Investors’ Risk Preference Characteristics Based on Different Reference Point

Table 13

Results of TVRAS-GARCH-M model (MP).

Index/parameter	NYSE	NASDAQ	N225	FTSE	SSE	HSI	TSX	BOV	AORD	DAX
𝜆11	−4.051***; [1.378]	−5.176***; [1.987]	−4.207**; [1.773]	−3.337**; [1.341]	−0.672; [0.509]	−3.300**; [1.561]	−3.888***; [1.471]	−1.743; [1.218]	−6.061**; [2.578]	−4.664***; [1.771]
𝜆12	−1.887; [1.202]	1.389; [1.923]	0.761; [1.825]	−2.176*; [1.153]	1.097*; [0.599]	1.682; [1.712]	−1.607; [1.188]	1.186; [1.338]	1.772; [2.669]	2.884; [1.833]
Likelihood	−3571.901	−3984.559	−4082.694	−3532.935	−4442.370	−4083.135	−3295.887	−4687.562	−3151.470	−4138.233

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