ARCH

ARCH-M

GARCH

$R_{t-1}$

0.5548

0.5223

0.5022

${\alpha }_0$

56.9260

39.1613

—

${\alpha }_1$

0.2871

0.5896

0.1672

$\varphi$

—

—

−0.5940

$\partial$

—

—

—

$\gamma$

—

—

—