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	param	t-stat
$ω$	3.0866	2.37
$α$	0.0401	5.51
$β$	0.9574	124.35
$γ_{1}$	0.0088	5.65

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Telefonica SA Spline ILLIQ Liquidity Analysis

Liquidity Prediction for Monday, February 23rd, 2026:279.16 (-6.36)

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News Impact Curve

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