−0.0035 (0.0057)	−0.0133** (0.0067)
$Shrcr1$		0.0004*** (0.0000)	0.0004*** (0.0000)
$Insi$		0.0002*** (0.0000)	0.0002*** (0.0000)
$Lev$		−0.0112*** (0.0018)	−0.0146*** (0.0021)
$Size$		−0.0342*** (0.0004)	−0.0300*** (0.0005)
$lnvprc$		−0.0050 (0.0050)	0.0118** (0.0052)
$Age$		−0.0105*** (0.0016)	−0.0096*** (0.0017)
$Poid$		0.0096** (0.0046)	0.0138*** (0.0047)
$Volat$		−0.0919** (0.0393)	−0.2139** (0.0838)
Constant term	0.0647*** (0.0048)	0.8383*** (0.0109)	0.7497*** (0.0138)
Time fixed effects	YES	NO	YES
Industry fixed effects	YES	NO	YES
Sample size	11,064	14,280	11,064
$R2$	0.2430	0.3955	0.5012

Note: (1) *, **, *** indicate significant at the 10%, 5%, and 1% levels, respectively; (2) Robust standard errors are in parentheses.