α[Seoul] | 0.0082 | 0.0055 | –0.0005 | 0.0169 | 0.0002 | 0.0002 | 1.00 |
α[Busan] | 0.0016 | 0.0051 | –0.0061 | 0.0103 | 0.0001 | 0.0001 | 1.00 |
α[Daegu] | 0.0017 | 0.0057 | –0.0069 | 0.0114 | 0.0002 | 0.0001 | 1.01 |
α[Incheon] | 0.0012 | 0.0054 | –0.0077 | 0.0101 | 0.0001 | 0.0001 | 1.01 |
α[Gwangju] | –0.0029 | 0.0059 | –0.0128 | 0.0062 | 0.0002 | 0.0001 | 1.00 |
α[Daejeon] | –0.0051 | 0.0065 | –0.0156 | 0.0044 | 0.0002 | 0.0002 | 1.00 |
α[Ulsan] | –0.0045 | 0.0063 | –0.0145 | 0.0051 | 0.0002 | 0.0002 | 1.00 |
β0 (intercept) | 0.0101 | 0.0002 | 0.0098 | 0.0103 | 0.0000 | 0.0000 | 1.00 |
β1 (national-level momentum effect) | –0.4388 | 0.0043 | –0.4456 | –0.4321 | 0.0001 | 0.0001 | 1.00 |
σ (residual SD) | 0.1059 | 0.0001 | 0.1057 | 0.1061 | 0.0000 | 0.0000 | 1.00 |
σα (city-level momentum effect SD) | 0.0081 | 0.0049 | 0.0006 | 0.0144 | 0.0002 | 0.0001 | 1.01 |
σδ (district-level momentum effect SD) | 0.0123 | 0.0024 | 0.0087 | 0.0164 | 0.0001 | 0.0001 | 1.01 |