Investors’ Risk Preference Characteristics Based on Different Reference Point

Table 9

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

Index/parameter	NYSE	NASDAQ	N225	FTSE	SSE	HSI	TSX	BOV	AORD	DAX
𝜆11	−1.422***; [0.555]	−0.766; [0.635]	−0.048; [0.129]	−2.029***; [0.752]	0.763**; [0.332]	−0.166; [0.224]	−1.047**; [0.467]	−0.445; [0.532]	−1.446; [1.024]	−1.386**; [0.720]
𝜆12	−27.106***; [2.665]	−27.806***; [2.701]	−4.567**; [2.166]	−38.036***; [2.974]	−21.988***; [2.514]	−11.127***; [2.495]	−33.931***; [3.541]	−19.841***; [2.195]	−27.990***; [3.758]	−13.520***; [2.749]
Likelihood	−3563.113	−3972.361	−4084.628	−3514.580	−4436.957	−4082.474	−3287.054	−4676.344	−3141.543	−4136.597

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