Table 3 Correlation Table

Bid-Ask Spread

1.00

Illiquidity

0.82^a

1.00

Stock Volatility

0.40^a

0.21^a

1.00

Log(Total Assets)

−0.66^a

−0.49^a

− 0.33^a

1.00

Turnover

− 0.14^a

− 0.14^a

0.33^a

− 0.02

1.00

Return on Asset

−0.13^a

− 0.19^a

− 0.13^a

0.10^a

0.05

1.00

MTB

−0.07

− 0.02

0.09^a

− 0.21^a

− 0.21^a

0.03

1.00

Leverage

−0.21^a

−0.13^a

− 0.03

0.39^a

− 0.05

− 0.20^a

− 0.26^a

1.00