Table 10: Results of TVRAS-GARCH-M model ( ).

Index/parameterNYSENASDAQN225FTSESSEHSITSXBOVAORDDAX

−2.591** 
−3.778** 
−0.895
−0.115
0.240*** 
−0.409 
−2.992*** 
−1.690* 
−1.203
−2.486** 
−0.734
−0.453
−0.601
−0.222
0.195*** 
−0.396
−0.577
−0.531
−0.072
0.127
Likelihood−3597.464−4019.031−4145.122−3598.876−4504.463−4143.122−3343.164−4758.322−3196.579−4210.430

Note: ***, **, and * in all tables denote that the parameter is significant at 1%, 5%, and 10% level, respectively.