{name} Model Equation

Spline Coefficients

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Parameter	Value	t-statistic
ω const Unconditional variance weight	2.5212	25.09***
α ARCH Response to squared shocks	0.1469	22.13***
β GARCH Volatility persistence	0.7774	357.26***
γ leverage Additional response to negative shocks	0.0870	6.09***

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Zhejiang Zheneng Electric Power Co Ltd Asymmetric ILLIQ Liquidity Analysis

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