Research Article
Investors’ Risk Preference Characteristics Based on Different Reference Point
Table 6
Results of TVRA-GARCH-M model (
).
| Index/parameter | NYSE | NASDAQ | N225 | FTSE | SSE | HSI | TSX | BOV | AORD | DAX |
| | 0.012
| −0.990***
| −0.028
| 0.026
| 0.002**
| 0.018
| −0.072
| 0.297*
| −0.086
| −0.012
| | −0.775***
| 0.010***
| −0.896***
| −0.791***
| 0.983***
| −0.687 (0.2)
| −0.773***
| −0.983***
| −0.739**
| −0.984***
| | −2.807***
| 27.024***
| −1.448**
| −3.771***
| 0.049***
| −0.999*
| −2.595***
| −0.499 (0.2)
| −2.089**
| −0.738*
| Likelihood | −3557.889 | 2334.177 | −4064.561 | −3515.359 | −4413.490 | −4071.417 | −3282.155 | −4671.547 | −3142.182 | −4116.618 |
|
|
Note: ***, **, and * in all tables denote that the parameter is significant at 1%, 5%, and 10% level, respectively.
|