$L_t^{TV}$

$L_t^{TR}$

$L_t^{LR}$

$L_t^{CLR}$

$L_t^{HH}$

$L_t^{MEC}$

$L_t^{MA}$

$L_t^{illiq}$

$L_t^{Liu}$

$L_t^{Adj-illiq}$

Panel A. Asia

China

6.5732

4.5434

0.7284

3.2205

1.1348

2.8919

1.6691

1.2665

1.6412

1.2669

India

2.5112

2.3269

1.0101

4.1971

1.7534

3.1671

1.5666

1.4138

3.5771

1.4138

Indonesia

3.4240

2.5157

0.8127

3.5994

1.5993

2.5790

1.7473

1.4764

1.6838

1.4764

South Korea

2.5378

2.6254

0.8576

4.1797

1.6888

3.4513

1.0662

2.1233

3.5747

2.1232

Taiwan (China)

3.4098

2.8733

0.8669

4.2513

1.9948

3.4513

0.8901

2.3261

3.5898

2.3255

Panel B. Latin America

Argentina

1.6358

1.1760

1.0745

2.4043

1.6118

3.6036

2.9156

3.2582

3.5699

3.2582

Brazil

0.4505

0.3534

0.9122

4.7617

1.3681

4.1730

1.2685

1.2613

3.5625

1.2613

Chile

2.6525

1.9851

0.6985

3.5899

1.6385

2.7055

2.2882

1.7931

3.5677

1.7931

Colombia

1.1040

0.9611

0.3954

3.1309

0.7399

2.5098

0.5919

0.7119

3.5022

0.7119

Mexico

2.6497

2.3722

1.0690

3.8075

2.2358

3.3418

2.0235

1.8146

3.5711

1.8146

Peru

0.7975

0.8137

2.0955

2.9469

4.9891

1.9523

3.6040

2.3507

3.5712

2.3507