Research Article
Investors’ Risk Preference Characteristics Based on Different Reference Point
Table 11
Results of TVRAS-GARCH-M model (
).
| Index/parameter | NYSE | NASDAQ | N225 | FTSE | SSE | HSI | TSX | BOV | AORD | DAX |
| | −5.448***
| −1.709
| −2.752**
| −7.127***
| 2.640***
| −1.553 (0.2)
| −3.250**
| −0.521 (0.3)
| −3.549*
| −0.848 (0.2)
| | −3.549***
| −2.769**
| −0.866 (0.3)
| −2.390*
| −2.309***
| −0.639 (0.5)
| −0.844 (0.2)
| −0.843 (0.14)
| −2.075 (0.18)
| −0.770*
| Likelihood | −3586.786 | −4008.609 | −4100.709 | −3549.149 | −4458.122 | −4102.049 | −3308.176 | −4708.183 | −3165.194 | −4162.036 |
|
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Note: ***, **, and * in all tables denote that the parameter is significant at 1%, 5%, and 10% level, respectively.
|