| PANEL A. ARMA (1, 0)-GARCH (1, 1) MODELS | |||||
| Selection Criteria | Normal | Student-t | Student Fixed | GED | GED_Fixed |
| SIC | −7.326 | −7.477 | −7.451 | −7.466 | −7.433 |
| AIC | −7.452 | −7.619 | −7.577 | −7.607 | −7.558 |
| HQI | −7.326 | −7.561 | −7.526 | −7.550 | −7.508 |
| PANEL B. ARMA (1, 0)-GARCH (1, 1) IN MEAN MODELS | |||||
| Selection Criteria | Normal | Student-t | Student Fixed | GED | GED_Fixed |
| SIC | −7.303 | −7.454 | −7.427 | −7.432 | −7.408 |
| AIC | −7.444 | −7.612 | −7.568 | −7.589 | −7.549 |
| HQI | −7.387 | −7.548 | −7.511 | −7.526 | −7.492 |
| PANEL C. ARMA (1, 0) - E-GARCH (1, 1) MODELS | |||||
| Selection Criteria | Normal | Student-t | Student Fixed | GED | GED_Fixed |
| SIC | −7.426 | −7.491 | −7.495 | −7.487 | −7.491 |
| AIC | −7.567 | −7.648 | −7.636 | −7.645 | −7.632 |
| HQI | −7.510 | −7.585 | −7.579 | −7.581 | −7.575 |