Research Article
Investors’ Risk Preference Characteristics Based on Different Reference Point
Table 4
Results of TVRA-GARCH-M model (
).
| Index/parameter | NYSE | NASDAQ | N225 | FTSE | SSE | HSI | TSX | BOV | AORD | DAX |
| | 0.008
| 0.060
| −0.001
| 0.075
| 0.271***
| 0.003
| −0.004
| 0.051
| −0.007
| 0.001
| | 0.668***
| −0.173
| 0.728**
| 0.898**
| −1.003***
| 0.833***
| 0.742***
| 0.577**
| 0.761***
| 0.674***
| | −1.735***
| −2.270*
| −0.698
| −0.164
| 0.229***
| −0.401
| −1.800***
| −1.137**
| −0.708
| −1.062**
| Likelihood | −3598.082 | −4019.787 | −4145.145 | −3598.893 | −4518.374 | −4143.122 | −3344.253 | −4758.705 | −3197.032 | −4211.978 |
|
|
Note: ***, **, and * in all tables denote that the parameter is significant at 1%, 5%, and 10% level, respectively.
|