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. 2021 May 25;45:102170. doi: 10.1016/j.frl.2021.102170

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Fig. 2 — Average pairwise connectedness of the system. Note: The figure shows the average net pairwise directional connectedness of each pair: the volatility of ESG leader indices and the MCI. The base of the edge indicates the source of spillover, and the head of the edge shows the recipient of the spillover.