{"id":"https://openalex.org/W2997594807","doi":"https://doi.org/10.3390/e22010075","title":"Complexity Changes in the US and China\u2019s Stock Markets: Differences, Causes, and Wider Social Implications","display_name":"Complexity Changes in the US and China\u2019s Stock Markets: Differences, Causes, and Wider Social Implications","publication_year":2020,"publication_date":"2020-01-06","ids":{"openalex":"https://openalex.org/W2997594807","doi":"https://doi.org/10.3390/e22010075","mag":"2997594807","pmid":"https://pubmed.ncbi.nlm.nih.gov/33285851"},"language":"en","primary_location":{"id":"doi:10.3390/e22010075","is_oa":true,"landing_page_url":"https://doi.org/10.3390/e22010075","pdf_url":"https://www.mdpi.com/1099-4300/22/1/75/pdf?version=1579071184","source":{"id":"https://openalex.org/S195231649","display_name":"Entropy","issn_l":"1099-4300","issn":["1099-4300"],"is_oa":true,"is_in_doaj":true,"is_core":true,"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Entropy","raw_type":"journal-article"},"type":"article","indexed_in":["crossref","doaj","pubmed"],"open_access":{"is_oa":true,"oa_status":"gold","oa_url":"https://www.mdpi.com/1099-4300/22/1/75/pdf?version=1579071184","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5052735725","display_name":"Jianbo Gao","orcid":"https://orcid.org/0000-0002-8832-5664"},"institutions":[{"id":"https://openalex.org/I150807315","display_name":"Guangxi University","ror":"https://ror.org/02c9qn167","country_code":"CN","type":"education","lineage":["https://openalex.org/I150807315"]},{"id":"https://openalex.org/I19820366","display_name":"Chinese Academy of Sciences","ror":"https://ror.org/034t30j35","country_code":"CN","type":"government","lineage":["https://openalex.org/I19820366"]},{"id":"https://openalex.org/I25254941","display_name":"Beijing Normal University","ror":"https://ror.org/022k4wk35","country_code":"CN","type":"education","lineage":["https://openalex.org/I25254941"]},{"id":"https://openalex.org/I4210094879","display_name":"Shandong Institute of Automation","ror":"https://ror.org/00qdtba35","country_code":"CN","type":"facility","lineage":["https://openalex.org/I4210094879","https://openalex.org/I4210142748"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Jianbo Gao","raw_affiliation_strings":["Center for Geodata and Analysis, Faculty of Geographical Science, Beijing Normal University, Beijing 100875, China","Institute of Automation, Chinese Academy of Sciences, Beijing 100190, China","International College, Guangxi University, Nanning 530004, China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Center for Geodata and Analysis, Faculty of Geographical Science, Beijing Normal University, Beijing 100875, China","institution_ids":["https://openalex.org/I25254941"]},{"raw_affiliation_string":"Institute of Automation, Chinese Academy of Sciences, Beijing 100190, China","institution_ids":["https://openalex.org/I19820366","https://openalex.org/I4210094879"]},{"raw_affiliation_string":"International College, Guangxi University, Nanning 530004, China","institution_ids":["https://openalex.org/I150807315"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5101802513","display_name":"Y.T. Hou","orcid":"https://orcid.org/0000-0003-2933-738X"},"institutions":[{"id":"https://openalex.org/I37461747","display_name":"Wuhan University","ror":"https://ror.org/033vjfk17","country_code":"CN","type":"education","lineage":["https://openalex.org/I37461747"]}],"countries":["CN"],"is_corresponding":true,"raw_author_name":"Yunfei Hou","raw_affiliation_strings":["School of Economics and Management, Wuhan University, Wuhan 430072, China"],"raw_orcid":"https://orcid.org/0000-0003-2933-738X","affiliations":[{"raw_affiliation_string":"School of Economics and Management, Wuhan University, Wuhan 