Before revision:  Our proposed models are applied to  daily returns of nine U.S. stocks with their realized volatilities and pairwise realized correlations , and are shown to outperform the existing models with regard to portfolio performances.
After revision:  Our proposed models are applied to the daily returns of nine U.S. stocks with their realized volatilities and pairwise realized correlations , and are shown to outperform the existing models with regard to portfolio performances.