Note(s): This table reports the daily average parameter estimates and standard errors for each model. BS refers to the Black and Scholes (1973) model. The A1 model uses an intercept and the strike price as independent variables, while the A2 model includes an intercept, the strike price, and the squared strike price. The R1 model considers an intercept and moneyness, and the R2 model includes an intercept, moneyness, and squared moneyness. SV and SVJ denote the stochastic volatility model and the stochastic volatility model with jumps of Bakshi et al. (1997), respectively. Parameters of the BS, SV, and SVJ models are estimated by minimizing the sum of squared errors between market and model prices. The parameters of the AHBS models are estimated by daily regressions. For the R², the reported values are the daily averages and standard deviations of the estimates