Independent Variables

Results of Fixed Effects Model

Results of Random Effects Model

Effect on Call and Bid Spread

Effect on Open Interest

Effect on Volatility

Effect on Call and Bid Spread

Effect on Volume

Effect on Volatility

Log (GDP)

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Unemployment (%)

Log (Population)

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Bank Capital to Assets Ratio (%)

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Economic Freedom

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Interest Rates (Gov Bonds) 10 Year

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Freedom from Corruption

Fiscal Freedom

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Business Freedom

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Investment Freedom

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Income Tax Rate (%)

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Corporate Tax Rate (%)

S&P Global Equity Indices (Annual % Change)

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Stocks Traded, Turnover Ratio of Domestic Shares (%)

0/−

0/−

0/−

Stocks Traded, Total Value

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