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Fig. 3 | Applied Network Science

Fig. 3

From: Uncovering dynamic stock return correlations with multilayer network analysis

Fig. 3

Flexibility of Communities in Multilayer Networks.a The box plot shows our estimate of the distribution of flexibilities for the entire data set, which is the total number of community changes through time. b The flexibility of the annual null matrix is 0, so all of the industries in the data set are more flexible than their counterparts in the null model, though one standard deviation below the mean for some of the industries fell below 0. The differences observed between the network and null matrix flexibilities were highly significant (p=2.5×10−4). These statistical tests indicate that the temporal variation in mesoscale network structure that we observe in industry stock returns is non-trivial. c The quarterly flexibilities are much more variable in both the network matrix and the null matrix. Some industries in the network matrix are more flexible than their counterparts in the null matrix e.g., Pharmaceuticals, Oil and Gas, Wholesale, and Business Equipment, and others are less flexible. The differences observed between the network and null matrix flexibilities were also highly statistically significant (p=8.4×10−5)

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