Table 3: Results of TVRA-GARCH-M model (MIX).

Index/parameterNYSENASDAQN225FTSESSEHSITSXBOVAORDDAX

0.291*** 
0.154
0.070
0.349*** 
−0.002
0.109
0.098
0.385*** 
0.088
0.046
−0.798*** 
−0.473
−0.995*** 
−0.746*** 
0.982*** 
−0.534
0.265
0.987*** 
−0.758*** 
−0.987*** 
−3.098*** 
−1.302
−0.409
−3.800*** 
0.056*** 
−0.623
−1.437
−0.601* 
−2.587** 
−0.614* 
Likelihood−3572.507−3987.908−4083.661−3531.389−4434.745−4085.042−3298.805−4686.645−3152.282−4136.812

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