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

Table 4

Model estimation results of Shanghai Composite Index returns based on realized volatility.

	Coefficient	Standard error	value
μ	0.0134	0.0177	0.4475
α	0.0699	0.0000	0.001
β	0.8931	0.0000	0.001
θRV	0.0099	0.0035	0.0051
γ	0.0374	0.0024	0.001
m	0.3702	0.2571	0.1500
	2.3822	0.4044	0.001
BIC	16627.29
LLH	−8284.00

Note. , , indicate the significance at the 10%, 5%, and 1% levels, respectively.