Table 5.

Partial autocorrelations: the case of Liv-ex Fine Wine Investables Index, Diamonds-0.5 Carat Fine Index and Diamonds-0.5 Carat Fine Index.

Time lag k	Liv-ex Fine Wine Investables Index (persistent)			Diamonds-0.5 Carat Fine Index (anti-persistent)			Polished Prices Diamond Index (random)
	PACF	T-STAT	P-value	PACF	T-STAT	P-value	PACF	T-STAT	P-value
1	0.99	18.86	0.00	0.97	69.71	0.00	0.99	70.72	0.00
2	-0.06	-1.15	0.13	0.23	16.76	0.00	0.46	32.73	0.00
3	-0.05	-0.88	0.19	0.14	10.36	0.00	0.28	19.82	0.00
4	-0.03	-0.55	0.29	0.14	10.10	0.00	0.19	13.36	0.00
5	-0.01	-0.22	0.41	0.09	6.54	0.00	0.74	52.89	0.00
6	-0.01	-0.14	0.44	0.11	7.83	0.00	-0.53	-37.82	0.00
7	-0.02	-0.31	0.38	0.09	6.66	0.00	-0.03	-2.35	0.01
8	-0.01	-0.22	0.41	0.08	5.43	0.00	0.06	4.59	0.00
9	-0.01	-0.26	0.40	0.13	9.51	0.00	0.11	8.06	0.00
10	-0.01	-0.14	0.44	0.11	8.07	0.00	0.29	20.43	0.00