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Fig. 4 | Financial Innovation

Fig. 4

From: Uncertainty and energy-sector equity returns in Iran: a Bayesian and quasi-Monte Carlo time-varying analysis

Fig. 4

The extracted Bayesian network for volatility in each sector, obtained by the score-based algorithm. The solid/dashed lines refer to statistically significant/insignificant arcs, respectively. The letters represent A \( {\sigma}_t^2 \), B \( {\sigma}_{t-1}^2 \), C \( {\sigma}_{t-2}^2 \), D \( {\sigma}_{OVX,t-1}^2 \), E \( {\sigma}_{OVX,t-2}^2 \), F \( {\sigma}_{OPEC,t-1}^2 \), G \( {\sigma}_{OPEC,t-2}^2 \)

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