<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>1665-5346</journal-id>
<journal-title><![CDATA[Revista mexicana de economía y finanzas]]></journal-title>
<abbrev-journal-title><![CDATA[Rev. mex. econ. finanz]]></abbrev-journal-title>
<issn>1665-5346</issn>
<publisher>
<publisher-name><![CDATA[Instituto Mexicano de Ejecutivos de Finanzas A.C.]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S1665-53462022000300105</article-id>
<article-id pub-id-type="doi">10.21919/remef.v17i3.747</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Stock Market Synchronization and Stock Volatility: The Case of an Emerging Market]]></article-title>
<article-title xml:lang="es"><![CDATA[Sincronización del mercado de valores y volatilidad de los activos: El caso de un mercado emergente]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Magner Pulgar]]></surname>
<given-names><![CDATA[Nicolás]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Terán Sánchez]]></surname>
<given-names><![CDATA[Esteban José Antonio]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Guzmán Muñoz]]></surname>
<given-names><![CDATA[Vicente Alfonso]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universidad Diego Portales  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Chile</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universidad Finis Terrae  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Chile</country>
</aff>
<aff id="Af3">
<institution><![CDATA[,Universidad Finis Terrae  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Chile</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>09</month>
<year>2022</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>09</month>
<year>2022</year>
</pub-date>
<volume>17</volume>
<numero>3</numero>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_arttext&amp;pid=S1665-53462022000300105&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_abstract&amp;pid=S1665-53462022000300105&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://www.scielo.org.mx/scielo.php?script=sci_pdf&amp;pid=S1665-53462022000300105&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[Abstract The purpose of this paper is to study the effect of stock market synchronization on the volatility of its component assets. For this objective, we calculate the stock market's synchronization using the Minimum Spanning Tree Length (MSTL) network analysis method. Then, we implement forecasting tests in and out the sample to assess the forecasting power on the stock market's synchronization to predict the individual stock realized volatility. Additionally, we test a VAR and a forecast error variance decomposition analysis to study Granger causality's presence on volatility. Our results show that synchronization within a market exists and changes over time. Our main results show that an increase in synchronization causes an increase in financial assets' realized volatility in the following month. Our results made it possible to study financial markets' synchronization and take a systemic risk approach to improve investment management. Our main idea was that the stock markets' synchronization positively correlates with financial assets' volatility. The greater the synchronization, the greater the volatility in the following period. This study offers a new approach to study the stock market volatility.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[Resumen El propósito de este trabajo es estudiar el efecto de la sincronización bursátil sobre la volatilidad de sus activos componentes. Para este objetivo, calculamos la sincronización del mercado de valores utilizando el método de análisis de red de longitud mínima del árbol de expansión (MSTL). Luego, implementamos pruebas de pronóstico dentro y fuera de la muestra para evaluar el poder de pronóstico en la sincronización del mercado de valores para predecir la volatilidad realizada por las acciones individuales. Además, probamos un VAR y un análisis de descomposición de varianza de error de pronóstico para estudiar la presencia de causalidad de Granger en la volatilidad. Nuestros resultados muestran que la sincronización dentro de un mercado existe y cambia con el tiempo. Nuestros principales resultados muestran que un aumento en la sincronización provoca un aumento en la volatilidad realizada de los activos financieros en el mes siguiente. Nuestros resultados permitieron estudiar la sincronización de los mercados financieros y adoptar un enfoque de riesgo sistémico para mejorar la gestión de las inversiones. Nuestra idea principal era que la sincronización de los mercados de valores se correlaciona positivamente con la volatilidad de los activos financieros. Cuanto mayor sea la sincronización, mayor será la volatilidad en el período siguiente. Este estudio ofrece un nuevo enfoque para estudiar la volatilidad del mercado de valores.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Stock market synchronization]]></kwd>
