Table 3, Panel A: The effect of REG FD adoption (level regression) (1)(2)(3) The dependent variable = LN(SPREAD)LN(TURNOVER)LN(VOLATILITY) Regression coefficient (standard error) ADOPT-0.937***1.375***0.173 (0.258)(0.421)(0.239) LN(MARKETCAP)-0.141***0.110**-0.036 (0.029)(0.048)(0.027) LN(TURNOVER)-0.155*** (0.046) LN(VOLATILITY)-0.0830.556*** (0.085)(0.135) FREEFLOAT-0.045-0.490-0.006 (0.203)(0.338)(0.192) BETA0.221** (0.091) Constant-3.783***-4.691***-3.812*** (0.469)(0.699)(0.319) Inverse Mills ratio0.151-0.316-0.204 (0.179)(0.300)(0.170) Observations167
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