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文章基本信息

  • 标题:Bayesian Analysis of General Asymmetric Multivariate GARCH Models and News Impact Curves
  • 本地全文:下载
  • 作者:Manabu Asai
  • 期刊名称:JOURNAL OF THE JAPAN STATISTICAL SOCIETY
  • 印刷版ISSN:1882-2754
  • 电子版ISSN:1348-6365
  • 出版年度:2015
  • 卷号:45
  • 期号:2
  • 页码:129-144
  • DOI:10.14490/jjss.45.129
  • 出版社:JAPAN STATISTICAL SOCIETY
  • 摘要:

    The BEKK model is a popular multivariate GARCH processes. The paper develops a new general asymmetric BEKK structure, which is based on recent empirical findings by semi-parametric news impact curves. For estimating the new model, a Markov chain Monte Carlo technique is used. Empirical results for triviarte asset returns from firms in the US indicate that the deviance information criterion favors the new model with a multivariate t distribution, and that co-leverage effects exist among the three assets.

  • 关键词:Asymmetry;Bayesian Markov chain Monte Carlo method;BEKK;leverage effect;multivariate GARCH
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