<kwd lng="en"><![CDATA[stock volatility]]></kwd>
<kwd lng="en"><![CDATA[Minimum Spanning Tree]]></kwd>
<kwd lng="en"><![CDATA[Forecasting]]></kwd>
<kwd lng="en"><![CDATA[Financial Network Analysis]]></kwd>
<kwd lng="en"><![CDATA[G15]]></kwd>
<kwd lng="en"><![CDATA[G17]]></kwd>
<kwd lng="en"><![CDATA[G18]]></kwd>
<kwd lng="es"><![CDATA[Sincronización del mercado de valores]]></kwd>
<kwd lng="es"><![CDATA[volatilidad de las acciones]]></kwd>
<kwd lng="es"><![CDATA[árbol de expansión mínimo]]></kwd>
<kwd lng="es"><![CDATA[pronóstico]]></kwd>
<kwd lng="es"><![CDATA[análisis de redes financieras]]></kwd>
<kwd lng="es"><![CDATA[G15]]></kwd>
<kwd lng="es"><![CDATA[G17]]></kwd>
<kwd lng="es"><![CDATA[G18]]></kwd>
</kwd-group>
</article-meta>
</front><back>
<ref-list>
<ref id="B1">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Andersen]]></surname>
<given-names><![CDATA[T. G.]]></given-names>
</name>
<name>
<surname><![CDATA[Bollerslev]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
<name>
<surname><![CDATA[Meddahi]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Correcting the errors: Volatility forecast evaluation using high&#8208;frequency data and realized volatilities]]></article-title>
<source><![CDATA[Econometrica]]></source>
<year>2005</year>
<volume>73</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>279-96</page-range></nlm-citation>
</ref>
<ref id="B2">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Andersen]]></surname>
<given-names><![CDATA[T. G.]]></given-names>
</name>
<name>
<surname><![CDATA[Bollerslev]]></surname>
<given-names><![CDATA[T.]]></given-names>
</name>
<name>
<surname><![CDATA[Diebold]]></surname>
<given-names><![CDATA[F. X.]]></given-names>
</name>
<name>
<surname><![CDATA[Ebens]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The distribution of realized stock return volatility]]></article-title>
<source><![CDATA[Journal of financial economics]]></source>
<year>2001</year>
<volume>61</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>43-76</page-range></nlm-citation>
</ref>
<ref id="B3">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Ansotegui]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Esteban]]></surname>
<given-names><![CDATA[M. V.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Cointegration for market forecast in the Spanish stock market]]></article-title>
<source><![CDATA[Applied Economics]]></source>
<year>2002</year>
<volume>34</volume>
<numero>7</numero>
<issue>7</issue>
<page-range>843-57</page-range></nlm-citation>
</ref>
<ref id="B4">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Antonakakis]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
<name>
<surname><![CDATA[Chatziantoniou]]></surname>
<given-names><![CDATA[I.]]></given-names>
</name>
<name>
<surname><![CDATA[Filis]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Dynamic co-movements of stock market returns, implied volatility and policy uncertainty]]></article-title>
<source><![CDATA[Economics Letters]]></source>
<year>2013</year>
<volume>120</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>87-92</page-range></nlm-citation>
</ref>
<ref id="B5">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Banerjee]]></surname>
<given-names><![CDATA[P. S.]]></given-names>
</name>
<name>
<surname><![CDATA[Doran]]></surname>
<given-names><![CDATA[J. S.]]></given-names>
</name>
<name>
<surname><![CDATA[Peterson]]></surname>
<given-names><![CDATA[D. R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Implied volatility and future portfolio returns]]></article-title>
<source><![CDATA[Journal of Banking &amp; Finance]]></source>
<year>2007</year>
<volume>31</volume>
<numero>10</numero>
<issue>10</issue>
<page-range>3183-99</page-range></nlm-citation>
</ref>
<ref id="B6">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Barberis]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
<name>
<surname><![CDATA[Thaler]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<source><![CDATA[A survey of behavioral finance]]></source>
<year>2005</year>
