Figure 2
The top row is titled “Impulse Response: N o F right arrow F S D Score” and the bottom row is titled “Impulse Response: Forecaster right arrow F S D Score”, with a subtitle indicating “High E P U (Blue) versus Low E P U (Red)”. Each row contains two graphs labeled “High E P U Period” on the left and “Low E P U Period” on the right. The horizontal axis in all graphs is labeled “Years after Shock” and ranges from 0 to 5 in increments of 1 unit. Each graph includes a central line and a surrounding shaded region representing confidence intervals. In the top left graph titled, High E P U Period, the vertical axis is labeled “Response of F S D Score” and ranges from 0 to 0.15 in increments of 0.05 units. The line starts at (0, 0), rises sharply to (1, 0.07), then declines gradually, passing through (2, 0.05), (3, 0.03), (4, 0.015), to end at (5, 0.01). The shaded region at the start ranges from (0, 0) to (0, 0.15), at the middle, around year 2, ranges from (2, negative 0.02) to (2, 0.10), and at the end around year 5 ranges from (5, negative 0.01) to (5, 0.03). In the top right graph titled, Low E P U Period, the vertical axis is labeled “Response of F S D Score” and ranges from negative 0.04 to 0.02 in increments of 0.02 units. The line starts at (0, 0.00), declines to (1, negative 0.01), then slightly increases passing through (2, negative 0.01), (3, negative 0.009), (4, negative 0.008), to end at (5, negative 0.007). The shaded region at the start ranges from (1, negative 0.04) to (0, 0.00), at the middle around year 2 ranges from (2, negative 0.04) to (2, 0.015), and at the end around year 5 ranges from (5, negative 0.02) to (5, 0.01). In the bottom left graph, titled, High E P U Period, the vertical axis is labeled “Response of F S D Score” and ranges from 0 to 0.15 in increments of 0.05 units. The line starts at (0, 0), rises sharply to (1, 0.07), then declines steadily, passing through (2, 0.03), (3, 0.01), (4, 0.005), to end at (5, 0.00). The shaded region at the start ranges from (0, ?0.01) to (0, 0.15), at the middle around year 2 ranges from (2, negative 0.01) to (2, 0.06), and at the end around year 5 ranges from (5, negative 0.005) to (5, 0.01). In the bottom right graph titled, Low E P U Period, the vertical axis is labeled “Response of F S D Score” and ranges from negative 0.04 to 0.02 in increments of 0.02 units. The line starts at (0, 0.00), declines to (1, negative 0.01), then increases gradually passing through (2, negative 0.005), (3, negative 0.002), (4, negative 0.001), to end at (5, 0.00). The shaded region at the start ranges from (1, negative 0.035) to (0, 0.00), at the middle around year 2 ranges from (2, negative 0.02) to (2, 0.01), and at the end around year 5 ranges from (5, negative 0.01) to (5, 0.005). Note: All numerical data values are approximated.Dynamic response of mandatory reporting quality to voluntary disclosure shocks. Source: Authors’ own work