Fig. 3

The extracted Bayesian network for returns in each sector, obtained by the score-based algorithm. The solid/dashed lines refer to statistically significant/insignificant arcs, respectively. The letters represent A r_t, B r_t − 1, C r_t − 2, D r_{OVX, t − 1}, E r_{OVX, t − 2}, F r_{OPEC, t − 1}, G r_{OPEC, t − 2}