${\Phi }_0$

$\Phi$

Constant

Stock_t−1

Bond_t−1

T-bill_t−1

DBEKK Mean model

Stock_t

0.0329

(0.0246)

−0.0418

(0.0317)

0.0918***

(0.0232)

−2.0359***

(0.5325)

Bond_t

−0.0525**

(0.0250)

−0.0113

(0.0223)

−0.0208

(0.0245)

0.8143*

(0.4747)

T-bill_t

0.0003

(0.0011)

−0.0002

(0.0009)

0.0019**

(0.0009)

0.0256

(0.0258)