Country Name

γ₀

γ₁

γ₂

γ₃

γ₄

Adj. R²

American and Latin American Markets

Brazil

0.0142*

0.2225*

0.0265

0.9911*

6.4311*

37.08

(79.724)

(13.394)

(1.098)

(4.048)

(11.279)

Canada

0.0123*

0.4726*

0.2799*

1.0022

7.4188*

36.54

(113.535)

(22.252)

(11.04)

(1.672)

(9.471)

Chile

0.0113*

0.1735*

0.1356*

0.1918

2.2247*

20.36

(97.89)

(13.134)

(8.696)

(1.044)

(6.231)

Mexico

0.0095*

0.4018*

0.2688*

1.9837*

5.7972*

42.6

(84.928)

(23.964)

(10.443)

(5.209)

(6.151)

United States

0.0108*

0.4304*

0.3401*

−0.0876

0.6285

31.26

(62.644)

(20.726)

(13.532)

(−0.231)

(1.086)

European Markets

Belgium

0.0076*

0.3711*

0.2964*

1.3974*

3.8902*

40.05

(67.502)

(20.797)

(14.745)

(3.456)

(8.143)

France

0.0089*

0.2176*

0.1066*

0.8715*

3.8094*

25.37

(74.682)

(15.125)

(4.918)

(3.277)

(6.131)

Germany

0.0107*

0.3609*

0.3898*

0.6087

0.4819

27.17

(48.398)

(15.761)

(14.743)

(1.7)

(0.975)

Greece

0.0139*

0.3806*

0.2349*

−0.5936*

1.617*

97.24

(114.029)

(27.37)

(22.84)

(−2.634)

(148.463)

Netherland

0.0091*

0.3306*

0.2384*

1.8406*

2.9247*

33.92

(57.487)

(14.208)

(9.63)

(3.525)

(5.286)

Portugal

0.0089*

0.4793*

0.3159*

−2.0539*

0.9795

34.68

(84.824)

(32.922)

(13.815)

(−7.115)

(1.154)

Russia

0.0132*

0.3367*

0.3259*

0.8527**

1.1437*

98.8

(97.71)

(17.587)

(36.052)

(2.098)

(164.135)

Sweden

0.0092*

0.2855*

0.1402*

−0.1609

2.0139*

23.32

(71.83)

(17.32)

(6.941)

(−0.502)

(3.988)

Switzerland

0.0071*

0.3222*

0.17*

0.8151*

3.8607*

37.11

(63.159)

(32.357)

(8.679)

(2.795)

(7.939)

United Kingdom

0.0095*

0.2639*

0.1892*

2.2289*

4.3898*

32.06

(87.478)

(14.919)

(9.272)

(5.28)

(7.833)

Asian and Asia Pacific Markets

Australia

0.0169*

0.5772*

0.3136*

0.0042

12.93*

42.76

(178.685)

(30.973)

(11.158)

(0.0008)

(9.825)

China

0.0119*

0.3909*

0.2508*

−3.2427*

0.2473

23.9

(83.051)

(22.397)

(12.945)

(−9.591)

(0.652)

Hong Kong

0.0101*

0.2697*

0.1664*

0.5708*

4.5314*

34.51

(87.28)

(21.113)

(7.674)

(2.665)

(6.866)