Dependent Variables | |||||||
Call Bid-Ask Spread | |||||||
Put Bid-Ask Spread | |||||||
Volume | (15) | (16) | (17) | (18) | |||
Open Interest | (19) | (20) | (21) | ||||
Implied Volatility | |||||||
Independent Variables | |||||||
GDP | −6.57e−06** | 9.996616** | 0.0000397** | ||||
(1.17e−07) | (4.302711) | (0.0000253) | |||||
Unemployment (%) | |||||||
Population | 0.3243298* | 2.67e+07** | |||||
(0.1881145) | (8090922) | ||||||
Stocks Traded, Turnover Ratio of Domestic Shares (%) | 2.51e−06** | 0.0002382** | |||||
(1.11e−07) | (0.0000242) | ||||||
Stocks Traded, Total Value | 74,094.95** | 719303** | |||||
(5,164,236) | (112,141.1) | ||||||
Corporate Tax Rate (%) | −2,115,851* | ||||||
(1,134,450) | |||||||
Market Capitalization of Listed Domestic Companies | 5.76e−06** | −0.000192** | |||||
(1.26e−07) | (0.0000273) | ||||||
GDP per capita | 2,243,253** | 2,532,586** | |||||
(262,494) | (5,700,057) | ||||||
FDI inflows | 35,856.6* | ||||||
(17,250.2) | |||||||
Constant | −4,427,334** | 1,492,168 | −1,178,035 | 6.48e+07* | −5.12e+07* | −1.94e+07 | −1.95e+08** |
(291,021) | (312,493) | (3,191,489) | (3.06e+07) | (6.32e+06) | (3.64e+08) | (7.49e+07) |