How to interpret this result from lbqtest?

The time series 'residual' has 61 data points. Can I claim that no auto-correlations are detected?

[h,pValue] = lbqtest(residual,'Lags',[5,10,15,20])

h =

     0     0     0     0

pValue =

    0.6959    0.8321    0.2296    0.1376

Answer 1

[Shashank Prasanna]

Those p-values are quite large compared to default significance of 0.05 If the p-value was less than 0.05, h will be 1 and it is 'statistically significant' that there is some autocorrelation in the residuals. For p-value > 0.05 and h = 0, you cannot be that confident.

h = 0 means that you cannot confidently reject 'no autocorrelation' in the residuals.

h = 1 means you can confidently reject 'no autocorrelation'

You can change set your own significance using alpha

http://www.mathworks.com/help/econ/lbqtest.html