Missing } inserted. \end{tablenotes}

Question

I am trying to build a three part table. But I getting the following error.

Missing } inserted. \end{tablenotes}

The codes are given below:

    \documentclass[12pt, a4paper, twoside]{article}
    \usepackage{booktabs}
    \usepackage{tabulary}
    \usepackage[para]{threeparttable}
    \usepackage{longtable,booktabs,array}
    \begin{document}
    \begin{table}[htbp]
        \begin{threeparttable}[b]
            \centering
            \footnotesize\setlength{\tabcolsep}{12pt}
            \caption{Analysis of Means}
            \begin{tabulary}{\textwidth}{cccccccc}
                \toprule
        & \multicolumn{3}{c}{Means } &       & \multicolumn{3}{c}{Equality of Means (Tuckey's HSD)} \\
                \cmidrule{2-4}\cmidrule{6-8}          & None  & \multicolumn{1}{l}{ABS} & CBs   &       & \multicolumn{1}{r}{ABS - None} & \multicolumn{1}{r}{CB - None} & \multicolumn{1}{r}{CB - ABS} \\
                \midrule
                \multicolumn{8}{l}{\textbf{Panel A: Credit Risk }} \\
                \midrule
                \multicolumn{1}{l}{RWATA} & \multicolumn{1}{r}{0.5064} & \multicolumn{1}{r}{0.6097} & \multicolumn{1}{r}{0.5823} &       & \multicolumn{1}{r}{0.1032***} & \multicolumn{1}{r}{0.0758***} & \multicolumn{1}{r}{-0.0274} \\
                \multicolumn{1}{l}{LLP} & \multicolumn{1}{r}{0.0375} & \multicolumn{1}{r}{0.0358} & \multicolumn{1}{r}{0.0369} &       & \multicolumn{1}{r}{-0.0017} & \multicolumn{1}{r}{-0.0005} & \multicolumn{1}{r}{0.0012} \\
                \midrule
                \multicolumn{8}{l}{\textbf{Panel B: Profitability }} \\
                \midrule
                \multicolumn{1}{l}{NIM} & \multicolumn{1}{r}{0.0147} & \multicolumn{1}{r}{0.0216} & \multicolumn{1}{r}{0.0159} &       & \multicolumn{1}{r}{0.0069***} & \multicolumn{1}{r}{0.0012} & \multicolumn{1}{r}{-0.0057***} \\
                \multicolumn{1}{l}{ROE} & \multicolumn{1}{r}{0.068} & \multicolumn{1}{r}{0.0927} & \multicolumn{1}{r}{0.0554} &       & \multicolumn{1}{r}{0.0247**} & \multicolumn{1}{r}{-0.0126} & \multicolumn{1}{r}{-0.0373***} \\
                \midrule
                \multicolumn{8}{l}{\textbf{Panel C: Funding Structure and Cost  }} \\
                \midrule
                \multicolumn{1}{l}{LFD} & \multicolumn{1}{r}{1.6727} & \multicolumn{1}{r}{1.596} & \multicolumn{1}{r}{1.6364} &       & \multicolumn{1}{r}{-0.0767} & \multicolumn{1}{r}{-0.0363} & \multicolumn{1}{r}{0.0404} \\
                \multicolumn{1}{l}{FTD} & \multicolumn{1}{r}{0.3515} & \multicolumn{1}{r}{0.49} & \multicolumn{1}{r}{0.4341} &       & \multicolumn{1}{r}{0.1386***} & \multicolumn{1}{r}{0.0826***} & \multicolumn{1}{r}{-0.056} \\
                \multicolumn{1}{l}{LFST} & \multicolumn{1}{r}{1.0261} & \multicolumn{1}{r}{0.9852} & \multicolumn{1}{r}{1.1032} &       & \multicolumn{1}{r}{-0.0409} & \multicolumn{1}{r}{0.0771} & \multicolumn{1}{r}{0.118} \\
