Table 11: Results of TVRAS-GARCH-M model ( ).

Index/parameterNYSENASDAQN225FTSESSEHSITSXBOVAORDDAX

−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

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