VAR (p) non-commercial trading activity (TA) and spot prices
| Non-commercial activity vs spot prices (TA vs spot) | Lag order | Log Lτ | BIC |
|---|---|---|---|
| Interval (03rd June 2003–19th October 2010) | 1 | −5296.06 | 27.68 |
| Interval (06th March 2007–14th May 2013) | 1 | −4521.06 | 28.19 |
| Non-commercial activity vs spot prices (TA vs spot) | Lag order | Log Lτ | BIC |
|---|---|---|---|
| Interval (03rd June 2003–19th October 2010) | 1 | −5296.06 | 27.68 |
| Interval (06th March 2007–14th May 2013) | 1 | −4521.06 | 28.19 |
Note(s): p = lag order informed by BIC criterion; heteroskedasticity-robust standard errors
LT = likelihood function
Source(s): Personal elaborations on Datastream (2021)