Table 8.

Parameter estimates results for GARCH-MIDAS model based on the added infection number.

	ln(Infection)	Freight	Brent	Idle	Congestion	ln(Port calls)
$\mu$	2246.71**	3031.17*	2244.95*	2240.12*	2350.71*	2240.10*
	(4.71)	(13.68)	(6.62)	(1.14)	(9.69)	(1.15)
$\alpha$	0.84***	0.76*	0.75*	0.96*	0.97*	0.36*
	(0.06)	(0.06)	(0.05)	(0.04)	(0.03)	(0.04)
$\beta$	0.15***	0.24*	0.25*	0.04*	0.00	0.64*
	(0.06)	(0.06)	(0.04)	(0.02)	(0.03)	(0.04)
$m$	−81.35**	0.74	−2.41*	−24.03*	−161.40	−414.32*
	(33.65)	(1.74)	(1.04)	(10.62)	(174.96)	(110.32)
$\theta$	6.19*	−0.00	0.02	5.15*	1.38	0.31*
	(2.63)	(0.00)	(0.02)	(2.44)	(1.39)	(0.08)
$w_2$	4.07***	64.84	1.00	3.75*	1.58*	1.24*
	(0.80)	(140.51)	(2.11)	(0.58)	(0.83)	(0.16)
LLF	−1838.04	−1805.01	−1839.21	−1836.37	−1846.80	−1819.96
AIC	7.05	6.93	7.06	7.05	7.09	6.98
BIC	7.10	6.97	7.11	7.09	7.13	7.03

Note: * means rejections of null hypothesis at the 10% significance level, ** indicates rejections of null hypothesis at the 5% significance level, *** means rejections of null hypothesis at the 1% significance level.