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V-Lab

Hua Medicine Spline ILLIQ Liquidity Analysis

Liquidity prediction for Wednesday, July 22nd, 2026

1 Day

5,858.20

decreased by 373.14

1 Week

5,993.72

decreased by 237.62

1 Month

6,279.10

increased by 47.76

Analysis last updated: Wednesday, July 22, 2026 at 06:51 PM UTC

Date Range:

from

to

6M ·

1Y ·

2Y ·

5Y ·

All

graph of Hua Medicine ILLIQ-SMEM

News Impact Curve

How returns affect tomorrow's liquidity

Liquidity Forecast

How liquidity evolves over time

Parameter Estimates

Sep 14, 2018 to Jul 17, 2026

Model Insight

This model fits a time-varying baseline (a spline), so illiquidity mean-reverts toward a slowly-shifting long-run level rather than a constant. Short-run deviations decay with a half-life of 12 trading days.

μ

ILLIQ-SMEM Model

Tap to view equation

ParameterValuet-statistic
ω

const

Unconditional variance weight

5.9292
2.03**
α

ARCH

Response to squared shocks

0.2337
6.08***
β

GARCH

Volatility persistence

0.7091
12.57***
γi Spline Coefficients
K=6
γ1-0.7094
-0.60
γ22.3126
1.44
γ3-2.4448
-3.04***
γ42.4923
2.92***
γ5-4.9022
-3.78***
γ67.3309
4.55***

Persistence:

0.943

Half-life:

12 days