英文标题：
《Stock fluctuations are correlated and amplified across networks of
interlocking directorates》
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作者：
Serguei Saavedra, Luis J. Gilarranz, Rudolf P. Rohr, Michael Schnabel,
Brian Uzzi, Jordi Bascompte
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最新提交年份：
2014
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英文摘要：
Traded corporations are required by law to have a majority of outside directors on their board. This requirement allows the existence of directors who sit on the board of two or more corporations at the same time, generating what is commonly known as interlocking directorates. While research has shown that networks of interlocking directorates facilitate the transmission of information between corporations, little is known about the extent to which such interlocking networks can explain the fluctuations of stock price returns. Yet, this is a special concern since the risk of amplifying stock fluctuations is latent. To answer this question, here we analyze the board composition, traders\' perception, and stock performance of more than 1500 US traded corporations from 2007-2011. First, we find that the fewer degrees of separation between two corporations in the interlocking network, the stronger the temporal correlation between their stock price returns. Second, we find that the centrality of traded corporations in the interlocking network correlates with the frequency at which financial traders talk about such corporations, and this frequency is in turn proportional to the corresponding traded volume. Third, we show that the centrality of corporations was negatively associated with their stock performance in 2008, the year of the big financial crash. These results suggest that the strategic decisions made by interlocking directorates are strongly followed by stock analysts and have the potential to correlate and amplify the movement of stock prices during financial crashes. These results may have relevant implications for scholars, investors, and regulators.
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中文摘要：
法律要求上市公司的董事会中必须有大多数外部董事。这一要求允许同时在两个或两个以上公司的董事会中任职，产生通常所说的连锁董事会。虽然研究表明，连锁董事网络有助于公司之间的信息传输，但人们对这种连锁网络在多大程度上可以解释股价回报的波动知之甚少。然而，这是一个特别令人担忧的问题，因为放大股票波动的风险是潜在的。为了回答这个问题，我们分析了2007-2011年间1500多家美国上市公司的董事会组成、交易员认知和股票表现。首先，我们发现连锁网络中两家公司之间的分离程度越小，它们的股价收益之间的时间相关性就越强。其次，我们发现交易公司在连锁网络中的中心地位与金融交易者谈论此类公司的频率相关，而这种频率又与相应的交易量成正比。第三，我们发现，在2008年金融大崩溃的那一年，公司的中心地位与其股票表现呈负相关。这些结果表明，相互关联的董事会做出的战略决策受到股票分析师的强烈关注，并有可能在金融崩溃期间关联和放大股价的走势。这些结果可能会对学者、投资者和监管机构产生相关影响。
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分类信息：

一级分类：Quantitative Finance 数量金融学
二级分类：General Finance 一般财务
分类描述：Development of general quantitative methodologies with applications in finance
通用定量方法的发展及其在金融中的应用
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一级分类：Physics 物理学
二级分类：Physics and Society 物理学与社会
分类描述：Structure, dynamics and collective behavior of societies and groups (human or otherwise). Quantitative analysis of social networks and other complex networks. Physics and engineering of infrastructure and systems of broad societal impact (e.g., energy grids, transportation networks).
社会和团体（人类或其他）的结构、动态和集体行为。社会网络和其他复杂网络的定量分析。具有广泛社会影响的基础设施和系统（如能源网、运输网络）的物理和工程。
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