Dependent Variables | |||||||||||||
Call Bid-Ask Spread | |||||||||||||
Put Bid-Ask Spread | |||||||||||||
Volume | |||||||||||||
Open Interest | |||||||||||||
Implied Volatility | (62) | (63) | (64) | (65) | (66) | (67) | (68) | (69) | (70) | ||||
Independent Variables | |||||||||||||
GDP | −6.62e−14** | ||||||||||||
(5.40e−14) | |||||||||||||
GDP per capita | −1.84e−06** | ||||||||||||
(6.83e−07) | |||||||||||||
Unemployment (%) | −0.0070828** | ||||||||||||
(0.0035929) | |||||||||||||
Log (Population) | 4.59e+07** | ||||||||||||
(1.38e+07) | |||||||||||||
Investment Freedom | 0.006112*** | ||||||||||||
(0.001977) | |||||||||||||
Financial Freedom | −0.0195129*** | −0.0195129*** | |||||||||||
(0.0036049) | (0.0036049) | ||||||||||||
Market Capitalization of Listed Domestic Companies | −9.70e−14** | −9.70e−14** | |||||||||||
(4.30e−14) | (4.30e−14) | ||||||||||||
1 Period Lag | 0.2747764*** | 0.3265196** | 0.254581 | 0.4762032*** | 0.2960873 | 0.4762032* | 0.6926031** | 0.3059329 | 0.3059329** | ||||
(0.1625928) | (0.1503247) | (0.1600788) | (0.1640055) | (0.065737) | (0.1640055) | (0.2127965) | (0.1678321) | (0.1678321) | |||||
Constant | 0.3039185** | 0.2547018** | 0.3046929* | 0.2682052*** | 2.95e+09** | 0.2682052** | −0.4280764 | 1,624,047** | 1,624,047*** | ||||
(0.108883) | (0.0551108) | (0.0763784) | (0.0676048) | (8.88e+08) | (0.0676048) | (0.1717797) | (0.2695451) | (0.2695451) | |||||