430072, China","institution_ids":["https://openalex.org/I37461747"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5002185686","display_name":"Fangli Fan","orcid":"https://orcid.org/0000-0002-3967-9845"},"institutions":[{"id":"https://openalex.org/I25254941","display_name":"Beijing Normal University","ror":"https://ror.org/022k4wk35","country_code":"CN","type":"education","lineage":["https://openalex.org/I25254941"]}],"countries":["CN"],"is_corresponding":false,"raw_author_name":"Fangli Fan","raw_affiliation_strings":["Center for Geodata and Analysis, Faculty of Geographical Science, Beijing Normal University, Beijing 100875, China"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Center for Geodata and Analysis, Faculty of Geographical Science, Beijing Normal University, Beijing 100875, China","institution_ids":["https://openalex.org/I25254941"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5082745291","display_name":"Feiyan Liu","orcid":"https://orcid.org/0000-0001-9435-9353"},"institutions":[{"id":"https://openalex.org/I150807315","display_name":"Guangxi University","ror":"https://ror.org/02c9qn167","country_code":"CN","type":"education","lineage":["https://openalex.org/I150807315"]}],"countries":["CN"],"is_corresponding":true,"raw_author_name":"Feiyan Liu","raw_affiliation_strings":["CityDO, Hangzhou 310000, China","International College, Guangxi University, Nanning 530004, China"],"raw_orcid":"https://orcid.org/0000-0001-9435-9353","affiliations":[{"raw_affiliation_string":"CityDO, Hangzhou 310000, China","institution_ids":[]},{"raw_affiliation_string":"International College, Guangxi University, Nanning 530004, China","institution_ids":["https://openalex.org/I150807315"]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":5,"corresponding_author_ids":["https://openalex.org/A5082745291","https://openalex.org/A5101802513"],"corresponding_institution_ids":["https://openalex.org/I150807315","https://openalex.org/I37461747"],"apc_list":{"value":2000,"currency":"CHF","value_usd":2227},"apc_paid":{"value":2000,"currency":"CHF","value_usd":2227},"fwci":3.1951,"has_fulltext":true,"cited_by_count":18,"citation_normalized_percentile":{"value":0.93859884,"is_in_top_1_percent":false,"is_in_top_10_percent":true},"cited_by_percentile_year":{"min":90,"max":98},"biblio":{"volume":"22","issue":"1","first_page":"75","last_page":"75"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11270","display_name":"Complex Systems and Time Series Analysis","score":0.9998000264167786,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11270","display_name":"Complex Systems and Time Series Analysis","score":0.9998000264167786,"subfield":{"id":"https://openalex.org/subfields/2002","display_name":"Economics and Econometrics"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10244","display_name":"Chaos control and synchronization","score":0.9714000225067139,"subfield":{"id":"https://openalex.org/subfields/3109","display_name":"Statistical and Nonlinear Physics"},"field":{"id":"https://openalex.org/fields/31","display_name":"Physics and Astronomy"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}},{"id":"https://openalex.org/T11187","display_name":"Nonlinear Dynamics and Pattern Formation","score":0.9635000228881836,"subfield":{"id":"https://openalex.org/subfields/1705","display_name":"Computer Networks and Communications"},"field":{"id":"https://openalex.org/fields/17","display_name":"Computer Science"},"domain":{"id":"https://openalex.org/domains/3","display_name":"Physical Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/stock-market","display_name":"Stock market","score":0.7198930978775024},{"id":"https://openalex.org/keywords/capitalization-weighted-index","display_name":"Capitalization-weighted