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

Table 4

Results of causality-in-variance test.

Causality direction	Lag1	Lag2	Lag3	Lag4
CSI W1ENE	0.172	2.717	1.352	0.104
W1ENE CSI	0.226	0.248	0.0569	0.194
CSI QDII-LOF	0.883	0.409	0.830	1.117
QDII-LOF CSI	1.512	1.108	0.118	0.067

Note: stands for the causality direction.