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Table 5 The lag length selection from VAR estimation

From: Brent prices and oil stock behaviors: evidence from Nigerian listed oil stocks

Lag

LogL

LR

FPE

AIC

SC

HQ

0

−16,253.62

NA

0.035401

2.334740

2.335823

2.335100

1

−14,453.04

3600.402

0.027350

2.076702

2.079951

2.077784

2

−13,967.98

969.7718

0.025524

2.007609

2.013025

2.009412

3

−13,473.82

987.8226

0.023789

1.937209

1.944791

1.939734

4

−13,318.16

311.1171

0.023276

1.915427

1.925175

1.918673

5

−13,158.84

318.3813

0.022763

1.893119

1.905034

1.897087

6

−13,007.63

302.1346

0.022286

1.871976

1.886057

1.876665

7

−12,777.58

459.6069

0.021574

1.839509

1.855756

1.844919

8

−12,718.27

118.4676a

0.021404a

1.831566a

1.849979a

1.837697a

  1. LR sequential modified LR test statistic (each test at 5% level)
  2. FPE Final prediction error
  3. AIC Akaike information criterion
  4. SC Schwarz information criterion
  5. HQ Hannan-Quinn information criterion
  6. aindicates lag order selected by the criterion
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