Relationships among Energy Price Shocks, Stock Market, and the Macroeconomy: Evidence from China

Table 2

The choose of lag orders in the model.

Lag	AIC	SC	Log 𝐿
0	−11.09981	−10.9762	420.2427
1	−20.11605	−19.49806*	774.3520
2	−20.36989	−19.2575	799.8710
3	−20.37243*	−18.7656	815.9662
4	−20.16755	−18.0664	824.2831
5	−20.30166	−17.7061	845.3124

Note: * above stand for the minimum values in the columns of AIC and SC.