                \multicolumn{1}{l}{FCTL} & \multicolumn{1}{r}{0.0309} & \multicolumn{1}{r}{0.0355} & \multicolumn{1}{r}{0.034} &       & \multicolumn{1}{r}{0.0046**} & \multicolumn{1}{r}{0.003} & \multicolumn{1}{r}{-0.0015**} \\
                \midrule
                \multicolumn{8}{l}{\textbf{Panel D: Liquidity }} \\
                \midrule
                \multicolumn{1}{l}{LAFST} & \multicolumn{1}{r}{0.5682} & \multicolumn{1}{r}{0.3198} & \multicolumn{1}{r}{0.4199} &       & \multicolumn{1}{r}{-0.2484***} & \multicolumn{1}{r}{-0.1483***} & \multicolumn{1}{r}{0.1001**} \\
                \multicolumn{1}{l}{LAFLT} & \multicolumn{1}{r}{0.3002} & \multicolumn{1}{r}{0.2326} & \multicolumn{1}{r}{0.2331} &       & \multicolumn{1}{r}{-0.0676***} & \multicolumn{1}{r}{-0.0671***} & \multicolumn{1}{r}{0.0006} \\
                \multicolumn{1}{l}{LIQR} & \multicolumn{1}{r}{0.326} & \multicolumn{1}{r}{0.2267} & \multicolumn{1}{r}{0.2341} &       & \multicolumn{1}{r}{-0.0992**} & \multicolumn{1}{r}{-0.0918***} & \multicolumn{1}{r}{0.0074} \\
                \midrule
                \multicolumn{8}{l}{\textbf{Panel E: Capital }} \\
                \midrule
                \multicolumn{1}{l}{CAR} & \multicolumn{1}{r}{0.1466} & \multicolumn{1}{r}{0.1662} & \multicolumn{1}{r}{0.0882} &       & \multicolumn{1}{r}{0.0196} & \multicolumn{1}{r}{-0.0584***} & \multicolumn{1}{r}{-0.078***} \\
                \midrule
                \multicolumn{8}{l}{\textbf{Panel F: Loan Portfolio }} \\
                \midrule
                \multicolumn{1}{l}{RMLR} & \multicolumn{1}{r}{0.0664} & \multicolumn{1}{r}{0.0768} & \multicolumn{1}{r}{0.0586} &       & \multicolumn{1}{r}{0.0103} & \multicolumn{1}{r}{-0.0079} & \multicolumn{1}{r}{-0.0182} \\
                \multicolumn{1}{l}{OMLR} & \multicolumn{1}{r}{0.0053} & \multicolumn{1}{r}{0} & \multicolumn{1}{r}{0.0006} &       & \multicolumn{1}{r}{-0.0053} & \multicolumn{1}{r}{-0.0047**} & \multicolumn{1}{r}{0.0006***} \\
                \multicolumn{1}{l}{CRLR} & \multicolumn{1}{r}{0.0091} & \multicolumn{1}{r}{0.0068} & \multicolumn{1}{r}{0.0032} &       & \multicolumn{1}{r}{-0.0023} & \multicolumn{1}{r}{-0.0059**} & \multicolumn{1}{r}{-0.0036} \\
                \multicolumn{1}{l}{CCLR} & \multicolumn{1}{r}{0.1784} & \multicolumn{1}{r}{0.122} & \multicolumn{1}{r}{0.1774} &       & \multicolumn{1}{r}{-0.0564**} & \multicolumn{1}{r}{-0.001} & \multicolumn{1}{r}{0.0554**} \\
                \midrule
                \multicolumn{8}{l}{\textbf{Panel G: Income and Cost Structure }} \\
                \midrule
                \multicolumn{1}{l}{CI} & \multicolumn{1}{r}{0.5256} & \multicolumn{1}{r}{0.5862} & \multicolumn{1}{r}{0.5876} &       & \multicolumn{1}{r}{0.0606***} & \multicolumn{1}{r}{0.062***} & \multicolumn{1}{r}{0.0014} \\
