How Does the Time-Varying Network Structure Evolve between the EU Carbon Futures Prices and Industrial and Energy-Related Indices? A Study Based on a Time-Varying T-Copula

Table 2

Autocorrelation and ARCH effect tests.

Variable	Ljung-Box test		Test for the ARCH effect
	Statistic	Statistic	Prob	Prob
EUA	71.4056	35.013734	0.001
MSCI developed/energy I	93.3299	39.900577	0.001
MSCI global/energy I	100.9161	42.104969	0.001
MSCI emerging/energy I	107.3126	54.101719	0.001
DJIA	388.2387	474.939167	0.001	0
WTI	88.1167	237.124476	0.001

Note: , , , indicating that it is significant at the significance level of 1%, 5% and 10%.