We estimate investor stock trading networks based on Granger Causality under vector autoregressive model. The obtained network is directed, and this can capture the flow of information and trading patterns across the portfolio. For most securities, the investor stock trading network forms a...

We investigate investor behaviors before and during the global financial crisis of 2007-2008 using complex network theory. We find that investor networks have different structures between pre-crisis and crisis periods with statistical significance. Moreover, we observe the herding tendency and...

We introduce various network similarity measures that can capture the topological changes of investor networks over time. We use them to study the joint dynamics of investor networks and stock price time series. We find that the network changes are positively correlated with volatility while...

In this paper, we ask whether the structure of investor networks, which are estimated using shareholder registration data, is abnormal during financial crises. We answer this question by analyzing the structure of investor networks through 10 prominent features. The networks are estimated from...