Diversification Benefits between Stock Returns from Ghana and Jamaica: Insights from Time-Frequency and VMD-Based Asymmetric Quantile-on-Quantile Analysis

Figure 4

3D plots of QQR estimates. (a) Ghana to Jamaica. (b) Jamaica to Ghana. Notes: this figure displays the QQR slope coefficients in 3-dimensional graphs. Z-axis shows the slope coefficients, Y-axis shows the quantiles for the regressand, and X-axis shows the quantiles for the regressor. The colour bar shows the colour associated with a coefficient in the 3D plane. (a) shows the 3D graphs for the relationship “Ghana- > Jamaica” and (b) shows the 3D graphs for the relationship “Jamaica- > Ghana.”

(a)

(b)