Country Name

γ₀

γ₁

γ₂

γ₃

Adj. R²

γ₂ − γ₃

Chi-Sq.

American and Latin American Markets

Brazil

0.0126*

2.119*

2.2231*

0.7091

34.13

1.514

54.196*

(117.76)

(19.03)

(11.491)

(0.909)

Canada

0.01223*

0.4074*

4.8383*

1.9393*

35.08

2.899

29.797*

(111.82)

(20.59)

(7.95)

(3.37)

Chile

0.0111*

0.1947*

0.7042*

−0.1711

19.05

0.8753

21.265*

(97.76)

(17.146)

(3.731)

(−0.825)

Mexico

0.0091*

0.3961*

3.161*

0.4852

42.44

2.6758

49.938*

(91.68)

(26161)

(8.672)

(1.061)

United States

0.0107*

0.4128*

0.6681*

−1.1264*

31.08

1.7945

32.050*

(61.852)

(21.554)

(1.891)

(−2.681)

European Markets

Belgium

0.0075*

0.3539*

2.6243*

1.3045*

39.95

1.3198

15.309*

(66.784)

(21.823)

(7.739)

(2.988)

France

0.0088*

0.2124*

1.6037*

0.2927

24.6

1.311

28.684*

(75.172)

(15.351)

(6.031)

(0.929)

Germany

0.0085*

0.2485*

1.2389*

0.4229

26.45

0.816

9.8364*

(71.149)

(17.918)

(4.986)

(1.296)

Greece

0.0139*

0.2977*

1.5568*

−0.1089

97.2

1.6657

84.627*

(118.98)

(34.151)

(162.057)

(−0.585)

Netherland

0.0091*

0.2984*

3.1317*

1.4574*

33.18

1.6742

21.800*

(56.902)

(14.518)

(6.955)

(3.105)

Portugal

0.0086*

0.04507*

−0.9055*

−2.483*

34.06

1.5775

34.772*

(86.054)

(32.816)

(−3.144)

(−7.519)

Russia

0.0129*

0.306*

1.1581*

−0.0529

98.39

1.211

50.716*

(110.681)

(37.081)

(179.288)

(−0.305)

Sweden

0.009*

0.2532*

0.964*

−0.6628

22.37

1.6268

34.960*

(69.738)

(16.237)

(3.201)

(−1.82)

Switzerland

0.0069*

0.2856*

2.03387*

0.8409*

36.2

1.19297

21.721*

(62.349)

(20.131)

(7.261)

(2.607)

United Kingdom

0.0095*

0.2426*

3.4359*

2.1526*

30.93

1.2833

14.231*

(86.374)

(14.962)

(8.671)

(5.067)

Asian and Asia Pacific Markets

Australia

0.01678*

0.4599*

10.79*

13.69*

43.35

−2.9

182.960*

(185.542)

(25.078)

(12.801)

(2.918)

China

0.0118*

0.343*

−2.9947*

−1.1542*

23.43

−1.8405

65.858*

(82.375)

(22.031)

(−9.821)

(−3.938)

Hong Kong

0.0098*

0.2781*

1.7914*

−0.4654

33.49

2.2568

111.760*

(90.692)

(23.155)

(7.699)

(−1.954)