
Mean

Max

Min



Index

(Index100)

Index

(Index100)

Index

(Index100)


T1

98.56

(1.44)

96.73

(3.27)

101.16

(+1.16)

T2

98.83

(1.17)

97.14

(2.86)

100.00

(0.00)

T3

102.14

(+2.14)

100.00

(0.00)

104.18

(+4.18)

Whole period

100
 
100
 
100
 
[value]

[8.90]
 
[9.64]
 
[8.19]
 
 Note: Every trading date during the whole observation period (January 2008  May 2016) was separated into three subperiods, namely T1, T2, and T3 by the subspace clustering of conditional adjacency matrices of the dynamic correlation network using kmeans algorithm. Mean, Max, and Min represent the mean, maximum, and minimum values of the largest eigenvalues of adjacency matrices that are estimated on each trading date during the subperiod, respectively. The values are indexed at the whole period=100