Table 5: Estimation results of the HAR-CJ-M model.

(1 day) (1 week) (1 month)
CoefficientStd. error CoefficientStd. error CoefficientStd. error

−0.2092***0.0618−0.2042**0.0869−0.08090.1243
0.2373***0.03980.1743***0.03330.0776***0.0279
0.3039***0.06430.2500***0.07270.1334*0.0755
0.2154***0.06250.2263***0.08540.3056***0.0971
0.0891**0.03940.02430.02770.01310.0178
−0.04040.0416−0.01480.05010.05930.0486
0.0914*0.05340.12170.07530.02480.0862
0.04070.03690.06260.04530.0997**0.0465
0.1798***0.03860.1338***0.04280.1100**0.0450
0.1304***0.03380.1676***0.04540.1895***0.0446
0.0975*0.03230.1421***0.04330.1554***0.0447
0.03170.02580.0794**0.03600.07780.0502
0.0520**0.02250.0929***0.03090.1141**0.0514

Adj- 0.60830.66770.6136