臺大管理論叢 NTU Management Review VOL.29 NO.1

9 NTU Management Review Vol. 29 No. 1 Apr. 2019 Market return (%) Market illiquidity Market Start Number of months Average number of firms Total number of firms Mean Median Std. Dev. Mean Median Std. Dev. Norway 1990 302 157 588 0.884 1.133 7.467 0.071 0.054 0.057 Portugal 1994 135 75 170 0.476 1.452 4.875 0.098 0.089 0.057 Singapore 1990 302 337 770 1.019 1.176 7.725 0.094 0.068 0.097 South Korea 1990 302 1,191 2,636 0.616 0.225 11.277 0.058 0.015 0.141 Spain 1990 301 121 276 0.434 0.499 6.630 0.118 0.008 0.236 Sweden 1990 302 330 1,190 1.096 1.246 7.182 0.039 0.023 0.046 Switzerland 1990 299 238 541 0.943 1.214 5.309 0.009 0.007 0.008 Taiwan 1991 287 554 995 0.506 0.499 8.369 0.004 0.003 0.005 UK 1990 302 1,022 3,765 0.864 1.097 5.332 0.007 0.005 0.008 US 1990 302 2,076 6,906 0.829 1.226 4.300 0.001 0.001 0.002 Emerging 253 271 736 0.943 0.795 9.814 0.701 0.430 0.684 Developed 274 523 1,345 0.617 0.868 6.944 0.120 0.074 0.152 Global 265 417 1,088 0.755 0.837 8.156 0.365 0.224 0.377 Asia-Pacific 285 617 1,418 0.906 0.857 8.980 0.515 0.404 0.386