                \multicolumn{1}{l}{LIR} & \multicolumn{1}{r}{0.478} & \multicolumn{1}{r}{0.5525} & \multicolumn{1}{r}{0.6137} &       & \multicolumn{1}{r}{0.0746**} & \multicolumn{1}{r}{0.1358***} & \multicolumn{1}{r}{0.0612} \\
                \multicolumn{1}{l}{IEDR} & \multicolumn{1}{r}{0.2775} & \multicolumn{1}{r}{0.3534} & \multicolumn{1}{r}{0.1175} &       & \multicolumn{1}{r}{0.0759***} & \multicolumn{1}{r}{-0.1601***} & \multicolumn{1}{r}{-0.2359***} \\
                \midrule
                \multicolumn{8}{l}{\textbf{Panel H: Solvency }} \\
                \midrule
                \multicolumn{1}{l}{DA} & \multicolumn{1}{r}{0.9473} & \multicolumn{1}{r}{0.92} & \multicolumn{1}{r}{0.9534} &       & \multicolumn{1}{r}{-0.0272***} & \multicolumn{1}{r}{0.0062**} & \multicolumn{1}{r}{0.0334***} \\
                \multicolumn{1}{l}{ICR} & \multicolumn{1}{r}{1.2118} & \multicolumn{1}{r}{1.4} & \multicolumn{1}{r}{1.1953} &       & \multicolumn{1}{r}{0.1882***} & \multicolumn{1}{r}{-0.0165} & \multicolumn{1}{r}{-0.2047***} \\
                \midrule
                \multicolumn{8}{l}{\textbf{Panel I: Other Institutional Characteristics }} \\
                \midrule
                \multicolumn{1}{l}{LG} & \multicolumn{1}{r}{0.111} & \multicolumn{1}{r}{0.0787} & \multicolumn{1}{r}{0.0739} &       & \multicolumn{1}{r}{-0.0323} & \multicolumn{1}{r}{-0.0371} & \multicolumn{1}{r}{-0.0048} \\
                \multicolumn{1}{l}{DPO} & \multicolumn{1}{r}{0.1845} & \multicolumn{1}{r}{0.1185} & \multicolumn{1}{r}{0.1045} &       & \multicolumn{1}{r}{-0.066***} & \multicolumn{1}{r}{-0.0141***} & \multicolumn{1}{r}{-0.1045} \\
                \multicolumn{1}{l}{SIZE} & \multicolumn{1}{r}{10.2537} & \multicolumn{1}{r}{9.2433} & \multicolumn{1}{r}{9.8074} &       & \multicolumn{1}{r}{-1.0104***} & \multicolumn{1}{r}{-0.4463***} & \multicolumn{1}{r}{0.5641***} \\
                \multicolumn{1}{l}{REP} & \multicolumn{1}{r}{0.0421} & \multicolumn{1}{r}{0.0577} & \multicolumn{1}{r}{0.039} &       & \multicolumn{1}{r}{0.0155***} & \multicolumn{1}{r}{-0.0031} & \multicolumn{1}{r}{-0.0187***} \\
                \multicolumn{1}{l}{COR} & \multicolumn{1}{r}{0.0002} & \multicolumn{1}{r}{0.0006} & \multicolumn{1}{r}{0.0001} &       & \multicolumn{1}{r}{0.0005**} & \multicolumn{1}{r}{-0.0001} & \multicolumn{1}{r}{-0.0005***} \\
                \bottomrule
                \multicolumn{8}{c}{*p<0.1; **p<0.05; ***p<0.01} \\
            \end{tabulary}%
            \label{tab:means}%
            \begin{tablenotes}
        \footnotesize{Note: This table provides the pairwise comparison of means. The equality of means across various categories of banks, with respect to the issuance status of ABS and CBs, is evaluated by Tuckey's HSD. The Null hypothesis tested here is: \emph{Means are equal across various categories of banks.} 
            \end{tablenotes}
            \end{threeparttable}
    \end{table}%
    \end{document}

