{"id":"https://openalex.org/W3091880676","doi":"https://doi.org/10.3390/e22101139","title":"Exploitation of Information as a Trading Characteristic: A Causality-Based Analysis of Simulated and Financial Data","display_name":"Exploitation of Information as a Trading Characteristic: A Causality-Based Analysis of Simulated and Financial Data","publication_year":2020,"publication_date":"2020-10-08","ids":{"openalex":"https://openalex.org/W3091880676","doi":"https://doi.org/10.3390/e22101139","mag":"3091880676","pmid":"https://pubmed.ncbi.nlm.nih.gov/33286908"},"language":"en","primary_location":{"id":"doi:10.3390/e22101139","is_oa":true,"landing_page_url":"https://doi.org/10.3390/e22101139","pdf_url":"https://www.mdpi.com/1099-4300/22/10/1139/pdf?version=1603177793","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/1099-4300/22/10/1139/pdf?version=1603177793","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5084053597","display_name":"Catherine Kyrtsou","orcid":"https://orcid.org/0000-0002-0976-3034"},"institutions":[{"id":"https://openalex.org/I192756129","display_name":"University of Macedonia","ror":"https://ror.org/05fg6gr82","country_code":"GR","type":"education","lineage":["https://openalex.org/I192756129"]},{"id":"https://openalex.org/I204730241","display_name":"Universit\u00e9 Paris Cit\u00e9","ror":"https://ror.org/05f82e368","country_code":"FR","type":"education","lineage":["https://openalex.org/I204730241"]},{"id":"https://openalex.org/I40434647","display_name":"Universit\u00e9 Paris Nanterre","ror":"https://ror.org/013bkhk48","country_code":"FR","type":"education","lineage":["https://openalex.org/I40434647"]},{"id":"https://openalex.org/I4210126321","display_name":"EconomiX","ror":"https://ror.org/02j4j8p35","country_code":"FR","type":"facility","lineage":["https://openalex.org/I1294671590","https://openalex.org/I1294671590","https://openalex.org/I40434647","https://openalex.org/I4210126321","https://openalex.org/I4210150854"]}],"countries":["FR","GR"],"is_corresponding":true,"raw_author_name":"Catherine Kyrtsou","raw_affiliation_strings":["Department of Economics, University of Macedonia, 54636 Thessaloniki, Greece","EconomiX, University of Paris 10, 92001 Paris, France"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"Department of Economics, University of Macedonia, 54636 Thessaloniki, Greece","institution_ids":["https://openalex.org/I192756129"]},{"raw_affiliation_string":"EconomiX, University of Paris 10, 92001 Paris, France","institution_ids":["https://openalex.org/I204730241","https://openalex.org/I40434647","https://openalex.org/I4210126321"]}]},{"author_position":"middle","author":{"id":"https://openalex.org/A5068485660","display_name":"Christina Mikropoulou","orcid":"https://orcid.org/0000-0003-2364-4901"},"institutions":[{"id":"https://openalex.org/I192756129","display_name":"University of Macedonia","ror":"https://ror.org/05fg6gr82","country_code":"GR","type":"education","lineage":["https://openalex.org/I192756129"]}],"countries":["GR"],"is_corresponding":false,"raw_author_name":"Christina Mikropoulou","raw_affiliation_strings":["Department of Economics, University of Macedonia, 54636 Thessaloniki, Greece"],"raw_orcid":"https://orcid.org/0000-0003-2364-4901","affiliations":[{"raw_affiliation_string":"Department of Economics, University of Macedonia, 54636 Thessaloniki, Greece","institution_ids":["https://openalex.org/I192756129"]}]},{"author_position":"last","author":{"id":"https://openalex.org/A5062276368","display_name":"Angeliki Papana","orcid":"https://orcid.org/0000-0003-4472-8274"},"institutions":[{"id":"https://openalex.org/I192756129","display_name":"University of Macedonia","ror":"https://ror.org/05fg6gr82","country_code":"GR","type":"education","lineage":["https://openalex.org/I192756129"]}],"countries":["GR"],"is_corresponding":false,"raw_author_name":"Angeliki Papana","raw_affiliation_strings":["Department of