Country Name

γ₀

γ₁

γ₂

γ₃

γ₄

Adj. R²

American and Latin American Markets

Brazil

0.0142*

0.2092*

0.0251

1.2669*

6.8451*

36.29

(77.176)

(11.873)

(0.927)

(5.12)

(9.493)

Canada

0.0122*

0.4122*

0.3731*

2.3111*

5.6969

35.93

(112.174)

(18.774)

(14.973)

(3.871)

(0.949)

Chile

0.0112*

0.2079*

0.1313*

0.1171

1.663*

20.03

(95.309)

(16.858)

(6.919)

(0.66)

(3.022)

Mexico

0.0093*

0.4137*

0.3401*

2.1831*

2.6318*

42.5

(84.059)

(23.935)

(14.33)

(5.617)

(3.292)

United States

0.0107*

0.4034*

0.3989*

0.4878

−0.6251

31.06

(62.161)

(18.93)

(16.318)

(1.263)

(−1.116)

European Markets

Belgium

0.0077*

0.3319*

0.2852*

2.1959*

5.1504*

40.05

(65.837)

(18.969)

(11.85)

(6.143)

(6.885)

France

0.0088*

0.2039*

0.1821*

1.0796*

1.9116*

24.92

(75.597)

(13.571)

(10.264)

(3.745)

(4.603)

Germany

0.0106*

0.3945*

0.3618*

−0.3642

1.5206*

27.51

(49.062)

(16.229)

(15.251)

(−0.898)

(3.731)

Greece

0.0145*

0.2469*

0.1941*

1.6042*

3.0071*

97.17

(114.517)

(30.632)

(10.922)

(175.669)

(7.546)

Netherland

0.0093*

0.2755*

0.2017*

2.1015*

6.8435*

34.35

(57.014)

(12.145)

(6.957)

(4.63)

(8.02)

Portugal

0.0088*

0.4253*

0.3687*

−1.3814*

1.6034

33.57

(81.238)

(28.331)

(13.832)

(−4.736)

(1.413)

Russia

0.0131*

0.2996*

0.2709*

0.6348**

1.1829*

98.48

(104.287)

(18.039)

(32.022)

(2.068)

(178.964)

Sweden

0.0091*

0.2418*

0.2167*

0.4779

1.0151**

22.17

(71.085)

(13.911)

(11.655)

(1.37)

(2.424)

Switzerland

0.0069*

0.2682*

0.2599*

1.4647*

2.8788*

36.45

(62.013)

(17.273)

(13.662)

(4.919)

(6.141)

United Kingdom

0.0094*

0.2186*

0.2549*

3.1486*

3.1295*

32

(86.463)

(12.343)

(12.374)

(7.541)

(5.373)

Asian and Asia Pacific Markets

Australia

0.0166*

0.4838*

0.6573*

2.0791

9.373*

44

(179.157)

(27.32)

(17.875)

(1.409)

(4.555)

China

0.0119*

0.393*

0.2765*

−2.6569*

−0.9732*

23.6

(82.835)

(21.425)

(15.002)

(−7.626)

(−2.62)

Hong Kong

0.0099*

0.2619*

0.2344*

0.6784*

2.4184*

34.21

(88.673)

(19.113)

(12.996)

(3.025)

(4.826)