Table 3.

Summary statistics This table reports the summary statistics for the dependent and the independent variables for each market.

	Emerging Markets					Developed Markets
Variable	Obs	Mean	SD	Min	Max	Obs	Mean	SD	Min	Max
VOL	6504	0.0033	0.0061	0.0001	0.1424	4065	0.0036	0.0794	0.0001	0.2207
CC	6504	0.0325	0.0902	0.0000	1.0000	4065	0.0335	0.0906	0.0000	1.0000
DR	6504	0.0007	0.0020	0.0000	0.0617	4065	0.0008	0.0028	0.0000	0.0909
RR	6504	0.0097	0.0278	0.0000	1.0000	4065	0.0077	0.0260	0.0000	1.0000
GSI	6504	0.0024	0.0310	-0.3890	0.4720	4065	0.0025	0.0304	-0.3890	0.4440
SI1	6504	0.0089	0.0022	-0.0200	0.0300	4065	0.0076	0.0024	-0.0300	0.0300
SI2	6504	0.0077	0.0020	-0.0200	0.0300	4065	0.0081	0.0020	-0.0200	0.0300
SI3	6504	0.0072	0.0015	-0.0200	0.0200	4065	0.0064	0.0017	-0.0200	0.0200
SI4	6504	0.0137	0.0025	-0.0400	0.0400	4065	0.0138	0.0024	-0.0400	0.0400
SI5	6504	0.0034	0.0015	-0.0200	0.0200	4065	0.0027	0.0008	-0.0200	0.0100
SI6	6504	0.0066	0.0018	-0.0300	0.0300	4065	0.0057	0.0020	-0.0200	0.0200
SI7	6504	0.0045	0.0017	-0.0200	0.0200	4065	0.0047	0.0017	-0.0200	0.0200
Si8	6504	0.0097	0.0023	-0.0400	0.0400	4065	0.0121	0.0020	-0.0300	0.0300
SI9	6504	0.0074	0.0011	0.0000	0.0200	4065	0.0074	0.0011	0.0000	0.0200
Ln(MV)	6504	12.130	1.4641	9.6520	15.978	4605	13.798	1.5819	10.633	17.534
Ln(PE)	6504	2.6401	0.3879	1.3350	3.5115	4605	2.9486	0.2866	1.9169	3.5695
DY	6504	0.0354	0.0179	0.0060	0.1006	4605	0.0282	0.0108	0.0115	0.0652
ER	6504	-0.0001	0.0070	-0.0782	0.0548	4605	0.0003	0.0048	-0.0344	0.0376