Economics, University of Macedonia, 54636 Thessaloniki, Greece"],"raw_orcid":"https://orcid.org/0000-0003-4472-8274","affiliations":[{"raw_affiliation_string":"Department of Economics, University of Macedonia, 54636 Thessaloniki, Greece","institution_ids":["https://openalex.org/I192756129"]}]}],"institutions":[],"countries_distinct_count":2,"institutions_distinct_count":4,"corresponding_author_ids":["https://openalex.org/A5084053597"],"corresponding_institution_ids":["https://openalex.org/I192756129","https://openalex.org/I204730241","https://openalex.org/I40434647","https://openalex.org/I4210126321"],"apc_list":{"value":1600,"currency":"CHF","value_usd":1690},"apc_paid":{"value":1600,"currency":"CHF","value_usd":1690},"fwci":0.4936,"has_fulltext":true,"cited_by_count":3,"citation_normalized_percentile":{"value":0.80734347,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":91,"max":95},"biblio":{"volume":"22","issue":"10","first_page":"1139","last_page":"1139"},"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":0.9998999834060669,"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":0.9998999834060669,"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/T10047","display_name":"Financial Markets and Investment Strategies","score":0.9969000220298767,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"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/T11326","display_name":"Stock Market Forecasting Methods","score":0.9932000041007996,"subfield":{"id":"https://openalex.org/subfields/1803","display_name":"Management Science and Operations Research"},"field":{"id":"https://openalex.org/fields/18","display_name":"Decision Sciences"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/causality","display_name":"Causality (physics)","score":0.7420793771743774},{"id":"https://openalex.org/keywords/information-flow","display_name":"Information flow","score":0.6120039820671082},{"id":"https://openalex.org/keywords/financial-market","display_name":"Financial market","score":0.5764921307563782},{"id":"https://openalex.org/keywords/econometrics","display_name":"Econometrics","score":0.5498653650283813},{"id":"https://openalex.org/keywords/computer-science","display_name":"Computer science","score":0.542290985584259},{"id":"https://openalex.org/keywords/noise","display_name":"Noise (video)","score":0.5339958071708679},{"id":"https://openalex.org/keywords/multivariate-statistics","display_name":"Multivariate statistics","score":0.5164013504981995},{"id":"https://openalex.org/keywords/flow","display_name":"Flow (mathematics)","score":0.47585365176200867},{"id":"https://openalex.org/keywords/finance","display_name":"Finance","score":0.33408641815185547},{"id":"https://openalex.org/keywords/economics","display_name":"Economics","score":0.29757940769195557},{"id":"https://openalex.org/keywords/artificial-intelligence","display_name":"Artificial intelligence","score":0.1869199573993683},{"id":"https://openalex.org/keywords/mathematics","display_name":"Mathematics","score":0.15540841221809387},{"id":"https://openalex.org/keywords/machine-learning","display_name":"Machine learning","score":0.15358290076255798}],"concepts":[{"id":"https://openalex.org/C64357122","wikidata":"https://www.wikidata.org/wiki/Q1149766","display_name":"Causality (physics)","level":2,"score":0.7420793771743774},{"id":"https://openalex.org/C2779136372","wikidata":"https://www.wikidata.org/wiki/Q10283002","display_name":"Information flow","level":2,"score":0.6120039820671082},{"id":"https://openalex.org/C19244329","wikidata":"https://www.wikidata.org/wiki/Q208697","display_name":"Financial market","level":2,"score":0.5764921307563782},{"id":"https://openalex.org/C149782125","wikidata":"https://www.wikidata.org/wiki/Q160039","display_name":"Econometrics","level":1,"score":0.5498653650283813},{"id":"https://openalex.org/C41008148","wikidata":"https://www.wikidata.org/wiki/Q21198","display_name":"Computer