Answer 1

Your tablenotes is wrong set. Try

\begin{tablenotes}
\footnotesize
Note: This table provides the pairwise comparison of means.
              The equality of means across various categories of banks,
              with respect to the issuance status of ABS and CBs,
              is evaluated by Tuckey's HSD. The Null hypothesis tested here is:
              \emph{Means are equal across various categories of banks.}
\end{tablenotes}

Edit: Follows of topic notes. Use of tabulary without use of their column type hasn't sense. Instead it I suggest to use tabularx. Also all bunch of multicolumns{1}{...}{...} seems to be surplus, better is to define right columns type. With help of siunitx and his S column type the columns gives (to my opinion) nicer results. I estimate, that also empty column is surplus. With all midrules tha table can not be fit in one page, so except firs one I omit all others With all this changes, the MWE is:

\documentclass[12pt, a4paper, twoside]{article}
\usepackage{booktabs}
\usepackage{tabularx}   % <-- added
\usepackage[para]{threeparttable}
\usepackage{siunitx}   % <-- added
\usepackage[margin=30mm]{geometry}   % <-- added

\usepackage{showframe}  % <-- added to show page layout,
                        % in real document had to be deleted
\renewcommand*\ShowFrameColor{\color{red}}% in real document had to be deleted

\begin{document}
    \begin{table}[htbp]
    \begin{threeparttable}[b]
    \centering
    \small%\footnotesize
%\setlength{\tabcolsep}{9pt}
\caption{Analysis of Means}
    \begin{tabularx}{\textwidth}{X*{3}{S[table-format=2.4]}
                                  *{3}{S[table-format=-1.4,
                                         table-space-text-post=***]}
                                  }
        \toprule
& \multicolumn{3}{c}{Means} & \multicolumn{3}{c}{Equality of Means (Tuckey's HSD)} \\
        \cmidrule(lr){2-4}\cmidrule(lr){5-7}
    & {None}    & {ABS}   & {CBs} & {ABS - None} & {CB - None} & {CB - ABS} \\
        \midrule
        \multicolumn{7}{l}{\textbf{Panel A: Credit Risk }} \\
%        \addlinespace
RWATA   & 0.5064    & 0.6097    & 0.5823    & 0.1032***    & 0.0758*** & -0.0274   \\
LLP     & 0.0375    & 0.0358    & 0.0369    & -0.0017      & -0.0005   & 0.0012    \\
        \addlinespace
        \multicolumn{7}{l}{\textbf{Panel B: Profitability }} \\
%        \addlinespace
NIM     & 0.0147    & 0.0216    & 0.0159    & 0.0069***    & 0.0012    & -0.0057***\\
ROE     & 0.068     & 0.0927    & 0.0554    & 0.0247**     & -0.0126   & -0.0373***\\
        \addlinespace
        \multicolumn{7}{l}{\textbf{Panel C: Funding Structure and Cost  }} \\
%        \addlinespace
LFD     & 1.6727    & 1.596     & 1.6364    & -0.0767      & -0.0363   & 0.0404\\
FTD     & 0.3515    & 0.49      & 0.4341    & 0.1386***    & 0.0826*** & -0.056\\
LFST    & 1.0261    & 0.9852    & 1.1032    & -0.0409      & 0.0771    & 0.118\\
FCTL    & 0.0309    & 0.0355    & 0.034     & 0.0046**     & 0.003     & -0.0015**\\
        \addlinespace
        \multicolumn{7}{l}{\textbf{Panel D: Liquidity }} \\
%        \addlinespace
LAFST   & 0.5682    & 0.3198    & 0.4199    & -0.2484***   & -0.1483***& 0.1001**\\
LAFLT   & 0.3002    & 0.2326    & 0.2331    & -0.0676***   & -0.0671***& 0.0006\\
LIQR    & 0.326     & 0.2267    & 0.2341    & -0.0992**    & -0.0918***& 0.0074\\
        \addlinespace
        \multicolumn{7}{l}{\textbf{Panel E: Capital }} \\
%        \addlinespace
CAR     & 0.1466  & 0.1662      & 0.0882    & 0.0196       & -0.0584***& -0.078***\\
        \addlinespace
        \multicolumn{7}{l}{\textbf{Panel F: Loan Portfolio }} \\
%        \addlinespace
RMLR    & 0.0664    & 0.0768    & 0.0586    & 0.0103       & -0.0079   & -0.0182   \\
OMLR    & 0.0053    & 0         & 0.0006    & -0.0053      & -0.0047** & 0.0006*** \\
CRLR    & 0.0091    & 0.0068    & 0.0032    & -0.0023      & -0.0059** & -0.0036   \\
CCLR    & 0.1784    & 0.122     & 0.1774    & -0.0564**    & -0.001    & 0.0554**  \\
        \addlinespace
        \multicolumn{7}{l}{\textbf{Panel G: Income and Cost Structure }} \\
%        \addlinespace
CI      & 0.5256    & 0.5862    & 0.5876    & 0.0606***    & 0.062***  & 0.0014    \\
LIR     & 0.478     & 0.5525    & 0.6137    & 0.0746**     & 0.1358*** & 0.0612    \\
IEDR    & 0.2775    & 0.3534    & 0.1175    & 0.0759***    & -0.1601***& -0.2359***\\
        \addlinespace
        \multicolumn{7}{l}{\textbf{Panel H: Solvency }} \\
%        \addlinespace
DA      & 0.9473    & 0.92      & 0.9534    & -0.0272***    & 0.0062**  & 0.0334*** \\
ICR     & 1.2118    & 1.4       & 1.1953     & 0.1882***   & -0.0165   & -0.2047***\\
        \addlinespace
        \multicolumn{7}{l}{\textbf{Panel I: Other Institutional Characteristics}}\\
%        \addlinespace
LG      & 0.111     & 0.0787    & 0.0739    & -0.0323      & -0.0371   & -0.0048   \\
DPO     & 0.1845    & 0.1185    & 0.1045    & -0.066***    & -0.0141***& -0.1045   \\
SIZE    & 10.2537   & 9.2433    & 9.8074    & -1.0104***   & -0.4463***& 0.5641*** \\
REP     & 0.0421    & 0.0577    & 0.039     & 0.0155***    & -0.0031   & -0.0187***\\
COR     & 0.0002    & 0.0006    & 0.0001    & 0.0005**     & -0.0001   & -0.0005***\\
        \bottomrule
        \multicolumn{7}{c}{*p<0.1; **p<0.05; ***p<0.01} \\
    \end{tabularx}%
    \label{tab:means}%%
\begin{tablenotes}
\footnotesize
Note: This table provides the pairwise comparison of means.
          The equality of means across various categories of banks,
          with respect to the issuance status of ABS and CBs,
          is evaluated by Tuckey's HSD. The Null hypothesis tested here is:
          \emph{Means are equal across various categories of banks.}
\end{tablenotes}
    \end{threeparttable}
\end{table}%
\end{document}