variable

$DUVO{L}_t$

$DUVO{L}_t$

$DUVO{L}_t$

$DUVO{L}_t$

$DUVO{L}_t$

(n = 20)

(n =40)

(n = 40)

(n = 80)

(n = 100)

$Li{q}_t$

−0.1410**

−0.4941***

−0.4851***

−0.5070***

−0.4870***

(−1.9540)

(−5.5418)

(−4.5617)

(−3.5460)

(−2.8878)

$Re{t}_t$

−0.0397

0.2307**

0.3434**

0.4147**

0.4682**

(−0.3895)

(2.0846)

(2.5565)

(2.4709)

(2.4148)

$Sigm{a}_t$

−0.3502

1.0275***

0.8177**

0.5467

−0.6262

(−1.3701)

(3.4757)

(2.1291)

(1.0338)

(−0.8989)