Two line graphs depict GARCH volatility and VIX sensitivity around an offshore listing event. Panel A shows daily KOSPI 200 GARCH Volatility and the fitted interrupted time-series trends. The x-axis represents Event Time in days, ranging from -300 to 200, and the y-axis represents GARCH Volatility, ranging from 0.00 to 0.07. The solid blue line represents the pre-event fitted trend, the dashed blue line represents the counterfactual continuation of the pre-event trend, and the red line represents the fitted post-event trend. The post-event trend shows an upward movement relative to the pre-event trend. Panel B shows the marginal sensitivity of KOSPI 200 GARCH Volatility to VIX before and after the offshore listing. The x-axis represents VIX, ranging from 10 to 30, and the y-axis represents the Change in GARCH Volatility, ranging from -0.01 to 0.02. The blue line represents the pre-event sensitivity, and the red line represents the post-event sensitivity.Fitted volatility trends and VIX sensitivity. This figure visualizes the volatility results around the offshore listing event. Panel A plots daily KOSPI 200 GARCH Volatility and the fitted interrupted time-series trends from Model 2 of Table 8. The solid blue line represents the pre-event fitted trend, the dashed blue line represents the counterfactual continuation of the pre-event trend, and the red line represents the fitted post-event trend. Panel B plots the marginal sensitivity of KOSPI 200 GARCH Volatility to VIX before and after the offshore listing, based on Model 3 of Table 8. VIX is centered at its sample mean, so the fitted lines represent changes in predicted GARCH Volatility relative to the average VIX level. The VIX range is restricted to the 5th–95th percentile range for visualization