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	param	t-stat
$ω$	0.9118	3.12
$α$	0.0866	0.26
$β$	0.9134	2.74
$γ_{1}$	-0.1117	-0.08
$γ_{2}$	0.1250	0.08
$γ_{3}$	-0.0256	-0.19
$γ_{4}$	0.0455	0.37

V-Lab

Churchill Downs Inc Spline ILLIQ Liquidity Analysis

Liquidity Prediction for Monday, February 23rd, 2026:250.46 (-6.84)

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Parameter Estimates

News Impact Curve

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