Country Name

γ₀

γ₁

γ₂

γ₃

Adj. R²

American and Latin American Markets

Brazil

0.0127*

0.2061*

1.6305*

2.8216**

33.42

(115.976)

(17.622)

(7.63)

(2.257)

Canada

0.00123*

0.0409*

0.3225*

11.824*

34.83

(111.609)

(20.662)

(6.094)

(3.526)

Chile

0.0011*

0.1916*

0.2948

1.1651

18.69

(97.239)

(16.545)

(1.634)

(1.22)

Mexico

0.0009*

0.0413*

1.253*

18.2*

42.22

(88.786)

(25.229)

(2.984)

(5.656)

United States

0.0107*

0.41811*

−0.3598

12.2231*

31.01

(61.535)

(21.578)

(−0.991)

(5.216)

European Markets

Belgium

0.0076*

0.3529*

1.9802*

6.7075**

39.83

(66.059)

(20.946)

(5.201)

(2.329)

France

0.0088*

0.2123*

0.9396*

6.3786*

24.33

(74.708)

(15.048)

(3.419)

(3.448)

Germany

0.0085*

0.2398*

1.0449*

0.6761

26.3

(70.408)

(16.425)

(3.637)

(0.37)

Greece

0.0137*

0.3418*

−0.1464

1.5833*

97.18

(102.165)

(25.561)

(−0.676)

(8.082)

Netherland

0.0092*

0.2982*

2.2698*

9.4472*

32.96

(56.808)

(14.454)

(5.329)

(3.053)

Portugal

0.0086*

0.4485*

−1.8963*

7.4844*

33.72

(84.914)

(31.063)

(−5.792)

(3.283)

Russia

0.0128*

0.3193*

0.3084

0.5988*

98.38

(95.937)

(24.998)

(1.561)

(4.425)

Sweden

0.009*

0.2536*

0.1368

8.8478*

22.05

(69.246)

(15.935)

(0.431)

(4.009)

Switzerland

0.0069*

0.2878*

1.3549*

7.7503*

36.13

(62.068)

(20.06)

(4.832)

(4.031)

United Kingdom

0.0095*

0.2438*

2.7516*

8.7898*

30.84

(86.198)

(14.958)

(7.291)

(2.865)

Asian and Asia Pacific Markets

Australia

0.01691*

0.4241*

7.659*

87.783*

42.91

(181.06)

(21.22)

(10.87)

(12.1)

China

0.0118*

0.0337*

−1.944*

−1.301*

23.26

(82.387)

(21.63)

(−7.028)

(−7.471)

Hong Kong

0.0098*

0.2784*

0.6439*

9.1832*

34.11

(90.16)

(23.017)

(3.044)

(7.077)