A Typology of Financial Networks According to Their Typological Characteristics (A Study of Tehran Stock Exchange)
The purpose of this study is to establish and introduce a new financial network and to examine centrality measures for optimizing the portfolio of investors as well as identifying stock market leaders. In this study, 100 top stock companies with largest average market capitalization were selected from January 2009 to January 2020. The financial network was converted to logarithmic returns using adjusted closing price. The concepts of graph theory and prim algorithm were used to explore the relationships and distances between stocks to construct a minimum spanning tree. The results showed that based on the degree centrality measure, Iranian telecommunication stocks and Ayandeh Bank, based on closeness centrality measure, Bahman investment stocks, Omid capital financing and tourism bank, based on Betweenness centrality measure, Omid capital financing stocks, Bahman investment and Asia insurance, based on the bottleneck centrality measure, Asian Insurance stocks, Tourism Bank and Omid Capital has the most impact on the financial network and stock market. Finally, the financial network was divided into 9 clusters, each cluster showing the stronger relationship of its components with each other.
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