Future Business Journal

Table 5 Optimal Lag structure of the series

From: Asymmetric evidence of foreign direct investment response to stock returns in Nigeria

Lag	LogL	LR	FPE	AIC	SC	HQ
0	− 2764.23	NA	1.311	14.46	14.51	14.48
1	418.17	6265.10	9.06e−08	− 2.03	− 1.72	− 1.90
2	498.48	155.99	6.79e−08	− 2.32	− 1.77*	− 2.09
3	536.45	72.78	6.35e−08	− 2.38	− 1.56	− 2.06
4	555.47	35.95	6.55e−08	− 2.35	− 1.27	− 1.92
5	685.90	243.15	3.78e−08*	− 2.90*	− 1.56	− 2.37*
6	707.29	39.31	3.85e−08	− 2.88	− 1.29	− 2.25
7	717.84	19.12	4.16e−08	− 2.81	− 0.95	− 2.07
8	729.17	20.23	4.47e−08	− 2.74	− 0.62	− 1.90
9	751.67	39.59*	4.54e−08	− 2.72	− 0.35	− 1.78
10	763.14	19.89	4.88e−08	− 2.65	− 0.02	− 1.61
11	772.62	16.20	5.31e−08	− 2.57	0.31	− 1.43
12	781.45	14.83	5.80e−08	− 2.49	0.66	− 1.24

*Indicates lag order selected by the criterion
LR sequential modified LR test statistic (each test at 5% level)
FPE Final prediction error
AIC Akaike information criterion
SC Schwarz information criterion
HQ Hannan–Quinn information criterion

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