Can we have a large negative Loglikehood function and a small positive BIC? I am currently reading a paper and the autors end up with a log-likehood (llf) of around -4600 and a BIC of around 5,4.
This may come down to my comprehension of the BIC, but I thought that
BIC = -2 * loglikelihood + d * log(N)
and since dlog(N)>0, our BIC would have to be greater than 9200 (2llf = 9200).
I am tring to make sense of it, but I can't seem to find what I am misunderstanding.
Thanks,
Bluemoon
Paper: Conrad, Christian & Custovic, Anessa & Ghysels, Eric, “Long- and Short-Term Cryptocurrency Volatility Components: A GARCH-MIDAS Analysis”, Journal of Risk and Financial Management, May 10, 2018, 11(2), 23; https://doi.org/10.3390/jrfm11020023 

I found the answer in the package code of the rugarch model (in r).
Seems like the authors divide the BIC by the number of observations. I assume that this allows them to compare to the GARCH(1,1) that divide the BIC by the number of observations.
Amusingly enough, despite floudering with this question for a few hours, I found the answer to it only minutes after posting the question. I will nonetheless leave the answer here so that if someone find it they can find the answer.
