Figure 4
The image contains multiple line graphs depicting trends in green bonds and conventional bonds over time. Panel A shows four line graphs related to green bonds. The first graph is labeled S&P GREEN BOND INDEX, the second is labeled S&P GREEN BND SELECT INDEX, the third is labeled S&P US MUNI GREEN BOND INDEX, and the fourth is labeled MSCI ACWI ESG UNIVERSAL. Each graph has a horizontal axis labeled with years from 2015 to 2022 and a vertical axis with values ranging from -30 to 30. The blue line represents G B M, and the red dashed line represents 5 percent significance. Panel B shows four line graphs related to conventional bonds. The first graph is labeled S&P 500 COMPOSITE, the second is labeled S&P 500 ENERGY BOND INDEX, the third is labeled S&P 500 FINANCIALS BOND INDEX, and the fourth is labeled S&P 500 BOND INDEX. Each graph has a horizontal axis labeled with years from 2015 to 2022 and a vertical axis with values ranging from -30 to 30.CUSUM in the bear regime