GARCH-Type Model with Continuous and Jump Variation for Stock Volatility and Its Empirical Study in China

Table 1

Descriptive statistics of each variable.

	Mean	Std. dev.	Skewness	Kurtosis	Jarque-Bera	ADF-𝑡 statistic
𝑅𝑡	−0.0152	2.1141	−0.2647	4.9345	200.95***	−32.901***
RV𝑡	4.3471	6.8083	5.9174	49.075	113055***	−10.710***
𝐶𝑡	3.3412	4.3445	5.9456	65.248	200641***	−7.7154***
𝐽𝑡	1.0058	4.8285	9.5878	109.80	588177***	−16.145***
ln(RV𝑡)	0.9600	0.9323	0.5180	3.2163	55.961***	−4.9183***
ln(𝐶𝑡)	0.7650	0.8992	0.3525	2.8382	26.138***	−5.3556***
ln(𝐽𝑡+1)	0.2825	0.6209	3.0445	14.085	7990.6***	−16.266***

*** denotes significance at 1% significance level.