Country Name

${\gamma }_0^{+}$

${\gamma }_1^{+}$

${\gamma }_2^{+}$

Adjusted R²

American and Latin American Markets

Brazil

0.0129*

0.1472*

3.3298*

29.82

(81.195)

(8.01)

(8.751)

Canada

0.01227*

0.4007*

3.792*

30.88

(85.055)

(14.533)

(3.792)

Chile

0.0111*

0.2056*

0.1099

20.06

(70.264)

(13.646)

(0.535)

Mexico

0.0091*

0.4041*

1.1008

36.22

(62.522)

(15.389)

(1.333)

United States

0.0107*

0.3669*

1.0395**

30.19

(46.435)

(13.943)

(2.027)

European Markets

Belgium

0.0073*

0.3528*

2.1974*

41.24

(50.833)

(17.511)

(5.606)

France

0.0087*

0.1914*

1.6619*

25.01

(54.719)

(10.13)

(4.526)

Germany

0.0087*

0.1847*

2.3897*

24.06

(51.615)

(8.298)

(4.877)

Greece

0.0137*

0.3206*

0.3291

37.15

(76.8)

(18.123)

(1.192)

Netherland

0.0091*

0.3163*

1.8114*

30.79

(35.221)

(9.766)

(2.745)

Portugal

0.0085*

0.4222*

−1.1662*

34.04

(65.122)

(24.609)

(−3.625)

Russia

0.0128*

0.3126*

0.5806**

39.84

(71.208)

(18.587)

(2.383)

Sweden

0.0091*

0.2062*

1.841*

21.71

(51.904)

(9.755)

(2.848)

Switzerland

0.0069*

0.2468*

2.255*

34.40

(46.1)

(11.51)

(4.76)

United Kingdom

0.0095*

0.2146*

3.8109*

29.70

(65.007)

(9.486)

(6.358)

Asian and Asia Pacific Markets

Australia

0.0166*

0.5024*

2.8081*

39.22

(140.396)

(20.579)

(3.652)

China

0.0119*

0.3249*

−1.2382*

24.55

(57.532)

(14.2)

(−2.812)

Hong Kong

0.0103*

0.1927*

2.9106*

35.11

(64.074)

(9.863)

(7.376)