{name} Model Equation

Spline Coefficients

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Parameter	Value	t-statistic
ω const Unconditional variance weight	5.0000	3.58***
α ARCH Response to squared shocks	0.1412	29.09***
β GARCH Volatility persistence	0.8124	538.39***
γ leverage Additional response to negative shocks	0.0928	10.65***

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Jinneng Holding Shanxi Electric Power Co Ltd Asymmetric ILLIQ Liquidity Analysis

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