2015

−0.98

−3.20

−2.10

−2.15

−1.67

−3.80

−13.58

−11.39

−0.89

2.37

−3.81

−2.77

2016

−1.04

−3.37

−2.24

−2.26

−1.68

−4.10

−12.14

−10.07

−0.75

4.12

−7.85

−6.11

2000-2001

−1.12

−3.60

−2.42

−2.50

−1.74

−4.70

−15.79

−12.74

−0.82

7.60

−15.06

−11.88

2002-2006

−1.00

−3.25

−2.14

−2.16

−1.66

−3.84

−11.94

−9.99

−0.77

2.72

−4.50

−3.31

2007-2009

−1.33

−4.21

−2.90

−3.02

−1.86

−6.01

−17.49

−13.58

−0.67

11.61

−23.69

−18.87

2010-2012

−0.99

−3.22

−2.12

−2.15

−1.66

−3.81

−11.96

−10.03

−0.78

2.34

−3.71

−2.69

2013-2014

−0.95

−3.13

−2.05

−2.08

−1.65

−3.63

−13.61

−11.47

−0.91

2.17

−3.42

−2.47

2015-2016

−1.01

−3.29

−2.17

−2.20

−1.68

−3.95

−12.86

−10.73

−0.82

3.24

−5.83

−4.44

$\Delta CoVa{R}_t^{CT|S}\left(\text{1\%}\right)$ Panel B: C_t-C_t−1 Range based Model

1999

−0.29

−0.35

−1.87

−0.89

−0.26

−5.49

−2.73

−3.39

−1.81

−3.79

−2.84

−1.35

2000

−0.28

−0.35

−1.84

−0.90

−0.27

−5.55

−2.74

−3.38

−1.81

−7.03

−5.15

−2.76

2001

−0.26

−0.32

−1.67

−0.91

−0.27

−5.58

−2.94

−3.61

−1.94

−5.38

−3.99

−2.00

2002

−0.24

−0.29

−1.56

−0.88

−0.26

−5.36

−2.46

−3.06

−1.64

−2.81

−2.23

−0.72

2003

−0.24

−0.29

−1.56

−0.87

−0.25

−5.31

−2.44

−3.01

−1.61

−3.58

−2.72

−1.17

2004

−0.24

−0.30

−1.58

−0.87

−0.25

−5.31

−2.33

−2.90

−1.55

−4.34

−3.25

−1.55

2005

−0.26

−0.32

−1.67

−0.89

−0.26

−5.42

−2.56

−3.16

−1.70

−3.72

−2.78

−1.33

2006

−0.26

−0.32

−1.71

−0.90

−0.26

−5.51

−2.69

−3.31

−1.78

−8.68

−6.40

−3.32

2007

−0.30

−0.37

−1.96

−0.92

−0.27

−5.66

−2.71

−3.37

−1.80

−5.59

−4.15

−2.07

2008

−0.36

−0.44

−2.31

−1.02

−0.30

−6.26

−3.60

−4.41

−2.37

−13.76

−9.96

−5.67

2009

−0.27

−0.33

−1.75

−0.86

−0.25

−5.29

−2.68

−3.30

−1.77

−13.26

−9.62

−5.43

2010

−0.24

−0.29

−1.56

−0.88

−0.26

−5.36

−2.50

−3.10

−1.66

−5.57

−4.18

−1.95

2011

−0.25

−0.30

−1.60

−0.90

−0.26

−5.50

−2.59

−3.22

−1.72

−4.57

−3.41

−1.64

2012

−0.25

−0.31

−1.64

−0.89

−0.26

−5.43

−2.62

−3.21

−1.73

−4.03

−3.08

−1.30

2013

−0.24

−0.29

−1.56

−0.88

−0.26

−5.37

−2.54

−3.13

−1.68

0.79

0.44

0.63

2014

−0.24

−0.29

−1.56

−0.92

−0.27

−5.59

−2.68

−3.30

−1.77

−3.39

−2.57

−1.12

2015

−0.24

−0.30

−1.58

−0.91

−0.27

−5.57

−2.83

−3.47

−1.87

−0.97

−0.90

0.05

2016

−0.26

−0.31

−1.67

−0.88

−0.26

−5.35

−2.67

−3.29

−1.77

−6.29

−4.68

−2.30

2000-2001

−0.27

−0.33

−1.75

−0.91

−0.27

−5.56

−2.84

−3.50

−1.88

−6.20

−4.57

−2.38

2002-2006

−0.25

−0.30

−1.62

−0.88

−0.26

−5.38

−2.50

−3.09

−1.65

−4.63

−3.48

−1.62

2007-2009

−0.31

−0.38

−2.01

−0.93

−0.27

−5.74

−3.00

−3.69

−1.98

−10.87

−7.91

−4.39

2010-2012

−0.25

−0.30

−1.60

−0.89

−0.26

−5.43

−2.57

−3.18

−1.70

−4.72

−3.56

−1.63

2013-2014

−0.24

−0.29

−1.56

−0.90

−0.26

−5.48

−2.61

−3.21

−1.72

−1.30

−1.07

−0.24

2015-2016

−0.25

−0.31

−1.63

−0.90

−0.26

−5.46

−2.75

−3.38

−1.82

−3.63

−2.79

−1.12