Research Article
Investors’ Risk Preference Characteristics Based on Different Reference Point
Table 8
Results of TVRAS-GARCH-M model (MAX).
| | Index/parameter | NYSE | NASDAQ | N225 | FTSE | SSE | HSI | TSX | BOV | AORD | DAX |
| | −57.180***
| −32.726***
| −26.952***
| −55.843***
| 1.239**
| −20.389***
| −39.102***
| −19.859***
| −43.328***
| −37.310***
| | −0.990**
| −0.410
| −0.343
| −1.892***
| 0.030*
| −0.397
| −1.091***
| −0.065
| −0.391
| −0.705**
| | Likelihood | −3541.543 | −3970.803 | −4074.049 | −3503.489 | −4433.837 | −4077.932 | −3280.496 | −4675.261 | −3132.791 | −4111.405 |
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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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