Modeling and Prediction of the Volatility of the Freight Rate in the Roadway Freight Market of China

Table 6

Out-of-sample predictive performance in a static forecast approach.

Route-specific TRV	Forecast with/without Reestimation at each step	Forecast Models
		SST-EGARCH		ARIMA		NN-EGARCH
		MAPE	MASE	MAPE	MASE	MAPE	MASE
R_CTG	Without reestimation	0.610	2.082	0.317	1.089	0.418	1.521
	With reestimation	0.494	1.717	0.316	1.087	0.333	1.215
R_CTK	Without reestimation	0.943	3.121	0.289	0.985	0.659	2.312
	With reestimation	0.644	2.192	0.289	0.985	0.270	0.981
R_CTQ	Without reestimation	0.611	2.115	0.324	1.102	0.477	1.584
	With reestimation	0.360	1.211	0.323	1.098	0.302	1.014
R_GTC	Without reestimation	1.003	3.215	0.304	1.032	0.525	1.785
	With reestimation	0.953	3.165	0.291	0.987	0.290	1.032
R_GTK	Without reestimation	0.791	2.887	0.379	1.215	0.568	2.021
	With reestimation	0.593	2.272	0.378	1.212	0.338	1.235
R_GTQ	Without reestimation	0.629	2.215	0.355	1.265	0.590	1.898
	With reestimation	0.405	1.473	0.350	1.241	0.363	1.201
R_KTC	Without reestimation	0.647	1.954	0.238	0.875	0.434	1.442
	With reestimation	0.565	1.608	0.238	0.875	0.303	1.016
R_KTG	Without reestimation	0.641	2.332	0.342	1.182	0.553	2.012
	With reestimation	0.643	2.271	0.340	1.178	0.333	1.188
R_KTQ	Without reestimation	0.804	3.254	0.328	1.210	0.837	2.895
	With reestimation	0.635	2.702	0.328	1.210	0.331	1.128
R_QTC	Without reestimation	0.729	2.112	0.323	1.118	0.469	1.612
	With reestimation	0.652	1.785	0.321	1.115	0.368	1.285
R_QTG	Without reestimation	0.705	2.546	0.361	1.231	0.597	1.854
	With reestimation	0.588	2.252	0.345	1.175	0.357	1.199
R_QTK	Without reestimation	1.047	3.661	0.345	1.145	0.629	2.125
	With reestimation	0.801	2.751	0.343	1.141	0.352	1.214

Bold values indicate best performances.