变量

$R_t$

${\sigma }_t^2$

$R{f}_t$

0.000219

(0.000159)

$H{g}_t$

−0.000131***

(2.15e−05)

$Fig\text{\_}dif{f}_t$

3.18e−06***

(3.21e−07)

Constant

0.0122***

−132,149

(0.00209)

(103,741)

${ϵ}_{t-1}^2$

1.412e+10***

(2.674e+09)

${ϵ}_{t-1}^2\times I_{t-1}$

−2.718e+10***

(3.304e+09)

${\sigma }_{t-1}^2$

0.538***

(0.0473)

$Lnfhol{d}_t$

−20,228*

(11,717)