Título:
Productivity vs. evenness in the U.S. Financial Market: a business ecosystem perspective
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Autor:
Fort, Hugo
Tutor:
Tipo de documento:
Artículo
Editor:
Palabras clave:
Business ecosystem
Population dynamics
Shannon evenness
Co-evolution in markets
Population dynamics
Shannon evenness
Co-evolution in markets
Descriptores:
Año de publicación:
2023
Contenido:
Resumen:
This paper starts by presenting an empirical finding in the U.S. stock market: Between 2001 and 2021, high productivity was achieved when the Shannon evenness—measuring the inverse of concentration—dropped. Conversely, when the Shannon evenness soared, productivity plunged. The same inverse relationship between evenness and productivity has been observed in several ecosystems. This suggests explaining this result by adopting the business ecosystem perspective, i.e., regarding the tangle of interactions between companies as an ecological network, in which companies play the role of species. A useful strategy to model such ecological communities is through ensembles of synthetic communities of pairwise interacting species, whose dynamics is described by the Lotka–Volterra generalized equations. Each community is specified by a random interaction
matrix whose elements are drawn from a uniform distribution centered around 0. It is shown that the inverse relationship between productivity and evenness can be generated by varying the strength of the interaction between companies. When the strength increases, productivity increases and simultaneously the market evenness decreases. Conversely, when the strength decreases, productivity decreases and evenness increases. This strength can be interpreted as reflecting the looseness of monetary policy, thus providing a link between interest rates and market structure.
Descripción:
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Editorial:
MDPI
EN:
Entropy, 2023, 25(7): 1029.
Financiadores:
Citación:
Fort, H. "Productivity vs. evenness in the U.S. Financial Market: a business ecosystem perspective". Entropy. [en línea] 2023 , 25(7): 1029. 21 h. DOI: 10.3390/e25071029
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ISBN:
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ISSN:
1099-4300
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Licencia:
Licencia Creative Commons Atribución (CC - By 4.0)
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| Ficheros | Descripción | Tamaño | Formato | ||
|---|---|---|---|---|---|
| 10.3390.e25071029.pdf | — | 5.93 MB | Adobe PDF |