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	param	t-stat
$ω$	0.8722	2.59
$α$	0.0000	0.00
$β$	0.9999	51.84
$γ_{1}$	1.5474	0.01
$γ_{2}$	-7.5800	-0.09
$γ_{3}$	11.7716	0.61
$γ_{4}$	-9.6238	-0.92
$γ_{5}$	4.6530	0.63
$γ_{6}$	-5.5704	-0.91
$γ_{7}$	13.6201	2.22
$γ_{8}$	-30.3163	-4.28

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Universal Music Group N V Spline ILLIQ Liquidity Analysis

Liquidity Prediction for Monday, February 23rd, 2026:174,362.90 (149.30)

Date Range:

Parameter Estimates

News Impact Curve

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