<page-range>1-76</page-range><publisher-name><![CDATA[Princeton University Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B7">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Billio]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Caporin]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Frattarolo]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Pelizzon]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Networks in risk spillovers: A multivariate GARCH perspective]]></article-title>
<source><![CDATA[Econometrics and Statistics]]></source>
<year>2021</year>
</nlm-citation>
</ref>
<ref id="B8">
<nlm-citation citation-type="">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Bonanno]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
<name>
<surname><![CDATA[Lillo]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
<name>
<surname><![CDATA[Mantegna]]></surname>
<given-names><![CDATA[R. N.]]></given-names>
</name>
</person-group>
<source><![CDATA[High-frequency cross-correlation in a set of stocks]]></source>
<year>2001</year>
</nlm-citation>
</ref>
<ref id="B9">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Clark]]></surname>
<given-names><![CDATA[T. E.]]></given-names>
</name>
<name>
<surname><![CDATA[McCracken]]></surname>
<given-names><![CDATA[M. W.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Tests of equal forecast accuracy and encompassing for nested models]]></article-title>
<source><![CDATA[Journal of econometrics]]></source>
<year>2001</year>
<volume>105</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>85-110</page-range></nlm-citation>
</ref>
<ref id="B10">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Clark]]></surname>
<given-names><![CDATA[T. E.]]></given-names>
</name>
<name>
<surname><![CDATA[McCracken]]></surname>
<given-names><![CDATA[M. W.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Tests of equal forecast accuracy and encompassing for nested models]]></article-title>
<source><![CDATA[Journal of econometrics]]></source>
<year>2001</year>
<volume>105</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>85-110</page-range></nlm-citation>
</ref>
<ref id="B11">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Clements]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Liao]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Forecasting the variance of stock index returns using jumps and cojumps]]></article-title>
<source><![CDATA[International Journal of Forecasting]]></source>
<year>2017</year>
<volume>33</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>729-42</page-range></nlm-citation>
</ref>
<ref id="B12">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Coelho]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Gilmore]]></surname>
<given-names><![CDATA[C. G.]]></given-names>
</name>
<name>
<surname><![CDATA[Lucey]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
<name>
<surname><![CDATA[Richmond]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Hutzler]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The evolution of interdependence in world equity markets-Evidence from minimum spanning trees]]></article-title>
<source><![CDATA[Physica A: Statistical Mechanics and its Applications]]></source>
<year>2007</year>
<volume>376</volume>
<page-range>455-66</page-range></nlm-citation>
</ref>
<ref id="B13">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Cohen]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Frazzini]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Economic links and predictable returns]]></article-title>
<source><![CDATA[The Journal of Finance]]></source>
<year>2008</year>
<volume>63</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>1977-2011</page-range></nlm-citation>
</ref>
<ref id="B14">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Corsi]]></surname>
<given-names><![CDATA[F.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A simple approximate long-memory model of realized volatility]]></article-title>
<source><![CDATA[Journal of Financial Econometrics]]></source>
<year>2009</year>
<volume>7</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>174-96</page-range></nlm-citation>
</ref>
<ref id="B15">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Diebold]]></surname>
<given-names><![CDATA[F. X.]]></given-names>
</name>
<name>
<surname><![CDATA[Yilmaz]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Measuring financial asset return and volatility spillovers, with application to global equity markets]]></article-title>
