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) | + | + | ||||
Unemployment (%) | − | |||||
Log (Population) | + | + | + | |||
Bank Capital to Assets Ratio (%) | − | + | − | |||
Economic Freedom | + | + | − | |||
Interest Rates (Gov Bonds) 10 Year | + | − | ||||
Freedom from Corruption | − | − | − | |||
Fiscal Freedom | + | + | + | |||
Business Freedom | − | − | − | + | − | |
Investment Freedom | + | − | ||||
Income Tax Rate (%) | + | + | ||||
Corporate Tax Rate (%) | − | |||||
S&P Global Equity Indices (Annual % Change) | − | + | ||||
Stocks Traded, Turnover Ratio of Domestic Shares (%) | 0/− | − | 0/− | 0/− | ||
Stocks Traded, Total Value | + | + | + | + |