| Dependent Variables | |||||||||
| Call Bid-Ask Spread | |||||||||
| Put Bid-Ask Spread | |||||||||
| Volume | |||||||||
| Open Interest | (22) | ||||||||
| Implied Volatility | (23) | (24) | (25) | (26) | (27) | (28) | |||
| Independent Variables | |||||||||
| GDP | 751,799*** | −1.70e−14** | |||||||
| (208,891) | (2.18e−15) | ||||||||
| Economic Freedom | −0.015657*** | ||||||||
| (0.0048792) | |||||||||
| Freedom from Corruption | −0.0038567* | ||||||||
| (0.0019588) | |||||||||
| Trade Freedom | −0.0563123*** | ||||||||
| (0.018001) | |||||||||
| Investment Freedom | −0.0109724*** | ||||||||
| (0.0031528) | |||||||||
| Market Capitalization of Listed Domestic Companies | 7.00e−14** | ||||||||
| (2.34e−15) | |||||||||
| Stocks Traded, Turnover Ratio of Domestic Shares (%) | −1.08e−13** | ||||||||
| (2.08e−14) | |||||||||
| Stocks Traded, Total Value | 0.0000954** | ||||||||
| (0.0000963) | |||||||||
| GDP per capita | 7.42e−07** | ||||||||
| (4.89e−08) | |||||||||
| Property rights | −0.0039669* | ||||||||
| (0.0021449) | |||||||||
| Constant | −2.27e+08** | 0.1609247*** | 0.6213668** | 5.210393*** | 1.210243*** | 1.398849*** | 0.5890259*** | ||
| (8.84e+07) | −0.0542423 | (0.176949) | (1.580367) | (0.2629036) | (0.3435486) | (0.1504588) | |||