Table 3.

Parameter estimation of Covid-19 case dependent regime-switching model: SPX.

	Regime 1		Regime 2		TP	Matrix
	$C_1$	$k_1$	$C_2$	$k_2$	${\delta }_1$	${\xi }_1$	${\delta }_2$	${\xi }_2$
Coeff.	2.368E−03	−4.784E＋00	−5.655E−03	−3.228E＋00	3.504	−0.009	−3.377	−0.223
Std. Err.	5.630E−04	6.993E−02	5.063E−03	1.023E−01	0.551	0.018	1.071	0.087
Loglik	931.266
AIC	−1846.533