Binary Logit (Quadratic hill climbing)

Option Trading Dummy

McFadden R-squared

0.5298

LR-Statistic Prob (Wald F-Statistics)

150.4796***

Return Volatility

−0.2023

−0.3554

Dividend Payout

0.0167

1.8890**

Firm Age

−0.0268

−1.3712

Institutional Holding

5.6267

3.2163***

Market Capitalization

1.5096

4.9038***

Firm Specific Stock Return Variation (Ψ)

−7896722

−2.4216***

R & D to Total Assets

12.7676

1.0219

Cross Listing Dummy

1.0480

1.7495***