Dependent Variables | |||||||
Call Bid-Ask Spread | |||||||
Put Bid-Ask Spread | |||||||
Volume | (55) | (56) | (57) | ||||
Open Interest | (58) | (59) | (60) | (61) | |||
Implied Volatility | |||||||
Independent Variables | |||||||
GDP | −2.63e−06 | −0.39 | |||||
(0.0001359) | (0.696) | ||||||
GDP per capita | 0 | 0 | |||||
(omitted) | (omitted) | ||||||
Unemployment (%) | 0 | 0 | |||||
(omitted) | (omitted) | ||||||
Log (Population) | −1,518,342*** | 0 | 0 | ||||
(−2,578,012) | (omitted) | (omitted) | |||||
Public Debt % Of GDP | 0 | 0 | |||||
(omitted) | (omitted) | ||||||
Bank Capital to Assets Ratio (%) | 0 | 0 | |||||
(omitted) | (omitted) | ||||||
Inflation (%) | −1.278.584*** | 1.758.932*** | |||||
(−3.28) | (3.78) | ||||||
Economic Freedom | 0 | −568.020*** | |||||
(omitted) | (−5.73) | ||||||
Interest Rates (Gov Bonds) 10 Year | 5,638,271 | 0.04 | |||||
(2.94e+07) | (0.968) | ||||||
Freedom from Corruption | 214,266.4 | 0.28 | |||||
(1.44e+07) | (0.776) | ||||||
Fiscal Freedom | −2,120,027 | −4.59e+07** | −0.38 | ||||
(1.94e+07) | (1.38e+07) | (0.705) | |||||
Business Freedom | 748,265.3 | 0.22 | |||||
(3,402,481) | (0.829) | ||||||
Investment Freedom | 351,467.5 | 0.35 | |||||
(5,055,412) | (0.730) | ||||||
Income Tax Rate (%) | 306,584 | 6.43e+07** | −0.27 | ||||
(2.71e+07) | (2.38e+07) | (0.785) | |||||
Corporate Tax Rate (%) | −677,486.7 | −0.29 | |||||
(5.52e+07) | (0.772) | ||||||
Financial Freedom | −191,546.9 | 0.25 | |||||
(4.15e+07) | (0.804) | ||||||
Market Capitalization of Listed Domestic Companies | 0.0000144** | 0.0000122 | −0.16 | ||||
(7.34e−06) | (0.0000962) | (0.871) | |||||
S&P Global Equity Indices (Annual % Change) | 272,695.3 | 0.40 | |||||
(610,587) | (0.690) | ||||||
Stocks Traded, Turnover Ratio of Domestic Shares (%) | 0.0000221 | 221,723*** | 0.33 | ||||
(0.0001919) | (86,706.14) | (0.743) | |||||
Stocks Traded, Total Value | −108,881.7 | −0.30 | |||||
(1,129,226) | (0.766) | ||||||
1 Period Lag | −0.01347** | 1,174,069*** | 117,976 | 0.2308868*** | 0.2960873** | 0.3436831*** | 1.18 |
(0.2103805) | (0.1063797) | (3,783,212) | (0.2245345) | (0.065737) | (0.0679785) | (0.236) | |
Constant | 5.45e+08*** | −1.98e+07** | 0 | 4.40e+08** | 2.95e+09** | −2.63e+09* | 0 |
(1.60e+08) | (7,585,351) | (omitted) | (3.05e+08) | (8.88e+08) | (1.12e+09) | (omitted) |