[Retracted] High-Order Moment Contagion of the Carbon Market: A Heterogeneity Analysis of Market Volatility Trend

Figure 5

Standardized price change between carbon asset and its pricing factors in low volatility state (S3). (a) EUAf-EUAs. (b) EUAf-DJIA. (c) EUAf-EURUSD. (d) EUAf-USDX. (e) EUAf-coal. (f) EUAf-oil. (g) EUAf-gas. (h) EUAf-electricity.

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)