Forecasting Volatility of Stock Index: Deep Learning Model with Likelihood-Based Loss Function

Table 3

ARMA-GARCH estimation results.

	S&P 500		Dow Jones		NASDAQ
	Estimate	T-test	Estimate	T-test	Estimate	T-test
	4.59e − 4	8.10	4.45e − 4	8.52	6.20e − 4	6.16
	−0.150	−2.41	−0.155	−2.02	0.866	11.50
	0.259	4.26	0.235	3.12	−0.668	−8.65
					−0.147	−6.43
	1.23e − 6	3.07	2.10e − 6	2.57	1.03e − 6	1.73
	0.115	15.96	0.113	9.38	0.103	9.40
	0.504	59.49	0.543	6.73	0.892	86.09
	0.379	15.04	0.336	5.05