<source><![CDATA[The Economic Journal]]></source>
<year>2009</year>
<volume>119</volume>
<numero>534</numero>
<issue>534</issue>
<page-range>158-71</page-range></nlm-citation>
</ref>
<ref id="B16">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Diebold]]></surname>
<given-names><![CDATA[F. X.]]></given-names>
</name>
<name>
<surname><![CDATA[Y&#305;lmaz]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[On the network topology of variance decompositions: Measuring the connectedness of financial firms]]></article-title>
<source><![CDATA[Journal of econometrics]]></source>
<year>2014</year>
<volume>182</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>119-34</page-range></nlm-citation>
</ref>
<ref id="B17">
<nlm-citation citation-type="book">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Engel]]></surname>
<given-names><![CDATA[C. M.]]></given-names>
</name>
</person-group>
<source><![CDATA[3. Tests of CAPM on an International Portfolio of Bonds and Stocks]]></source>
<year>2008</year>
<page-range>149-84</page-range><publisher-name><![CDATA[University of Chicago Press]]></publisher-name>
</nlm-citation>
</ref>
<ref id="B18">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Engle]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[New frontiers for ARCH models]]></article-title>
<source><![CDATA[Journal of Applied Econometrics]]></source>
<year>2002</year>
<volume>17</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>425-46</page-range></nlm-citation>
</ref>
<ref id="B19">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Eryi&#287;it]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Eryi&#287;it]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Network structure of cross-correlations among the world market indices]]></article-title>
<source><![CDATA[Physica A: Statistical Mechanics and its Applications]]></source>
<year>2009</year>
<volume>388</volume>
<numero>17</numero>
<issue>17</issue>
<page-range>3551-62</page-range></nlm-citation>
</ref>
<ref id="B20">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Forbes]]></surname>
<given-names><![CDATA[K. J.]]></given-names>
</name>
<name>
<surname><![CDATA[Rigobon]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[No contagion, only interdependence: measuring stock market comovements]]></article-title>
<source><![CDATA[The journal of Finance]]></source>
<year>2002</year>
<volume>57</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>2223-61</page-range></nlm-citation>
</ref>
<ref id="B21">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Gai]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
<name>
<surname><![CDATA[Haldane]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Kapadia]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Complexity, concentration and contagion]]></article-title>
<source><![CDATA[Journal of Monetary Economics]]></source>
<year>2011</year>
<volume>58</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>453-70</page-range></nlm-citation>
</ref>
<ref id="B22">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Gao]]></surname>
<given-names><![CDATA[H. L.]]></given-names>
</name>
<name>
<surname><![CDATA[Mei]]></surname>
<given-names><![CDATA[D. C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The correlation structure in the international stock markets during global financial crisis]]></article-title>
<source><![CDATA[Physica A: Statistical Mechanics and its Applications]]></source>
<year>2019</year>
<volume>534</volume>
</nlm-citation>
</ref>
<ref id="B23">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Granger]]></surname>
<given-names><![CDATA[C. W.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Investigating causal relations by econometric models and cross-spectral methods]]></article-title>
<source><![CDATA[Econometrica: journal of the Econometric Society]]></source>
<year>1969</year>
<page-range>424-38</page-range></nlm-citation>
</ref>
<ref id="B24">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Green]]></surname>
<given-names><![CDATA[T. C.]]></given-names>
</name>
<name>
<surname><![CDATA[Hwang]]></surname>
<given-names><![CDATA[B. H.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Price-based return comovement]]></article-title>
<source><![CDATA[Journal of financial economics]]></source>
<year>2009</year>
<volume>93</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>37-50</page-range></nlm-citation>
</ref>
