[Retracted] Quantitative Evaluation Model of Stock Market Liquidity by Macroeconomic Factors

Table 10

Two-factor level effects.

Variable	M1+CPI	ER + M1	ER + CPI
Μ	0.0004	0.0005	0.0005
	(1.3628)	(1.3938)	(1.3933)
Α	0.0520	0.0516	0.0538
	(10.4582)	(10.4491)	(10.5955)
Β	0.9425	0.9427	0.9410
	(139.1835)	(139.6579)	(140.7851)
M	0.0013	0.0007	0.0006
	(0.4208)	(2.0865)	(0.1869)
	0.0001	0.0017	−0.0103
	(1.4755)	(0.5678)	(−1.4668)
	−0.0001	0.0001	−0.0001
	(−0.2154)	(1.7625)	(−0.0743)
	1.0032	9.929	1.0771
	(0.1510)	(0.0946)	(1.8479)
	1.0071	1.0029	5.0243
	(0.0421)	(0.1844)	(0.0222)
	0.1032	0.0867	0.1767
	(0.9517)	(0.9940)	(1.0792)
BIC	−5.4739	−5.4742	−5.4733
LLH	−7248.52	−7248.8531	−7247.6557
MAE	0.0023	0.0023	0.0022
RMSE	0.0035	0.0037	0.0033

Note. is significant at 10% level; is significant at 5% level; is significant at 1% level.