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	param	t-stat
$ω$	1.2727	3.81
$α$	0.0897	7.15
$β$	0.8825	54.32
$γ_{1}$	-0.3146	-2.18
$γ_{2}$	0.2896	1.18
$γ_{3}$	0.2765	1.69
$γ_{4}$	-0.3914	-3.78
$γ_{5}$	0.0896	0.95
$γ_{6}$	0.1798	1.82
$γ_{7}$	-0.2473	-1.48

V-Lab

PHI Inc Spline ILLIQ Liquidity Analysis

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Parameter Estimates

News Impact Curve

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