Dependent Variables

Call Bid-Ask Spread

Put Bid-Ask Spread

Volume

(15)

(16)

(17)

(18)

Open Interest

(19)

(20)

(21)

Implied Volatility

Independent Variables

GDP

−6.57e−06**

9.996616**

0.0000397**

(1.17e−07)

(4.302711)

(0.0000253)

Unemployment (%)

Population

0.3243298*

2.67e+07**

(0.1881145)

(8090922)

Stocks Traded, Turnover Ratio of Domestic Shares (%)

2.51e−06**

0.0002382**

(1.11e−07)

(0.0000242)

Stocks Traded, Total Value

74,094.95**

719303**

(5,164,236)

(112,141.1)

Corporate Tax Rate (%)

−2,115,851*

(1,134,450)

Market Capitalization of Listed Domestic Companies

5.76e−06**

−0.000192**

(1.26e−07)

(0.0000273)

GDP per capita

2,243,253**

2,532,586**

(262,494)

(5,700,057)

FDI inflows

35,856.6*

(17,250.2)

Constant

−4,427,334**

1,492,168

−1,178,035

6.48e+07*

−5.12e+07*

−1.94e+07

−1.95e+08**

(291,021)

(312,493)

(3,191,489)

(3.06e+07)

(6.32e+06)

(3.64e+08)

(7.49e+07)