Swings in Crude Oil Valuations: Analyzing Their Bearing on China’s Stock Market Returns amid the COVID-19 Pandemic Upheaval

Table 3

Results of the causality-in-mean test.

Causality direction	Lag1	Lag2	Lag3	Lag4
CSI W1ENE	0.012	0.267	0.097	0.064
W1ENE CSI	0.245	0.146	0.598	0.194
CSI QDII-LOF	1.297	1.149	0.175	2.260
QDII-LOF CSI	5.242	8.838	4.799	8.160

Note: stands for the causality direction; stands for 5% significant level; stands for 1% significant level.