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# Table 5 Second stage V-IGARCH(1,1) regression model (Equation 4)

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

\( {\widehat{\gamma}}_{02} \) |
−4.0502^{*}
(0.0000) |

\( {\widehat{\gamma}}_{12} \) |
−0.1917^{**}
(0.0424) |

\( {\widehat{\gamma}}_{22} \) |
−0.2083^{**}
(0.0435) |

\( {\widehat{\gamma}}_{32} \) |
0.0084 (0.3176) |

\( {\widehat{\gamma}}_{42} \) |
2.3271^{*}
(0.0000) |

\( {\widehat{\gamma}}_{521} \) |
−2.4496^{*}
(0.0000) |

\( {\widehat{\gamma}}_{522} \) |
−1.4117^{**}
(0.0167) |

\( {\widehat{\gamma}}_{523} \) |
−1.4714^{**}
(0.0138) |

\( {\widehat{\delta}}_{02} \) |
0.0390^{**}
(0.0057) |

\( {\widehat{\delta}}_{12} \) |
0.8421^{*}
(0.0000) |

\( {\widehat{\delta}}_{22} \) |
0.1579^{**}
(0.1692) |

\( {\widehat{\delta}}_{32} \) |
0.0082^{**}
(0.2680) |

Log-Likelihood | 266.8531 |