Figure 3
The image contains eight line graphs arranged in two panels. Panel A, titled 'Green bonds,' includes four graphs: S and P Green Bond Index, S and P Green Bond Select Index, S and P U S Muni Green Bond Index, and M S C I A C W I E S G Universal. Panel B, titled 'Conventional bonds,' includes four graphs: S and P five hundred Composite, S and P five hundred Energy Bond Index, S and P five hundred Financials Bond Index, and S and P five hundred Bond Index. Each graph shows a blue line representing the cumulative sum (C U S U M) and red dashed lines indicating the five percent significance levels. The x-axis represents the years from two thousand fifteen to two thousand twenty-two, and the y-axis represents the cumulative sum values ranging from negative thirty to positive thirty. The graphs compare the performance of green bonds and conventional bonds over time, highlighting their respective trends and significance levels. All values are approximated.Cumulative sum of recursive residuals in the bull regime