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Structure of Investor Networks and Financial Crises
In this paper, we ask whether the structure of investor networks, estimated using shareholder registration data, is abnormal during a financial crises. We answer this question by analyzing the structure of investor networks through several most prominent global network features. The networks are est...
Autores principales: | , , |
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Formato: | Online Artículo Texto |
Lenguaje: | English |
Publicado: |
MDPI
2021
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Materias: | |
Acceso en línea: | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8063838/ https://www.ncbi.nlm.nih.gov/pubmed/33804826 http://dx.doi.org/10.3390/e23040381 |
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author | Baltakys, Kęstutis Le Viet, Hung Kanniainen, Juho |
author_facet | Baltakys, Kęstutis Le Viet, Hung Kanniainen, Juho |
author_sort | Baltakys, Kęstutis |
collection | PubMed |
description | In this paper, we ask whether the structure of investor networks, estimated using shareholder registration data, is abnormal during a financial crises. We answer this question by analyzing the structure of investor networks through several most prominent global network features. The networks are estimated from data on marketplace transactions of all publicly traded securities executed in the Helsinki Stock Exchange by Finnish stock shareholders between 1995 and 2016. We observe that most of the feature distributions were abnormal during the 2008–2009 financial crisis, with statistical significance. This paper provides evidence that the financial crisis was associated with a structural change in investors’ trade time synchronization. This indicates that the way how investors use their private information channels changes depending on the market conditions. |
format | Online Article Text |
id | pubmed-8063838 |
institution | National Center for Biotechnology Information |
language | English |
publishDate | 2021 |
publisher | MDPI |
record_format | MEDLINE/PubMed |
spelling | pubmed-80638382021-04-24 Structure of Investor Networks and Financial Crises Baltakys, Kęstutis Le Viet, Hung Kanniainen, Juho Entropy (Basel) Article In this paper, we ask whether the structure of investor networks, estimated using shareholder registration data, is abnormal during a financial crises. We answer this question by analyzing the structure of investor networks through several most prominent global network features. The networks are estimated from data on marketplace transactions of all publicly traded securities executed in the Helsinki Stock Exchange by Finnish stock shareholders between 1995 and 2016. We observe that most of the feature distributions were abnormal during the 2008–2009 financial crisis, with statistical significance. This paper provides evidence that the financial crisis was associated with a structural change in investors’ trade time synchronization. This indicates that the way how investors use their private information channels changes depending on the market conditions. MDPI 2021-03-24 /pmc/articles/PMC8063838/ /pubmed/33804826 http://dx.doi.org/10.3390/e23040381 Text en © 2021 by the authors. https://creativecommons.org/licenses/by/4.0/Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (http://creativecommons.org/licenses/by/4.0/ (https://creativecommons.org/licenses/by/4.0/) ). |
spellingShingle | Article Baltakys, Kęstutis Le Viet, Hung Kanniainen, Juho Structure of Investor Networks and Financial Crises |
title | Structure of Investor Networks and Financial Crises |
title_full | Structure of Investor Networks and Financial Crises |
title_fullStr | Structure of Investor Networks and Financial Crises |
title_full_unstemmed | Structure of Investor Networks and Financial Crises |
title_short | Structure of Investor Networks and Financial Crises |
title_sort | structure of investor networks and financial crises |
topic | Article |
url | https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8063838/ https://www.ncbi.nlm.nih.gov/pubmed/33804826 http://dx.doi.org/10.3390/e23040381 |
work_keys_str_mv | AT baltakyskestutis structureofinvestornetworksandfinancialcrises AT leviethung structureofinvestornetworksandfinancialcrises AT kanniainenjuho structureofinvestornetworksandfinancialcrises |