We show that the use of a minimal spanning tree (MST) to filter important information in a complex system is not robust except when the system contains a unique MST. In this paper we propose to use the forest of all MSTs as a robust filter. According to this filter, centrality measures are also...

We study the cross-correlations of buy and sell volumes on the Korean stock market in high frequency. We observe that the pulling effects of volumes are as small as that of returns. The properties of the correlations of buy and sell volumes differ. They are explained by the degree of...

This paper uses two physics derived hierarchical techniques, a minimal spanning tree and an ultrametric hierarchical tree, to extract a topological influence map for major currencies from the ultrametric distance matrix for 1995–2001. We find that these two techniques generate a defined and...

In this paper, we analyze the relationships between the prices of biodiesel, ethanol and related fuels and agricultural commodities with a use of minimal spanning trees and hierarchical trees. To distinguish between short-term and medium-term effects, we construct these trees for different...

The recent financial crisis has stressed the need to understand financial systems as networks of interdependent countries, where cross-border financial linkages play the fundamental role. It has also been emphasized that the relevance of these networks relies on the representation of changes...

We find numerical and empirical evidence for dynamical, structural and topological phase transitions on the (German) Frankfurt Stock Exchange (FSE) in the temporal vicinity of the worldwide financial crash. Using the Minimal Spanning Tree (MST) technique, a particularly useful canonical tool of...

We investigate, within the scope of econophysics, the correlations, hierarchies and networks of the world’s automotive companies over the 2003–2010 period by using the concept of a minimal spanning tree (MST) and hierarchical tree (HT). We derive a hierarchical organization and construct the...

We empirically investigated the effects of market factors on the information flow created from N(N−1)/2 linkage relationships among stocks. We also examined the possibility of employing the minimal spanning tree (MST) method, which is capable of reducing the number of links to N−1. We...

Purpose – This paper aims provides an empirical analysis of the development of the internationalisation process in the Spanish hotel industry, which has experienced major changes during the past decade. The degree of internationalisation between 2000 and 2010 is used as a proxy variable with...