Table 2.
The results of the GARCH test.
| Stock Code | 5-Lags | 10-Lags | 15-Lags | 20-lags |
|---|---|---|---|---|
| 000006.SZ | 127.3155 *** | 149.9881 *** | 169.4464 *** | 178.2135 *** |
| 000009.SZ | 206.7346 *** | 219.8304 *** | 221.5407 *** | 224.5281 *** |
| 000012.SZ | 161.4745 *** | 179.4592 *** | 193.8611 *** | 199.8437 *** |
| 000014.SZ | 231.9872 *** | 238.4752 *** | 243.2365 *** | 250.4378 *** |
| 000032.SZ | 228.9215 *** | 239.2971 *** | 244.2169 *** | 248.8801 *** |
| 000055.SZ | 163.0790 *** | 183.5448 *** | 186.8118 *** | 189.9978 *** |
| 000058.SZ | 185.5711 *** | 209.1581 *** | 231.3122 *** | 237.3947 *** |
| 000060.SZ | 181.5004 *** | 189.1091 *** | 221.4234 *** | 226.1046 *** |
| 000062.SZ | 293.3655 *** | 318.0177 *** | 330.9509 *** | 341.3959 *** |
| 000063.SZ | 144.8571 *** | 156.4018 *** | 163.2234 *** | 170.6981 *** |
| 000070.SZ | 261.1783 *** | 248.7214 *** | 262.1619 *** | 267.1721 *** |
| 000088.SZ | 199.2880 *** | 219.7765 *** | 234.2186 *** | 241.0107 *** |
| 000151.SZ | 236.1484 *** | 254.6980 *** | 259.5269 *** | 268.1101 *** |
| 000417.SZ | 254.2967 *** | 275.6469 *** | 285.6959 *** | 309.9711 *** |
| 000428.SZ | 289.8030 *** | 297.0388 *** | 300.2933 *** | 304.8884 *** |
| 000488.SZ | 209.8855 *** | 227.1245 *** | 234.4095 *** | 239.7541 *** |
| 000501.SZ | 166.3387 *** | 208.5034 *** | 213.3474 *** | 216.3341 *** |
| 000506.SZ | 178.4966 *** | 186.1122 *** | 189.4991 *** | 194.8627 *** |
| 000544.SZ | 245.3693 *** | 253.3165 *** | 267.4441 *** | 271.1274 *** |
| 000545.SZ | 118.8800 *** | 131.7289 *** | 149.6220 *** | 168.4821 *** |
| 000548.SZ | 272.6703 *** | 296.1373 *** | 303.4039 *** | 310.8151 *** |
| 000551.SZ | 232.2056 *** | 241.4726 *** | 245.8694 *** | 245.7574 *** |
| 000552.SZ | 231.5626 *** | 241.2432 *** | 274.7245 *** | 285.2567 *** |
| 000554.SZ | 208.7359 *** | 223.8271 *** | 231.5750 *** | 233.5482 *** |
| 000559.SZ | 311.8441 *** | 321.3317 *** | 334.5868 *** | 351.0071 *** |
| 000561.SZ | 268.0727 *** | 277.8340 *** | 286.8747 *** | 292.8237 *** |
| 000565.SZ | 229.6917 *** | 242.0975 *** | 263.9275 *** | 265.7864 *** |
| 000572.SZ | 179.4836 *** | 195.8057 *** | 200.9513 *** | 205.6801 *** |
| 000570.SZ | 272.4294 *** | 303.6636 *** | 320.8354 *** | 323.7563 *** |
| 000576.SZ | 254.1562 *** | 264.0926 *** | 279.6719 *** | 281.7115 *** |
| 000597.SZ | 248.8782 *** | 255.9566 *** | 263.5923 *** | 271.2491 *** |
| 000600.SZ | 214.9866 *** | 218.9253 *** | 239.0820 *** | 242.9311 *** |
| 000603.SZ | 221.6153 *** | 247.1927 *** | 251.0414 *** | 260.9005 *** |
| 000619.SZ | 338.7260 *** | 345.4322 *** | 369.5048 *** | 369.2384 *** |
| 000628.SZ | 239.2112 *** | 252.4262 *** | 255.7817 *** | 258.4453 *** |
| 000629.SZ | 51.1104 *** | 51.9229 *** | 57.4383 *** | 65.2544 *** |
| 000631.SZ | 206.7708 *** | 225.3945 *** | 241.8617 *** | 250.3248 *** |
| 000635.SZ | 135.8456 *** | 139.1217 *** | 142.8570 *** | 142.3168 *** |
| 000639.SZ | 182.9437 *** | 187.7796 *** | 196.4492 *** | 206.4381 *** |
| 000652.SZ | 176.4028 *** | 206.0478 *** | 214.2256 *** | 213.9942 *** |
Notes: *** denotes statistical significance at the 1% level.