Model

Fixed effect

Random effect

gdp

0.23541***

0.23462***

(0.088)

(0.087)

i

0.04264

0.07000

(0.106)

(0.104)

e

−0.14857***

−0.14922***

(0.052)

(0.052)

usgdp

−0.83300***

−0.83143***

(0.210)

(0.210)

usi

0.18288

0.17851

(0.161)

(0.161)

VIX

−0.16476***

−0.16467***

(0.042)

(0.041)

fsd

0.00274**

0.00239**

(0.001)

(0.001)

_cons

−0.09136

−0.41492

(1.348)

(2.287)

N

918

918

F/wald

6.65795

47.38

P_value (F)

0.0000

0.0000

Hausman (p)

Chi2(7) = 2.71, p = 0.9102