Figure A1.
Three scatter plots show the relationship between digital G S V I and return no log for three market measures. In the first plot, digital G S V I and return no log V N Index are shown under dependency, with data points rising gradually from independence 0 toward 1 and lying below the curved reference boundary, indicating deviation from independence. In the second plot, digital G S V I and return no log V N 30 are shown under non-dependency, where data points follow a near-linear upward pattern closely aligned with the diagonal independence line. In the third plot, digital G S V I and return no log V N 100 also show non-dependency, with points distributed along the diagonal from low to high independence values. All plots use independence on the horizontal axis from 0 to 1 and data on the vertical axis from 0 to 1, with dashed curves marking theoretical reference limits.Kendall-plot graphics for diagnosing dependency structure among pair variables
Source: the authors