Research Article
Investors’ Risk Preference Characteristics Based on Different Reference Point
Table 3
Results of TVRA-GARCH-M model (MIX).
| | Index/parameter | NYSE | NASDAQ | N225 | FTSE | SSE | HSI | TSX | BOV | AORD | DAX |
| | 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 |
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Note: ***, **, and * in all tables denote that the parameter is significant at 1%, 5%, and 10% level, respectively.
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