Stock Index

MODEL LSTR

${\lambda }_1$

TS

${\lambda }_2$

TS

$C_1$

$C_2$

$\gamma$

Japan

2

0.007

(−0.71)

−0.016

(−0.15)

0.451

(−0.38)

0.187

(0.000)^***

12.05

(−0.90)

16.38

(0.00)^***

8.75

(0.911)

Taiwan

2

0.032

(0.001)^***

−0.021

(0.000)^***

−0.033

(−0.75)

0.346

(−0.77)

15.25

(0.000)^***

17.35

(0.00)^***

1.42

(0.049)

Singapore

1

−0.561

(0.000)^***

0.120

(0.000)^***

0.496

(0.000)^***

−0.139

(0.000)^***

9.17

(0.000)^***

46.01

(0.07)^*