<ref id="B25">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Haskel]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
<name>
<surname><![CDATA[Wolf]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The law of one price-a case study]]></article-title>
<source><![CDATA[Scandinavian Journal of Economics]]></source>
<year>2001</year>
<volume>103</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>545-58</page-range></nlm-citation>
</ref>
<ref id="B26">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Havlin]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
<name>
<surname><![CDATA[Kenett]]></surname>
<given-names><![CDATA[D. Y.]]></given-names>
</name>
<name>
<surname><![CDATA[Ben-Jacob]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
<name>
<surname><![CDATA[Bunde]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Cohen]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
<name>
<surname><![CDATA[Hermann]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
<name>
<surname><![CDATA[Solomon]]></surname>
<given-names><![CDATA[S.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Challenges in network science: Applications to infrastructures, climate, social systems and economics]]></article-title>
<source><![CDATA[The European Physical Journal Special Topics]]></source>
<year>2012</year>
<volume>214</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>273-93</page-range></nlm-citation>
</ref>
<ref id="B27">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Isard]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[How Far Can We Push the" Law of One Price"?]]></article-title>
<source><![CDATA[The American Economic Review]]></source>
<year>1977</year>
<volume>67</volume>
<numero>5</numero>
<issue>5</issue>
<page-range>942-8</page-range></nlm-citation>
</ref>
<ref id="B28">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Jach]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[International stock market comovement in time and scale outlined with a thick pen]]></article-title>
<source><![CDATA[Journal of Empirical Finance]]></source>
<year>2017</year>
<volume>43</volume>
<page-range>115-29</page-range></nlm-citation>
</ref>
<ref id="B29">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Kang]]></surname>
<given-names><![CDATA[S. H.]]></given-names>
</name>
<name>
<surname><![CDATA[Maitra]]></surname>
<given-names><![CDATA[D.]]></given-names>
</name>
<name>
<surname><![CDATA[Dash]]></surname>
<given-names><![CDATA[S. R.]]></given-names>
</name>
<name>
<surname><![CDATA[Brooks]]></surname>
<given-names><![CDATA[R.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Dynamic spillovers and connectedness between stock, commodities, bonds, and VIX markets]]></article-title>
<source><![CDATA[Pacific-Basin Finance Journal]]></source>
<year>2019</year>
<volume>58</volume>
<numero>C</numero>
<issue>C</issue>
</nlm-citation>
</ref>
<ref id="B30">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Koopman]]></surname>
<given-names><![CDATA[S. J.]]></given-names>
</name>
<name>
<surname><![CDATA[Jungbacker]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
<name>
<surname><![CDATA[Hol]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Forecasting daily variability of the S&amp;P 100 stock index using historical, realised and implied volatility measurements]]></article-title>
<source><![CDATA[Journal of Empirical Finance]]></source>
<year>2005</year>
<volume>12</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>445-75</page-range></nlm-citation>
</ref>
<ref id="B31">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[López-García]]></surname>
<given-names><![CDATA[M. N.]]></given-names>
</name>
<name>
<surname><![CDATA[Sánchez-Granero]]></surname>
<given-names><![CDATA[M. A.]]></given-names>
</name>
<name>
<surname><![CDATA[Trinidad-Segovia]]></surname>
<given-names><![CDATA[J. E.]]></given-names>
</name>
<name>
<surname><![CDATA[Puertas]]></surname>
<given-names><![CDATA[A. M.]]></given-names>
</name>
<name>
<surname><![CDATA[Nieves]]></surname>
<given-names><![CDATA[F. J. D. L.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A new look on financial markets co-movement through cooperative dynamics in many-body physics]]></article-title>
<source><![CDATA[Entropy]]></source>
<year>2020</year>
<volume>22</volume>
<numero>9</numero>
<issue>9</issue>
</nlm-citation>
</ref>
<ref id="B32">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Magner]]></surname>
<given-names><![CDATA[N. S.]]></given-names>
</name>
