Financial Innovation

Table 2 GARCH variance estimation results

From: Brent prices and oil stock behaviors: evidence from Nigerian listed oil stocks

	Mean equation		Variance equation
	μ	Ƞ ₁	α ₀	α ₁	β ₁
Beco Plc	0.398600^a	0.995949^b	0.035005^b	0.927270^b	0.061627^b
Conoil Plc	0.419389^a	0.995747^b	0.033552^b	0.927481^b	0.062076^b
Eternal Plc	0.371797^a	0.996200^b	0.032791^b	0.931361^b	0.058615^b
Forte Plc	0.427161^a	0.995671^b	0.033517^b	0.928385^b	0.061117^b
Mobil Plc	0.410169^a	0.995835^b	0.035217^b	0.926734^b	0.062053^b
MRS Plc	0.466006^b	0.995249^b	0.048561^b	0.921975^b	0.063552^b
Oando Plc	0.146239^b	0.999039^b	0.034501^b	0.256455^b	0.222403^b
Total Plc	0.398600^a	0.995949^b	0.035005	0.061627^b	0.927270^b
All Companies	0.885887^b	0.990735^b	0.007683^b	0.802001^b	0.300662^b

^a and ^b indicate the significance at 5% and 10% confidence level respectively

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