index","score":0.613004207611084},{"id":"https://openalex.org/keywords/hurst-exponent","display_name":"Hurst exponent","score":0.5986513495445251},{"id":"https://openalex.org/keywords/composite-index","display_name":"Composite index","score":0.5737495422363281},{"id":"https://openalex.org/keywords/econometrics","display_name":"Econometrics","score":0.5640377402305603},{"id":"https://openalex.org/keywords/stock-exchange","display_name":"Stock exchange","score":0.5635166168212891},{"id":"https://openalex.org/keywords/stock","display_name":"Stock (firearms)","score":0.5552171468734741},{"id":"https://openalex.org/keywords/stock-market-index","display_name":"Stock market index","score":0.5532351732254028},{"id":"https://openalex.org/keywords/economics","display_name":"Economics","score":0.5079067349433899},{"id":"https://openalex.org/keywords/financial-economics","display_name":"Financial economics","score":0.4534684121608734},{"id":"https://openalex.org/keywords/efficient-market-hypothesis","display_name":"Efficient-market hypothesis","score":0.41343021392822266},{"id":"https://openalex.org/keywords/statistics","display_name":"Statistics","score":0.3105420470237732},{"id":"https://openalex.org/keywords/mathematics","display_name":"Mathematics","score":0.29736393690109253},{"id":"https://openalex.org/keywords/geography","display_name":"Geography","score":0.13000166416168213},{"id":"https://openalex.org/keywords/finance","display_name":"Finance","score":0.08748069405555725}],"concepts":[{"id":"https://openalex.org/C2780299701","wikidata":"https://www.wikidata.org/wiki/Q475000","display_name":"Stock market","level":3,"score":0.7198930978775024},{"id":"https://openalex.org/C192737826","wikidata":"https://www.wikidata.org/wiki/Q5035802","display_name":"Capitalization-weighted index","level":5,"score":0.613004207611084},{"id":"https://openalex.org/C96835011","wikidata":"https://www.wikidata.org/wiki/Q1638718","display_name":"Hurst exponent","level":2,"score":0.5986513495445251},{"id":"https://openalex.org/C2778098375","wikidata":"https://www.wikidata.org/wiki/Q19596433","display_name":"Composite index","level":3,"score":0.5737495422363281},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.5640377402305603},{"id":"https://openalex.org/C200870193","wikidata":"https://www.wikidata.org/wiki/Q11691","display_name":"Stock exchange","level":2,"score":0.5635166168212891},{"id":"https://openalex.org/C204036174","wikidata":"https://www.wikidata.org/wiki/Q909380","display_name":"Stock (firearms)","level":2,"score":0.5552171468734741},{"id":"https://openalex.org/C88389905","wikidata":"https://www.wikidata.org/wiki/Q223371","display_name":"Stock market index","level":4,"score":0.5532351732254028},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.5079067349433899},{"id":"https://openalex.org/C106159729","wikidata":"https://www.wikidata.org/wiki/Q2294553","display_name":"Financial economics","level":1,"score":0.4534684121608734},{"id":"https://openalex.org/C29368100","wikidata":"https://www.wikidata.org/wiki/Q724931","display_name":"Efficient-market hypothesis","level":4,"score":0.41343021392822266},{"id":"https://openalex.org/C105795698","wikidata":"https://www.wikidata.org/wiki/Q12483","display_name":"Statistics","level":1,"score":0.3105420470237732},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.29736393690109253},{"id":"https://openalex.org/C205649164","wikidata":"https://www.wikidata.org/wiki/Q1071","display_name":"Geography","level":0,"score":0.13000166416168213},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.08748069405555725},{"id":"https://openalex.org/C2779343474","wikidata":"https://www.wikidata.org/wiki/Q3109175","display_name":"Context (archaeology)","level":2,"score":0.0},{"id":"https://openalex.org/C166957645","wikidata":"https://www.wikidata.org/wiki/Q23498","display_name":"Archaeology","level":1,"score":0.0}],"mesh":[],"locations_count":5,"locations":[{"id":"doi:10.3390/e22010075","is_oa":true,"landing_page_url":"https://doi.org/10.3390/e22010075","pdf_url":"https://www.mdpi.com/1099-4300/22/1/75/pdf?version=1579071184","source":{"id":"https://openalex.org/S195231649","display_name":"Entropy","issn_l":"1099-4300","issn":["1099-4300"],"is_oa":true,"is_in_doaj":true,"is_core":true,"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Entropy","raw_type":"journal-article"},{"id":"pmid:33285851","is_oa":false,"landing_page_url":"https://pubmed.ncbi.nlm.nih.gov/33285851","pdf_url":null,"source":{"id":"https://openalex.org/S4306525036","display_name":"PubMed","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I1299303238","host_organization_name":"National Institutes of Health","host_organization_lineage":["https://openalex.org/I1299303238"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Entropy (Basel, Switzerland)","raw_type":null},{"id":"pmh:oai:doaj.org/article:077ce64353a04053b92e2e131aa7d66a","is_oa":true,"landing_page_url":"https://doaj.org/article/077ce64353a04053b92e2e131aa7d66a","pdf_url":null,"source":{"id":"https://openalex.org/S4306401280","display_name":"DOAJ (DOAJ: Directory of Open Access Journals)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"host_organization":null,"host_organization_name":null,"host_organization_lineage":[],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by-sa","license_id":"https://openalex.org/licenses/cc-by-sa","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Entropy, Vol 22, Iss 1, p 75 (2020)","raw_type":"article"},{"id":"pmh:oai:mdpi.com:/1099-4300/22/1/75/","is_oa":true,"landing_page_url":"http://dx.doi.org/10.3390/e22010075","pdf_url":null,"source":{"id":"https://openalex.org/S4306400947","display_name":"MDPI (MDPI AG)","issn_l":null,"issn":null,"is_oa":true,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I4210097602","host_organization_name":"Multidisciplinary Digital Publishing Institute (Switzerland)","host_organization_lineage":["https://openalex.org/I4210097602"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Entropy","raw_type":"Text"},{"id":"pmh:oai:pubmedcentral.nih.gov:7516507","is_oa":true,"landing_page_url":"https://www.ncbi.nlm.nih.gov/pmc/articles/7516507","pdf_url":null,"source":{"id":"https://openalex.org/S2764455111","display_name":"PubMed Central","issn_l":null,"issn":null,"is_oa":true,"is_in_doaj":false,"is_core":false,"host_organization":"https://openalex.org/I1299303238","host_organization_name":"National Institutes of Health","host_organization_lineage":["https://openalex.org/I1299303238"],"host_organization_lineage_names":[],"type":"repository"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":"Entropy (Basel)","raw_type":"Text"}],"best_oa_location":{"id":"doi:10.3390/e22010075","is_oa":true,"landing_page_url":"https://doi.org/10.3390/e22010075","pdf_url":"https://www.mdpi.com/1099-4300/22/1/75/pdf?version=1579071184","source":{"id":"https://openalex.org/S195231649","display_name":"Entropy","issn_l":"1099-4300","issn":["1099-4300"],"is_oa":true,"is_in_doaj":true,"is_core":true,"host_organization":"https://openalex.org/P4310310987","host_organization_name":"Multidisciplinary Digital Publishing Institute","host_organization_lineage":["https://openalex.org/P4310310987"],"host_organization_lineage_names":["Multidisciplinary Digital Publishing Institute"],"type":"journal"},"license":"cc-by","license_id":"https://openalex.org/licenses/cc-by","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Entropy","raw_type":"journal-article"},"sustainable_development_goals":[],"awards":[{"id":"https://openalex.org/G1090577054","display_name":"\u57fa\u4e8e\u9ad8\u9891\u6570\u636e\u7684\u4e2d\u56fd\u80a1\u5e02\u7f8a\u7fa4\u6548\u5e94\u3001\u65f6\u7a7a\u6df7\u6c8c\u548c\u7cfb\u7edf\u98ce\u9669\u7684\u7814\u7a76","funder_award_id":"71661002","funder_id":"https://openalex.org/F4320321001","funder_display_name":"National