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# Table 4 Second stage V-IGARCH(1,1) regression model (Equation 3)

Estimators | Estimates |
---|---|

\( {\widehat{\gamma}}_{01} \) |
13.4314^{*}
(0.0000) |

\( {\widehat{\gamma}}_{11} \) |
−0.0003 (0.3743) |

\( {\widehat{\gamma}}_{21} \) |
−0.0017^{**}
(0.0559) |

\( {\widehat{\gamma}}_{31} \) |
−0.00001 (0.4695) |

\( {\widehat{\gamma}}_{41} \) |
0.1202^{*}
(0.0000) |

\( {\widehat{\gamma}}_{511} \) |
0.1289^{*}
(0.0000) |

\( {\widehat{\gamma}}_{512} \) |
0.1299^{*}
(0.0000) |

\( {\widehat{\gamma}}_{513} \) |
0.2368^{*}
(0.0000) |

\( {\widehat{\delta}}_{01} \) |
0.000003^{*}
(0.0000) |

\( {\widehat{\delta}}_{11} \) |
1.0000^{*}
(0.0000) |

\( {\widehat{\delta}}_{21} \) |
−0.000000^{*}
(0.0000) |

\( {\widehat{\delta}}_{31} \) |
−0.000001^{**}
(0.1432) |

Log-Likelihood | 2156.2286 |