Volatility spillovers, structural breaks and uncertainty in technology sector markets

Financial Innovation

Table 5 DCC estimates between the tech sectors and financial assets

	ATE-SP5	ATE-MWO	ATE-ESG	ATE-OIL	ATE-GLD	ATE-USD	ATE-BND
alpha \(\left( {\alpha_{dcc} } \right)\)	0.0492^***	0.0300^***	0.0112	0.027^***	0.0195^**	0.0138^***	0.0303^***
beta \(\left( {\beta_{dcc} } \right)\)	0.9327^***	0.9615^***	0.9781^***	0.9673^***	0.9698^***	0.9828^***	0.9489^***
\(\left( {\alpha_{dcc} + \beta_{dcc} } \right)\)	0.9819	0.9915	0.9893	0.9943	0.9893	0.9966	0.9792

	MIT-SP5	MIT-MWO	MIT-ESG	MIT-OIL	MIT-GLD	MIT-USD	MIT-BND
alpha \(\left( {\alpha_{dcc} } \right)\)	0.0401^***	0.0346^***	0.021^***	0.0278^***	0.0225^***	0.013^***	0.022^***
beta \(\left( {\beta_{dcc} } \right)\)	0.9388^***	0.932^***	0.9569^***	0.9669^***	0.9671^***	0.9846^***	0.9635^***
\(\left( {\alpha_{dcc} + \beta_{dcc} } \right)\)	0.9789	0.9666	0.9779	0.9947	0.9896	0.9976	0.9855

	ABI-SP5	ABI-MWO	ABI-ESG	ABI-OIL	ABI-GLD	ABI-USD	ABI-BND
alpha \(\left( {\alpha_{dcc} } \right)\)	0.0274^***	0.0280^***	0.02^***	0.0236^***	0.0081^**	0.0072^**	0.0203^***
beta \(\left( {\beta_{dcc} } \right)\)	0.9456^***	0.9411^***	0.9464^***	0.965^***	0.9845^***	0.99^***	0.9642^***
\(\left( {\alpha_{dcc} + \beta_{dcc} } \right)\)	0.973	0.9691	0.9664	0.9886	0.9926	0.9972	0.9845

	SPC-SP5	SPC-MWO	SPC-ESG	SPC-OIL	SPC-GLD	SPC-USD	SPC-BND
alpha \(\left( {\alpha_{dcc} } \right)\)	0.0000	0.0000	0.0000	0.0045	0.0024	0.0072	0.0058
beta \(\left( {\beta_{dcc} } \right)\)	0.8509	0.8375^*	0.8229^*	0.9912^***	0.9701^***	0.9434^***	0.8389^**
\(\left( {\alpha_{dcc} + \beta_{dcc} } \right)\)	0.8509	0.8375	0.8229	0.9957	0.9725	0.9506	0.8447

	FIN-SP5	FIN-MWO	FIN-ESG	FIN-OIL	FIN-GLD	FIN-USD	FIN-BND
alpha \(\left( {\alpha_{dcc} } \right)\)	0.0719^***	0.1034^***	0.0409^**	0.0411^**	0.0193	0.0000	0.0356
beta \(\left( {\beta_{dcc} } \right)\)	0.8617^***	0.8249^***	0.7416^***	0.9061^***	0.8714^***	0.7929	0.8222^***
\(\left( {\alpha_{dcc} + \beta_{dcc} } \right)\)	0.9336	0.9283	0.7825	0.9472	0.8907	0.7929	0.8578

	BTC-SP5	BTC-MWO	BTC-ESG	BTC-OIL	BTC-GLD	BTC-USD	BTC-BND
alpha \(\left( {\alpha_{dcc} } \right)\)	0.0076	0.0000	0.0006	0.0000	0.0054	0.0000	0.0000
beta \(\left( {\beta_{dcc} } \right)\)	0.9483^***	0.8212	0.8472^**	0.8404	0.9676^***	0.8486^***	0.8681^***
\(\left( {\alpha_{dcc} + \beta_{dcc} } \right)\)	0.9559	0.8212	0.8478	0.8404	0.973	0.8486	0.8681

The asterisk *, **, and *** indicate statistical significance at 10%, 5%, and 1% levels, respectively