Natural Science Foundation of China"},{"id":"https://openalex.org/G4980553611","display_name":"\u57fa\u4e8e\u6d77\u91cf\u5a92\u4f53\u6570\u636e\u7684\u4e1c\u5317\u4e9a\u5730\u7f18\u5173\u7cfb\u5b9a\u91cf\u7814\u7a76","funder_award_id":"41671532","funder_id":"https://openalex.org/F4320321001","funder_display_name":"National Natural Science Foundation of China"},{"id":"https://openalex.org/G7590183981","display_name":null,"funder_award_id":"2016M592605","funder_id":"https://openalex.org/F4320321543","funder_display_name":"China Postdoctoral Science Foundation"}],"funders":[{"id":"https://openalex.org/F4320306076","display_name":"National Science Foundation","ror":"https://ror.org/021nxhr62"},{"id":"https://openalex.org/F4320321001","display_name":"National Natural Science Foundation of China","ror":"https://ror.org/01h0zpd94"},{"id":"https://openalex.org/F4320321543","display_name":"China Postdoctoral Science Foundation","ror":"https://ror.org/0426zh255"},{"id":"https://openalex.org/F4320335787","display_name":"Fundamental Research Funds for the Central Universities","ror":null}],"has_content":{"pdf":true,"grobid_xml":true},"content_urls":{"pdf":"https://content.openalex.org/works/W2997594807.pdf","grobid_xml":"https://content.openalex.org/works/W2997594807.grobid-xml"},"referenced_works_count":70,"referenced_works":["https://openalex.org/W1259078","https://openalex.org/W1539024229","https://openalex.org/W1940590295","https://openalex.org/W1976786132","https://openalex.org/W1978279032","https://openalex.org/W1985224565","https://openalex.org/W2003677026","https://openalex.org/W2005097301","https://openalex.org/W2014683958","https://openalex.org/W2017091714","https://openalex.org/W2017821362","https://openalex.org/W2018876117","https://openalex.org/W2021760137","https://openalex.org/W2033233834","https://openalex.org/W2038973004","https://openalex.org/W2044984635","https://openalex.org/W2046574432","https://openalex.org/W2048059991","https://openalex.org/W2050500382","https://openalex.org/W2057724667","https://openalex.org/W2057949709","https://openalex.org/W2058447058","https://openalex.org/W2061863908","https://openalex.org/W2067101976","https://openalex.org/W2069523214","https://openalex.org/W2071602085","https://openalex.org/W2077770566","https://openalex.org/W2078430590","https://openalex.org/W2080744992","https://openalex.org/W2090637028","https://openalex.org/W2097124571","https://openalex.org/W2101547937","https://openalex.org/W2106375138","https://openalex.org/W2114570951","https://openalex.org/W2117838417","https://openalex.org/W2122671679","https://openalex.org/W2137478377","https://openalex.org/W2138890315","https://openalex.org/W2150217932","https://openalex.org/W2151912839","https://openalex.org/W2157702779","https://openalex.org/W2157881370","https://openalex.org/W2167842462","https://openalex.org/W2479877058","https://openalex.org/W2605673518","https://openalex.org/W2759779370","https://openalex.org/W2782828347","https://openalex.org/W2793044481","https://openalex.org/W2797489128","https://openalex.org/W2883408819","https://openalex.org/W2887753971","https://openalex.org/W2904314914","https://openalex.org/W2911141499","https://openalex.org/W2913070268","https://openalex.org/W2939629838","https://openalex.org/W2944026449","https://openalex.org/W2949684560","https://openalex.org/W2951138942","https://openalex.org/W2961957728","https://openalex.org/W2965491709","https://openalex.org/W3022661232","https://openalex.org/W3101712149","https://openalex.org/W3101840676","https://openalex.org/W3103022228","https