Table 8 The GARCH (1,1) estimates.

From: Outperforming the market: a comparison of Star and NonStar analysts’ investment strategies and recommendations

Variable

Coefficient

Std. Error

z-Statistic

Prob.

C

−0.0049

0.0008

−6.017

1.770e-09

 

Variance Equation

   

C

−0.001388

0.000146

−9.490048

0.0000

RESID(−1)^2

0.381635

0.030422

12.54492

0.0000

GARCH(−1)

0.082328

0.024061

3.421677

0.0006

NASDAQ

0.000191

1.06e-05

18.12596

0.0000

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