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Corporate governance and equity liquidity: analysis of S&P transparency and disclosure rankings

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Table 1: Descriptive statistics of the four selected liquidity measures and their control variables
Table 3: Descriptive statistics of the two S&P T&D final rankings and their control variables
Table 5: OLS, 3SLS and GMM estimation results of the effective spread and composite basis S&P T&D final ranking Prediction OLS 3SLS GMM Panel A: Equation 1 Intercept 3.1752** (<0.0001) (<0.0001) 5.3428** (<0.0001) 5.3952** CFR - -0.0218 (0.
Table 7 presents the simultaneous esti- esti-mation results of the dollar value of INF and
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