Figure 3
The vertical bar chart shows two side-by-side panels labeled “(a) S G - delta K underscore max” on the left and “(b) S G - delta Incentive underscore max” on the right. In panel (a), the horizontal axis is labeled “delta theta slash theta (percent)” with category values negative 10 percent, negative 5 percent, 5 percent, and 10 percent, and the vertical axis is labeled “delta K subscript max (K R W)” and ranges from negative 5,000 to 5,000 with increments of 2,500. Each delta theta slash theta category contains three vertical bars corresponding to the legend labeled “eta subscript K”, with levels 0.25, 0.5, and 1. For negative 10 percent, the bars reach approximately negative 1,000 for eta subscript K equal to 0.25, approximately negative 2,500 for eta subscript K equal to 0.5, and approximately negative 4,500 for eta subscript K equal to 1. For negative 5 percent, the bars reach approximately negative 500 for eta subscript K equal to 0.25, approximately negative 1,200 for eta subscript K equal to 0.5, and approximately negative 2,500 for eta subscript K equal to 1. For 5 percent, the bars reach approximately 500 for eta subscript K equal to 0.25, approximately 1,200 for eta subscript K equal to 0.5, and approximately 2,400 for eta subscript K equal to 1. For 10 percent, the bars reach approximately 1,200 for eta subscript K equal to 0.25, approximately 2,500 for eta subscript K equal to 0.5, and approximately 4,800 for eta subscript K equal to 1. In panel (b), the horizontal axis is labeled “delta theta slash theta (percent)” with category values negative 10 percent, negative 5 percent, 5 percent, and 10 percent, and the vertical axis is labeled “delta Incentive subscript max (K R W)” and ranges from negative 1,000 to 1,000 with increments of 1000. Each delta theta slash theta category contains three vertical bars corresponding to the legend labeled “eta subscript I”, with levels 0.25, 0.5, and 1. For negative 10 percent, the bars reach approximately negative 400 for eta subscript I equal to 0.25, approximately negative 900 for eta subscript I equal to 0.5, and approximately negative 1,500 for eta subscript I equal to 1. For negative 5 percent, the bars reach approximately negative 200 for eta subscript I equal to 0.25, approximately negative 400 for eta subscript I equal to 0.5, and approximately negative 900 for eta subscript I equal to 1. For 5 percent, the bars reach approximately 200 for eta subscript I equal to 0.25, approximately 500 for eta subscript I equal to 0.5, and approximately 900 for eta subscript I equal to 1. For 10 percent, the bars reach approximately 400 for eta subscript I equal to 0.25, approximately 900 for eta subscript I equal to 0.5, and approximately 1,500 for eta subscript I equal to 1. Note: All numerical values are approximated.Scale guardrail for strike price and incentive adjustment