Research Article
Investors’ Risk Preference Characteristics Based on Different Reference Point
Table 12
Results of TVRAS-GARCH-M model (
).
|
Index/parameter | NYSE | NASDAQ | N225 | FTSE | SSE | HSI | TSX | BOV | AORD | DAX |
| | −4.933***
| 19.093***
| 0.709 (0.4)
| −3.365**
| 0.053**
| 0.670
| −2.840*
| 0.178 (0.7)
| −2.637 (0.12)
| −1.123 (0.12)
| | −1.131 (0.2)
| 17.579***
| −1.639 (0.16)
| −4.008***
| 0.043*
| −2.747***
| −2.424**
| −0.852*
| −1.728 (0.17)
| −0.633 (0.2)
| Likelihood | −3556.580 | 2302.776 | −4063.584 | −3515.318 | −4413.475 | −4069.571 | −3282.142 | −4670.078 | −3142.121 | −4116.474 |
|
|
Note: ***, **, and * in all tables denote that the parameter is significant at 1%, 5%, and 10% level, respectively.
|