<name>
<surname><![CDATA[Lavin]]></surname>
<given-names><![CDATA[J. F.]]></given-names>
</name>
<name>
<surname><![CDATA[Valle]]></surname>
<given-names><![CDATA[M. A.]]></given-names>
</name>
<name>
<surname><![CDATA[Hardy]]></surname>
<given-names><![CDATA[N.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[The volatility forecasting power of financial network analysis]]></article-title>
<source><![CDATA[Complexity]]></source>
<year>2020</year>
</nlm-citation>
</ref>
<ref id="B33">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Mantegna]]></surname>
<given-names><![CDATA[R. N.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Hierarchical structure in financial markets]]></article-title>
<source><![CDATA[The European Physical Journal B-Condensed Matter and Complex Systems]]></source>
<year>1999</year>
<volume>11</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>193-7</page-range></nlm-citation>
</ref>
<ref id="B34">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Martens]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Poon]]></surname>
<given-names><![CDATA[S. H.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Returns synchronization and daily correlation dynamics between international stock markets]]></article-title>
<source><![CDATA[Journal of Banking &amp; Finance]]></source>
<year>2001</year>
<volume>25</volume>
<numero>10</numero>
<issue>10</issue>
<page-range>1805-27</page-range></nlm-citation>
</ref>
<ref id="B35">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[McAleer]]></surname>
<given-names><![CDATA[M.]]></given-names>
</name>
<name>
<surname><![CDATA[Medeiros]]></surname>
<given-names><![CDATA[M. C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Realized volatility: A review]]></article-title>
<source><![CDATA[Econometric reviews]]></source>
<year>2008</year>
<volume>27</volume>
<numero>1-3</numero>
<issue>1-3</issue>
<page-range>10-45</page-range></nlm-citation>
</ref>
<ref id="B36">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Newey]]></surname>
<given-names><![CDATA[W. K.]]></given-names>
</name>
<name>
<surname><![CDATA[West]]></surname>
<given-names><![CDATA[K. D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Hypothesis testing with efficient method of moments estimation]]></article-title>
<source><![CDATA[International Economic Review]]></source>
<year>1987</year>
<page-range>777-87</page-range></nlm-citation>
</ref>
<ref id="B37">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Newey]]></surname>
<given-names><![CDATA[W. K.]]></given-names>
</name>
<name>
<surname><![CDATA[West]]></surname>
<given-names><![CDATA[K. D.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Automatic lag selection in covariance matrix estimation]]></article-title>
<source><![CDATA[The Review of Economic Studies]]></source>
<year>1994</year>
<volume>61</volume>
<numero>4</numero>
<issue>4</issue>
<page-range>631-53</page-range></nlm-citation>
</ref>
<ref id="B38">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Onnela]]></surname>
<given-names><![CDATA[J. P.]]></given-names>
</name>
<name>
<surname><![CDATA[Chakraborti]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Kaski]]></surname>
<given-names><![CDATA[K.]]></given-names>
</name>
<name>
<surname><![CDATA[Kertesz]]></surname>
<given-names><![CDATA[J.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Dynamic asset trees and Black Monday]]></article-title>
<source><![CDATA[Physica A: Statistical Mechanics and its Applications]]></source>
<year>2003</year>
<volume>324</volume>
<numero>1-2</numero>
<issue>1-2</issue>
<page-range>247-52</page-range></nlm-citation>
</ref>
<ref id="B39">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Peralta]]></surname>
<given-names><![CDATA[G.]]></given-names>
</name>
<name>
<surname><![CDATA[Zareei]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[A network approach to portfolio selection]]></article-title>
<source><![CDATA[Journal of Empirical Finance]]></source>
<year>2016</year>
<volume>38</volume>
<page-range>157-80</page-range></nlm-citation>
</ref>
<ref id="B40">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Perron]]></surname>
<given-names><![CDATA[P.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Trends and random walks in macroeconomic time series: Further evidence from a new approach]]></article-title>
<source><![CDATA[Journal of economic dynamics and control]]></source>
<year>1988</year>
<volume>12</volume>
<numero>2-3</numero>
<issue>2-3</issue>
