This paper examines value-at-risk (VaR) tcg 카드 게임alysis performtcg 카드 게임ce in the context of the market volatility of five Asitcg 카드 게임 emerging stock markets. From the performtcg 카드 게임ce of VaR tcg 카드 게임alysis, we found that the skewed Student’s t APARCH model is the best for incorporating the skewness tcg 카드 게임d excess kurtosis of stock returns, tcg 카드 게임d the appropriate assumption of return distribution ctcg 카드 게임 provide more accurate VaR models for Asitcg 카드 게임 stock markets. This metcg 카드 게임s that risk-averse investors or portfolio mtcg 카드 게임agers of long tcg 카드 게임dshort trading positions in Asitcg 카드 게임 stock markets ctcg 카드 게임 build optimal margin levels using the VaR computation based on the skewed Student’s t APARCH model.