://openalex.org/W3123598380","https://openalex.org/W3124298675","https://openalex.org/W4231546411","https://openalex.org/W6602639892","https://openalex.org/W6637214746","https://openalex.org/W6766390466"],"related_works":["https://openalex.org/W1971081312","https://openalex.org/W3123252458","https://openalex.org/W2539018841","https://openalex.org/W4386639254","https://openalex.org/W2391550732","https://openalex.org/W3191555699","https://openalex.org/W4380090154","https://openalex.org/W4283826746","https://openalex.org/W2360437128","https://openalex.org/W3186974393"],"abstract_inverted_index":{"How":[0],"different":[1,128],"are":[2,108,123,137],"the":[3,6,26,31,34,38,45,50,59,67,85,118,132,142,150,177,180,183,187,192,197,203,218,234,258,272,281],"emerging":[4,24],"and":[5,30,33,49,66,77,92,165,206,253,287],"well-developed":[7],"stock":[8,28,40,57,61,105,134,170,199],"markets":[9,205],"in":[10,154,182,186,214,280],"terms":[11],"of":[12,100,140,179,202,293],"efficiency?":[13],"To":[14,172],"gain":[15,173],"insights":[16,175],"into":[17,176],"this":[18],"question,":[19],"we":[20,43,190],"compared":[21],"an":[22],"important":[23],"market,":[25,29,37,220,236,283],"Chinese":[27,111,235,282],"largest":[32],"most":[35],"developed":[36],"US":[39,86,219],"market.":[41],"Specifically,":[42],"computed":[44,191],"Lempel\u2013Ziv":[46],"complexity":[47,184],"(LZ)":[48],"permutation":[51],"entropy":[52],"(PE)":[53],"from":[54,196,239,263],"two":[55,155,188,204],"composite":[56,63],"indices,":[58],"Shanghai":[60],"exchange":[62],"index":[64,80,106,135,200],"(SSE)":[65],"Dow":[68],"Jones":[69],"industrial":[70],"average":[71],"(DJIA),":[72],"for":[73,233,242,260,274],"both":[74],"low-frequency":[75,121],"(daily)":[76],"high-frequency":[78,104,133,198],"(minute-to-minute)stock":[79],"data.":[81],"We":[82,211],"found":[83,212],"that":[84,213],"market":[87,96,112,163],"is":[88,113,146,223],"basically":[89],"fully":[90,230],"random":[91,231],"consistent":[93,116],"with":[94,117,217],"efficient":[95],"hypothesis":[97],"(EMH),":[98],"irrespective":[99,139],"whether":[101,141],"low-":[102],"or":[103,144],"data":[107,122,136,201],"used.":[109,124],"The":[110],"also":[114],"largely":[115],"EMH":[119],"when":[120,131],"However,":[125],"a":[126,161,167,251,268,291],"completely":[127],"picture":[129],"emerges":[130],"used,":[138],"LZ":[143],"PE":[145,151,259],"computed.":[147],"In":[148],"particular,":[149],"decreases":[152],"substantially":[153],"significant":[156],"time":[157,243,261],"windows,":[158],"each":[159],"encompassing":[160],"rapid":[162],"rise":[164],"then":[166],"few":[168],"gigantic":[169],"crashes.":[171],"further":[174],"causes":[178],"difference":[181],"changes":[185],"markets,":[189],"Hurst":[193],"parameter":[194],"H":[195,222,237],"examined":[207],"their":[208],"temporal":[209],"variations.":[210],"stark":[215],"contrast":[216],"whose":[221],"always":[224],"close":[225],"to":[226,246,257,267,278],"1/2,":[227],"which":[228],"indicates":[229],"behavior,":[232],"deviates":[238],"1/2":[240],"significantly":[241],"scales":[244,262],"up":[245],"about":[247,264],"10":[248,265],"min":[249,266],"within":[250],"day,":[252],"varies":[254],"systemically":[255],"similar":[256],"day.":[269],"This":[270],"opens":[271],"door":[273],"large-scale":[275,288],"collective":[276],"behavior":[277,286],"occur":[279],"including":[284],"herding":[285],"manipulation":[289],"as":[290],"result":[292],"inside":[294],"information.":[295]},"counts_by_year":[{"year":2026,"cited_by_count":2},{"year":2025,"cited_by_count":2},{"year":2024,"cited_by_count":1},{"year":2023,"cited_by_count":2},{"year":2022,"cited_by_count":3},{"year":2021,"cited_by_count":6},{"year":2020,"cited_by_count":2}],"updated_date":"2026-07-22T07:51:19.307946","created_date":"2025-10-10T00:00:00"}
