PANEL A: ARCH-LM Test for rert

K Lag Length

F−statistic (p−Value)

Obs* R−squared (p−value)

1

11.48538 (0.0008)**

10.9979 (0.0009)**

15

1.736397 (0.0473)**

24.80025 (0.0527)*

25

1.52444 (0.0630)*

35.82729 (0.0743)*

PANEL B: ARCH-LM TEST for roil

K Lag Length

F−statistic(p−Value)

Obs*R−squared(p−value)

1

152.3279 (0.0000)***

89.4748 (0.0000)***

15

12.16134 (0.0000)***

99.56883 (0.0000)***

25

7.59318 (0.0000)***

101.935 (0.0000)***