Table 7: Results of TVRA-GARCH-M model (MP).

Index/parameterNYSENASDAQN225FTSESSEHSITSXBOVAORDDAX

0.006
0.012
−0.001
0.105
0.118
0.001
−0.004
0.026
−0.023
0.001
0.777*** 
0.670*** 
0.821*** 
−0.671*** 
−0.070
0.883*** 
0.857*** 
0.757*** 
−0.489
0.807*** 
−3.119*** 
−2.003* 
−1.236
−3.418** 
−0.962
−0.693
−2.690*** 
−1.475** 
−3.007
−1.605** 
Likelihood−3572.617−3986.930−4084.460−3535.877−4444.961−4084.119−3296.610−4686.938−3153.422−4140.519

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