<page-range>297-332</page-range></nlm-citation>
</ref>
<ref id="B41">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Pfaff]]></surname>
<given-names><![CDATA[B.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[VAR, SVAR and SVEC models: Implementation within R package vars]]></article-title>
<source><![CDATA[Journal of statistical software]]></source>
<year>2008</year>
<volume>27</volume>
<page-range>1-32</page-range></nlm-citation>
</ref>
<ref id="B42">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Prim]]></surname>
<given-names><![CDATA[R. C.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Shortest connection networks and some generalizations]]></article-title>
<source><![CDATA[The Bell System Technical Journal]]></source>
<year>1957</year>
<volume>36</volume>
<numero>6</numero>
<issue>6</issue>
<page-range>1389-401</page-range></nlm-citation>
</ref>
<ref id="B43">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Sensoy]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Nguyen]]></surname>
<given-names><![CDATA[D. K.]]></given-names>
</name>
<name>
<surname><![CDATA[Rostom]]></surname>
<given-names><![CDATA[A.]]></given-names>
</name>
<name>
<surname><![CDATA[Hacihasanoglu]]></surname>
<given-names><![CDATA[E.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Dynamic integration and network structure of the EMU sovereign bond markets]]></article-title>
<source><![CDATA[Annals of Operations Research]]></source>
<year>2019</year>
<volume>281</volume>
<numero>1</numero>
<issue>1</issue>
<page-range>297-314</page-range></nlm-citation>
</ref>
<ref id="B44">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Wang]]></surname>
<given-names><![CDATA[G. J.]]></given-names>
</name>
<name>
<surname><![CDATA[Xie]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Stanley]]></surname>
<given-names><![CDATA[H. E.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Correlation structure and evolution of world stock markets: Evidence from Pearson and partial correlation-based networks]]></article-title>
<source><![CDATA[Computational Economics]]></source>
<year>2018</year>
<volume>51</volume>
<numero>3</numero>
<issue>3</issue>
<page-range>607-35</page-range></nlm-citation>
</ref>
<ref id="B45">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Wang]]></surname>
<given-names><![CDATA[H.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[VIX and volatility forecasting: A new insight]]></article-title>
<source><![CDATA[Physica A: Statistical Mechanics and its Applications]]></source>
<year>2019</year>
<volume>533</volume>
</nlm-citation>
</ref>
<ref id="B46">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Yang]]></surname>
<given-names><![CDATA[C.]]></given-names>
</name>
<name>
<surname><![CDATA[Chen]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
<name>
<surname><![CDATA[Niu]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Li]]></surname>
<given-names><![CDATA[Q.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Cointegration analysis and influence rank-A network approach to global stock markets]]></article-title>
<source><![CDATA[Physica A: Statistical Mechanics and its Applications]]></source>
<year>2014</year>
<volume>400</volume>
<page-range>168-85</page-range></nlm-citation>
</ref>
<ref id="B47">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Yang]]></surname>
<given-names><![CDATA[Z.]]></given-names>
</name>
<name>
<surname><![CDATA[Zhou]]></surname>
<given-names><![CDATA[Y.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Quantitative easing and volatility spillovers across countries and asset classes]]></article-title>
<source><![CDATA[Management Science]]></source>
<year>2017</year>
<volume>63</volume>
<numero>2</numero>
<issue>2</issue>
<page-range>333-54</page-range></nlm-citation>
</ref>
<ref id="B48">
<nlm-citation citation-type="journal">
<person-group person-group-type="author">
<name>
<surname><![CDATA[Zhao]]></surname>
<given-names><![CDATA[L.]]></given-names>
</name>
<name>
<surname><![CDATA[Li]]></surname>
<given-names><![CDATA[W.]]></given-names>
</name>
<name>
<surname><![CDATA[Cai]]></surname>
<given-names><![CDATA[X.]]></given-names>
</name>
</person-group>
<article-title xml:lang=""><![CDATA[Structure and dynamics of stock market in times of crisis]]></article-title>
<source><![CDATA[Physics Letters A]]></source>
<year>2016</year>
<volume>380</volume>
<numero>5-6</numero>
<issue>5-6</issue>
<page-range>654-66</page-range></nlm-citation>
</ref>
</ref-list>
</back>
</article>
