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)