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摘要翻译：
实证结果表明，在股票指数上涨和下跌期间，股票价格的集体走势存在显著差异。研究了1991年至2008年间道琼斯工业平均指数及其股票成分的数据。皮尔逊型相关计算之间的股票和平均股票对和时间。结果表明，股票价格变化的总体趋势是：当股票指数下跌时，股票价格变化的相关性比股票指数上升时更强。对数据的全面统计分析表明，观察到的差异是显著的，表明股东中存在一个持续的恐惧因素。
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英文标题：
《Persistent collective trend in stock markets》
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作者：
Emeric Balogh, Ingve Simonsen, Balint Zs. Nagy, and Zoltan Neda
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最新提交年份：
2010
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分类信息：
一级分类：Quantitative Finance 数量金融学
二级分类：Statistical Finance 统计金融
分类描述：Statistical, econometric and econophysics analyses with applications to financial markets and economic data
统计、计量经济学和经济物理学分析及其在金融市场和经济数据中的应用
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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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英文摘要：
Empirical evidence is given for a significant difference in the collective trend of the share prices during the stock index rising and falling periods. Data on the Dow Jones Industrial Average and its stock components are studied between 1991 and 2008. Pearson-type correlations are computed between the stocks and averaged over stock-pairs and time. The results indicate a general trend: whenever the stock index is falling the stock prices are changing in a more correlated manner than in case the stock index is ascending. A thorough statistical analysis of the data shows that the observed difference is significant, suggesting a constant-fear factor among stockholders.
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PDF链接：
https://arxiv.org/pdf/1005.0378
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