Table 4.

ML estimates of BSM parameters and variances for NO${}_{\mathrm{x}}$.

	Parameter	Marche	Citta Studi	Liguria	Verziere	Senato
log(Pavia)	$\theta$	0.51 ***	0.93 ***	0.73 ***	0.66 ***	0.57 ***
		(0.01)	(0.02)	(0.02)	0.02	(0.01)
Holidays	${\varphi }_1$	−0.06 ***	−0.02	−0.05 *	−0.10 ***	−0.09 ***
		(0.03)	(0.04)	(0.03)	(0.03)	(0.03)
WeekEnd	${\varphi }_2$	−0.11 ***	−0.09 ***	−0.09 ***	−0.17 ***	−0.15 ***
		(0.01)	(0.02)	(0.01)	(0.01)	(0.01)
Saturday:Holidays	${\varphi }_3$	0.10	0.17	0.04	0.10	0.14 ***
		(0.08)	(0.13)	(0.10)	(0.14)	(0.05)
Sunday:Holidays	${\varphi }_4$	0.09 **	0.09	0.12 *	0.08	0.10 ***
		(0.05)	(0.08)	(0.06)	(0.05)	(0.03)
WindSpeed Q${}_{\mathrm{SW}}$	${\varphi }_5$	−0.44 ***	−0.20 ***	−0.56 ***	−0.30 ***	−0.27 ***
		(0.01)	(0.02)	(0.02)	(0.02)	(0.01)
WindSpeed Q${}_{\mathrm{NW}}$	${\varphi }_6$	−0.31v***	−0.27 ***	−0.12 ***	−0.20 ***	−0.12 ***
		(0.01)	(0.02)	(0.01)	(0.01)	(0.01)
Level variance	${\sigma }_{\eta }^2$	0.0047	0.0065	0.0037	0.0038	0.0027
Slope variance	${\sigma }_{\zeta }^2$	0.0000	0.0000	0.0000	0.0000	0.0000
Seasonality variance	${\sigma }_{\omega }^2$	0.0000	0.0000	0.0000	0.0000	0.0000
Error variance	${\sigma }_{\epsilon }^2$	0.0298	0.0745	0.0437	0.0370	0.0308

Note 1: values in parenthesis are standard errors. Note 2: * p < 0.10, ** p < 0.05, *** p < 0.01.