The first round

WAEG, MAEG and SAEG

The last 10 rounds

WAEG

MAEG

SAEG

ϕ

0.53

(4.42)

−0.78

(−11.14)

−0.25

(−3.57)

−0.07

(−1.00)

λ

0.14

(1.17)

−0.03

(−0.43)

−0.03

(−0.43)

0.06

(−0.86)

Log-likelihood

−189.31

−593.74

−657.26

−664.02