science","level":0,"score":0.542290985584259},{"id":"https://openalex.org/C99498987","wikidata":"https://www.wikidata.org/wiki/Q2210247","display_name":"Noise (video)","level":3,"score":0.5339958071708679},{"id":"https://openalex.org/C161584116","wikidata":"https://www.wikidata.org/wiki/Q1952580","display_name":"Multivariate statistics","level":2,"score":0.5164013504981995},{"id":"https://openalex.org/C38349280","wikidata":"https://www.wikidata.org/wiki/Q1434290","display_name":"Flow (mathematics)","level":2,"score":0.47585365176200867},{"id":"https://openalex.org/C10138342","wikidata":"https://www.wikidata.org/wiki/Q43015","display_name":"Finance","level":1,"score":0.33408641815185547},{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.29757940769195557},{"id":"https://openalex.org/C154945302","wikidata":"https://www.wikidata.org/wiki/Q11660","display_name":"Artificial intelligence","level":1,"score":0.1869199573993683},{"id":"https://openalex.org/C33923547","wikidata":"https://www.wikidata.org/wiki/Q395","display_name":"Mathematics","level":0,"score":0.15540841221809387},{"id":"https://openalex.org/C119857082","wikidata":"https://www.wikidata.org/wiki/Q2539","display_name":"Machine learning","level":1,"score":0.15358290076255798},{"id":"https://openalex.org/C62520636","wikidata":"https://www.wikidata.org/wiki/Q944","display_name":"Quantum mechanics","level":1,"score":0.0},{"id":"https://openalex.org/C121332964","wikidata":"https://www.wikidata.org/wiki/Q413","display_name":"Physics","level":0,"score":0.0},{"id":"https://openalex.org/C2524010","wikidata":"https://www.wikidata.org/wiki/Q8087","display_name":"Geometry","level":1,"score":0.0},{"id":"https://openalex.org/C41895202","wikidata":"https://www.wikidata.org/wiki/Q8162","display_name":"Linguistics","level":1,"score":0.0},{"id":"https://openalex.org/C115961682","wikidata":"https://www.wikidata.org/wiki/Q860623","display_name":"Image (mathematics)","level":2,"score":0.0},{"id":"https://openalex.org/C138885662","wikidata":"https://www.wikidata.org/wiki/Q5891","display_name":"Philosophy","level":0,"score":0.0}],"mesh":[],"locations_count":4,"locations":[{"id":"doi:10.3390/e22101139","is_oa":true,"landing_page_url":"https://doi.org/10.3390/e22101139","pdf_url":"https://www.mdpi.com/1099-4300/22/10/1139/pdf?version=1603177793","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:33286908","is_oa":false,"landing_page_url":"https://pubmed.ncbi.nlm.nih.gov/33286908","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":"Journal Article"},{"id":"pmh:oai:pubmedcentral.nih.gov:7597289","is_oa":true,"landing_page_url":"https://www.ncbi.nlm.nih.gov/pmc/articles/7597289","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"},{"id":"pmh:oai:doaj.org/article:44b85064ea9844d989ef668c8c583c49","is_oa":true,"landing_page_url":"https://doaj.org/article/44b85064ea9844d989ef668c8c583c49","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 10, p 1139 (2020)","raw_type":"article"}],"best_oa_location":{"id":"doi:10.3390/e22101139","is_oa":true,"landing_page_url":"https://doi.org/10.3390/e22101139","pdf_url":"https://www.mdpi.com/1099-4300/22/10/1139/pdf?version=1603177793","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":[],"funders":[{"id":"https://openalex.org/F4320321917","display_name":"General Secretariat for Research and Technology","ror":"https://ror.org/04yeh8h63"},{"id":"https://openalex.org/F4320327859","display_name":"Hellenic Foundation for Research and