Fig. 3
Correlation between decomposed oil shocks and stock returns applying the QQ approach. Note: The graphs illustrate the results of the slope coefficient, \(\beta_{1} (\theta ,\tau )\) situated on the z-axis against the quantiles of decomposed oil shocks (\(\theta\)) on the x-axis and the quantiles of the stock returns (\(\tau\)) on the y-axis. The first line of each country is the stock markets impact the oil shocks, and the second line of each country is the effect of oil shocks on stock returns