Country Name

${\gamma }_0^{-}$

${\gamma }_1^{-}$

${\gamma }_2^{-}$

Adjusted R²

American and Latin American Markets

Brazil

0.0126*

0.2297*

1.0969*

35.94

(79.361)

(14.836)

(4.477)

Canada

0.01221*

0.4167*

3.2009*

38.96

(68.768)

(13.779)

(4.344)

Chile

0.0114*

0.1602*

0.7852**

15.82

(63.838)

(8.173)

(2.175)

Mexico

0.0093*

0.3739*

2.8029*

47.66

(61.063)

(17.793)

(6.654)

United States

0.0109*

0.4314*

−0.6175

30.65

(40.188)

(15.064)

(−1.264)

European Markets

Belgium

0.0079*

0.3156*

2.6773*

37.76

(43.655)

(11.712)

(4.246)

France

0.0089*

0.2076*

0.8467**

22.62

(51.508)

(10.222)

(2.261)

Germany

0.0085*

0.2626*

0.6464

29.36

(48.277)

(1.856)

(0.295)

Greece

0.0138*

0.3409*

−0.3046

35.21

(62.308)

(15.537)

(−0.853)

Netherland

0.0093*

0.2728*

2.4153*

29.08

(36.696)

(8.108)

(3.262)

Portugal

0.0088*

0.4517*

−1.7718*

33.76

(55.488)

(19.346)

(−3.059)

Russia

0.0129*

0.3199*

0.1284

37.48

(58.92)

(15.28)

(0.39)

Sweden

0.0092*

0.2682*

0.0200

22.00

(46.141)

(11.493)

(0.046)

Switzerland

0.0064*

0.3077*

1.2278*

38.14

(40.139)

(14.898)

(3.456)

United Kingdom

0.0094*

0.2704*

2.7319*

32.39

(55.039)

(10.759)

(4.645)

Asian and Asia Pacific Markets

Australia

0.0156*

0.5953*

0.1487

44.61

(109.52)

(21.71)

(0.23)

China

0.0117*

0.3342*

−2.1354*

21.71

(54.09)

(14.59)

(−5.67)