Innovation","ror":null}],"has_content":{"grobid_xml":true,"pdf":true},"content_urls":{"pdf":"https://content.openalex.org/works/W3091880676.pdf","grobid_xml":"https://content.openalex.org/works/W3091880676.grobid-xml"},"referenced_works_count":62,"referenced_works":["https://openalex.org/W1531041850","https://openalex.org/W1571039382","https://openalex.org/W1585740679","https://openalex.org/W1589470461","https://openalex.org/W1973237724","https://openalex.org/W1993590302","https://openalex.org/W1997552605","https://openalex.org/W1999415039","https://openalex.org/W2011063036","https://openalex.org/W2017059355","https://openalex.org/W2025371899","https://openalex.org/W2031934709","https://openalex.org/W2033244732","https://openalex.org/W2050031929","https://openalex.org/W2052066602","https://openalex.org/W2070156190","https://openalex.org/W2073087562","https://openalex.org/W2076761545","https://openalex.org/W2077364430","https://openalex.org/W2090541104","https://openalex.org/W2092939357","https://openalex.org/W2093432936","https://openalex.org/W2101668146","https://openalex.org/W2104677851","https://openalex.org/W2109553965","https://openalex.org/W2119553923","https://openalex.org/W2123353762","https://openalex.org/W2129642332","https://openalex.org/W2133728967","https://openalex.org/W2136354204","https://openalex.org/W2147127799","https://openalex.org/W2152112426","https://openalex.org/W2293279554","https://openalex.org/W2296225605","https://openalex.org/W2734822207","https://openalex.org/W2743517539","https://openalex.org/W2888728157","https://openalex.org/W2928935737","https://openalex.org/W2953000845","https://openalex.org/W2982484750","https://openalex.org/W2985040861","https://openalex.org/W3026405667","https://openalex.org/W3038297391","https://openalex.org/W3122275761","https://openalex.org/W3122890729","https://openalex.org/W3123626093","https://openalex.org/W3124521753","https://openalex.org/W3125189413","https://openalex.org/W3125263069","https://openalex.org/W3125264555","https://openalex.org/W3125388642","https://openalex.org/W3125717991","https://openalex.org/W3125879087","https://openalex.org/W3126123499","https://openalex.org/W4249981180","https://openalex.org/W4250762315","https://openalex.org/W6635101678","https://openalex.org/W6669642110","https://openalex.org/W6679972794","https://openalex.org/W6740543287","https://openalex.org/W6754235555","https://openalex.org/W6807091881"],"related_works":["https://openalex.org/W2081494945","https://openalex.org/W2389053294","https://openalex.org/W1970893504","https://openalex.org/W4312071518","https://openalex.org/W2901208600","https://openalex.org/W2406638334","https://openalex.org/W1677090476","https://openalex.org/W830525666","https://openalex.org/W2330229995","https://openalex.org/W2056895937"],"abstract_inverted_index":{"In":[0,69],"financial":[1,25,113],"markets,":[2],"information":[3,40,55,101],"constitutes":[4],"a":[5],"crucial":[6],"factor":[7],"contributing":[8],"to":[9,58,72,98],"the":[10,13,16,32,59,74,100],"evolution":[11],"of":[12,18,44,54,61,77,88],"system,":[14],"while":[15],"presence":[17],"heterogeneous":[19],"investors":[20],"ensures":[21],"its":[22],"flow":[23,102],"among":[24,67,103],"products.":[26],"When":[27],"nonlinear":[28],"trading":[29],"strategies":[30],"prevail,":[31],"diffusion":[33],"mechanism":[34],"reacts":[35],"accordingly.":[36],"Under":[37],"these":[38],"conditions,":[39],"englobes":[41],"behavioral":[42],"traces":[43],"traders'":[45,62],"decisions":[46],"and":[47,64,91],"represents":[48],"their":[49,104],"actions.":[50],"The":[51],"resulting":[52],"effect":[53],"endogenization":[56],"leads":[57],"revision":[60],"positions":[63],"affects":[65],"connectivity":[66],"assets.":[68],"an":[70],"effort":[71],"investigate":[73],"computational":[75],"dimensions":[76],"this":[78],"effect,":[79],"we":[80,93],"first":[81],"simulate":[82],"multivariate":[83],"systems":[84],"including":[85],"several":[86],"scenarios":[87],"noise":[89],"terms,":[90],"then":[92],"apply":[94],"direct":[95],"causality":[96],"tests":[97],"analyze":[99],"variables.":[105],"Finally,":[106],"empirical":[107],"evidence":[108],"is":[109],"provided":[110],"in":[111],"real":[112],"data.":[114]},"counts_by_year":[{"year":2025,"cited_by_count":1},{"year":2021,"cited_by_count":2}],"updated_date":"2026-08-28T12:50:07.497085","created_date":"2025-10-10T00:00:00"}