Stock Index

MODEL LSTR

${\lambda }_1$

TS

${\lambda }_2$

TS

$C_1$

$C_2$

$\gamma$

Japan

2

0.243

(0.04)^**

0.005

(0.18)

0.233

(0.09)^*

−0.013

(−0.82)

3.223

(0.00)^***

15.25

(0.000)^***

2.142

(−0.111)

Malaysia

2

−0.800

(−0.89)

−0.0451

(0.000)^***

0.295

(−0.666)

0.333

(0.000)^***

5.25

(0.000)^***

16.28

(0.000)^***

4.263

(−0.386)

Singapore

1

−0.39

(−0.41)

0.027

(0.03)^**

−0.432

(−0.93)

0.216

(−0.800)

13.92

(0.000)^***

41.21

(0.04)^**