We investigate the grouping property of industry sectors in the complex network based on stock data for US and Korean stock markets. The complex networks are constructed by the minimal spanning tree (MST). We propose a novel approach based on the shortest path length (SPL) between stocks to...

In financial market, one of complex systems, there is highly nonlinear interaction between heterogeneous traders. Due to this nonlinear interaction, emergent behavior, which is so called ‘stylized facts' occurs in financial market. To understand impact of interaction between heterogeneous...

In this paper, we investigate the effect of fast traders in continuous double action markets using agent-based modeling. We consider two agent types, such as fast and slow traders, by preference of investment time in a high-risk environment. Additionally, the order aggressiveness of agents with...

This study aimed to investigate long-term inhibition of chlortetracycline (CTC) antibiotics to anaerobic digestion (AD) of swine manure (SM). Two continuous-stirred tank reactors treating SM w/wo CTC spiking (3 mg/L) were operated for 900 days. The exposure level was determined according to...

The rapid advent of digital money (DM) and assets raises questions about its implications for the functioning of the international monetary system (IMS). The low transaction costs of digital technologies, their accessibility and ease of automation, and their integration into existing digital...

Future crisis will be different from previous crises due to the fast speed of technological innovation. In particular, after the subprime crisis and the Piketty Panic, we need a new macroeconomic framework based on three ingredients, namely, fast and dramatic technological innovation, financial...

The systemic risk induced by a connection among financial objects is generally measured by returns, volatility, interbank loans, etc. Nevertheless, these measures do not capture the microscale component of the interconnections induced by heterogeneous investor activity. In this paper, we exploit...

We propose a novel approach for estimating the similarity between the trends of two time series, which has been an important problem in the fields of finance, economics and econophysics. We introduce the exit-time correlation (EC) to measure this similarity based on the exit-time method recently...

The systemic risk induced by a connection among financial objects is generally measured by returns, volatility, interbank loans, etc. Nevertheless, these measures do not capture the microscale component of the interconnections induced by heterogeneous investor activity. In this paper, we exploit...