Dependent Variables

Call Bid-Ask Spread

(1)

(2)

(3)

(4)

(5)

Put Bid-Ask Spread

(6)

(7)

Volume

Open Interest

Implied Volatility

Independent Variables

GDP

−1.12e−10**

0.0000127 *

−6.49e−12**

(4.09e−11)

(5.72e−06)

(6.28e−13)

Economic Freedom

−3.301068*

−1.459117**

(1.885611)

(0.6112409)

Freedom from Corruption

−1.668924 ***

(0.4237151)

Market Capitalization of Listed Domestic Companies

9.25e−11**

−2.66e−12**

(1.00e−12)

(6.75e−13)

Stocks Traded, Turnover Ratio of Domestic Shares (%)

−8.45e−11**

9.34e−12**

(2.49e−12)

(5.99e−13)

Stocks Traded, Total Value

−0.0116885

(0.00277668)

Public Debt % Of GDP

0.450316*

(0.2836016)

GDP per capita

0.0009507**

0.000087*

(1.90e−11)

(0.0001411)

Constant

−6,738,532**

2.394379

−13.95679

252.1953

148.1147***

−4,780,632**

1,146,772**

(108,099)

(3.241566)

(16.2758)

(85.36659)

(35.62484)

(156,474)

(4,343,483)