Dependent Variables | ||||||||||
Call Bid-Ask Spread | ||||||||||
Put Bid-Ask Spread | (48) | (49) | (50) | |||||||
Volume | (51) | (52) | (53) | (54) | ||||||
Open Interest | ||||||||||
Implied Volatility | ||||||||||
Independent Variables | ||||||||||
GDP | −4.29e−11 | |||||||||
(2.86e−11) | ||||||||||
GDP per capita | 0 | |||||||||
(omitted) | ||||||||||
Unemployment (%) | 0 | 2,816,423** | ||||||||
(omitted) | (1,367,568) | |||||||||
Log (Population) | 0 | |||||||||
(omitted) | ||||||||||
Public Debt % Of GDP | 0 | |||||||||
(omitted) | ||||||||||
Bank Capital to Assets Ratio (%) | 0 | −438,472** | ||||||||
(omitted) | (1,044,215) | |||||||||
Inflation (%) | −1,735,981** | |||||||||
(−2.24) | ||||||||||
Economic Freedom | −3,176,978*** | |||||||||
(−3.29) | ||||||||||
Interest Rates (Gov Bonds) 10 Y | −7,753,608 | −1949336** | ||||||||
(1,442,226) | (1005638) | |||||||||
Freedom from Corruption | −1,103,397 | |||||||||
(5,378,363) | ||||||||||
Fiscal Freedom | 5,534,044 | −743077** | ||||||||
(7,689,659) | (374613) | |||||||||
Business Freedom | −1,957,668 | |||||||||
(2,168,171) | ||||||||||
Investment Freedom | −0.6655107 | |||||||||
(2,736,405) | ||||||||||
Income Tax Rate (%) | 3,517,256 | |||||||||
(9,821,794) | ||||||||||
Corporate Tax Rate (%) | 1,314,354 | |||||||||
(2,205,902) | ||||||||||
Financial Freedom | −6,127,787 | |||||||||
(1,685,506) | ||||||||||
Market Capitalization of Listed Domestic Companies | 5.86e−12 | |||||||||
(5.48e−11) | ||||||||||
S&P Global Equity Indices (Annual % Change) | −0.3950643 | |||||||||
(0.3022939) | ||||||||||
Stocks Traded, Turnover Ratio of Domestic Shares (%) | −0.0598586*** | −6.90e−13 | ||||||||
(0.0108215) | (8.29e−11) | |||||||||
Stocks Traded, Total Value | −5.78e−12** | −0.0669228 | ||||||||
(2.57e−12) | (0.4787676) | |||||||||
1 Period Lag | 0.0510537** | 0.0004341** | 0.0543677 | 0.7661213* | 0.9500853*** | 0.9537631*** | 0.7929832* | |||
(0.0183087) | (0.0211777) | (0.2947393) | (0.2349361) | (0.1792904) | (0.1393786) | (0.3067227) | ||||
Constant | 141,611*** | 1,644,235* | 0 | −2.28e+07*** | 1,872,171* | 2,252,860 | 4.13e+07*** | |||
(3.377322) | (4.702344) | (omitted) | (7,011,565) | (7,189,556) | (3,117,190) | (2.39e+07) | ||||