Research Article
Investors’ Risk Preference Characteristics Based on Different Reference Point
Table 10
Results of TVRAS-GARCH-M model (
).
| Index/parameter | NYSE | NASDAQ | N225 | FTSE | SSE | HSI | TSX | BOV | AORD | DAX |
| | −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.
|