Parameter	AR	LM-AR	MS-AR	MS-LM-AR	HAR	LM-HAR	MS-HAR	MS-LM-HAR
μ	0.0105*** (0.0008)	0.0121** (0.0135)	0.0049*** (0.0010)	−0.0034** (0.0032)	0.0013* (0.0007)	0.0220** (0.0148)	0.2732*** (0.0251)	0.0203** (0.0161)
$ϕ_{D}$	0.6764*** (0.1112)	−0.2121* (0.1201)	0.5619* (0.0902) /2.5301* (0.4693)	0.1043 (0.0949) /10.1308* (1.1090)	0.2753** (0.1190)	−0.2577** (0.1168)	−0.2769 (0.1246) /0.9959* (0.0011)	−0.2266 (0.0936) /−144.6910 (216.1530)
$ϕ_{W}$					0.4107*** (0.1355)	−0.1013** (0.1022)	−0.1827*** (0.0664)	−0.1617* (0.0854)
$ϕ_{M}$					0.2247** (0.1001)	0.0729** (0.0969)	0.0783** (0.0594)	0.1091** (0.0779)
d		0.5450*** (0.1223)		0.2603*** (0.0136)		0.6106*** (0.1297)		0.5822*** (0.0335)
LLF	13054.80	13541.30	14380.00	15063.60	13481.00	13544.00	14274.10	14484.20
P₁₁/P₂₂			0.9004 /0.0312	0.9927 /0.0000			0.5750 /0.9984	0.9992 /0.0000
Parameter	AR−J	LM−AR−J	MS−AR−J	MS−LM−AR−J	HAR−J	LM−HAR−J	MS−HAR−J	MS−LM−HAR−J
μ	0.0244** (0.0163)	0.0170** (0.0241)	0.0042*** (0.0014)	−0.0015** (0.0041)	0.0021** (0.0009)	0.0170** (0.0241)	0.0015** (0.0007)	0.0257*** (0.0060)
$ϕ_{D}$	0.8630*** (0.1232)	−0.2306* (0.1242)	2.7311* (0.4819) /0.7353* (0.0982)	10.1353* (1.1546) /0.1676 (0.1107)	0.4591*** (0.1429)	−0.2306* (0.1242)	3.7222* (0.3151) /0.3828* (0.1195)	−0.1373* (0.0817) /−96.1012*** (34.0814)
$ϕ_{W}$		−0.0644** (0.1050)			0.3745*** (0.1388)	−0.0644** (0.1050)	0.3324*** (0.1197)	−0.0758** (0.0859)
$ϕ_{M}$		0.1461** (0.1080)			0.1999* (0.1039)	0.1461** (0.1080)	0.2088*** (0.0726)	0.1097** (0.0778)
$J_{D}$	−0.9466*** (0.2798)	−0.7648*** (0.2718)	−0.7855*** (0.1945)	−0.2390** (0.1492)	−0.7403*** (0.2612)	−0.7648*** (0.2718)	−0.4891*** (0.1517)	−0.5398*** (0.1281)
d		0.7501*** (0.2091)		0.2596*** (0.0146)		0.7501*** (0.2091)		0.5924*** (0.0118)
LLF	13264.20	13707.50	14625.30	15099.40	13626.70	13707.50	15153.50	14609.80
P₁₁/P₂₂			0.0188 /0.9035	0.0000 /0.9930			0.0000 /0.9851	0.9993 /0.0000