Figure 2
The image contains six 3D scatter plots arranged in a 2x3 grid. Each plot visualizes the relationship between investor sentiment and the returns of different types of GSS bonds. The top row focuses on green bonds, the middle row on social bonds, and the bottom row on sustainability bonds. The left column represents direct sentiment, while the right column represents indirect sentiment. Each plot has three axes: the x-axis represents quantiles of sentiment or market turnover, the y-axis represents quantiles of bond returns, and the z-axis represents coefficient values. The color gradient from blue to yellow indicates the magnitude of the coefficient values, with blue representing lower values and yellow representing higher values. The plots show how different levels of sentiment, both direct and indirect, influence the performance of green, social, and sustainability bonds. All values are approximated.Scatter diagram between investor sentiment and individual GSS bond returns. Source: Computed by authors