In this paper, we ask whether the structure of investor networks, which are estimated using shareholder registration data, is abnormal during financial crises. We answer this question by analyzing the structure of investor networks through 10 prominent features. The networks are estimated from...

We introduce a novel method to identify information networks in stock markets, which explicitly accounts for the impact of public information on investor trading decisions. We show that public information has a clear effect on the empirical investor networks' topology. Most importantly, our...