Cluster formation and evolution in networks of financial market indices

Using data from world stock exchange indices prior to and during periods of global financial crises, clusters and networks of indices are built for different thresholds and diverse periods of time, so that it is then possible to analyze how clusters are formed according to correlations among indices and how they evolve in time, particularly during times of financial crises. Further analysis is made on the eigenvectors corresponding to the second highest eigenvalues of the correlation matrices, revealing a structure peculiar to markets that operate in different time zones

Building portfolios of stocks in the S\~ao Paulo Stock Exchange using Random Matrix Theory

By using Random Matrix Theory, we build covariance matrices between stocks of the BM&F-Bovespa (Bolsa de Valores, Mercadorias e Futuros de S\~ao Paulo) which are cleaned of some of the noise due to the complex interactions between the many stocks and the finiteness of available data. We also use a regression model in order to remove the market effect due to the common movement of all stocks. These two procedures are then used to build stock portfolios based on Markowitz's theory, trying to obtain better predictions of future risk based on past data. This is done for years of both low and high volatility of the Brazilian stock market, from 2004 to 2010. The results show that the use of regression to subtract the market effect on returns greatly increases the accuracy of the prediction of risk, and that, although the cleaning of the correlation matrix often leads to portfolios that better predict risks, in periods of high volatility of the market this procedure may fail to do so.Comment: 23 page

La música ecuatoriana en la interculturalidad

The music in Ecuador is a source of cultural wealth, however actually its real importance has now left side and like this transcends in education, and encourages the intercultural. This research was of great importance because it strengthens Ecuadorian traditional music and ancient music, which is a living sign of the Ecuadorian culture. Children need chances to play, sing, listen to music of different genres in this way they will enrich your language; they develop the ability to perceive the rhythm and harmony, as well as memory, attention, listening, for that reason was taken as a sample of the research the province of Cotopaxi Salcedo Cantón Mulliquindil Santa Ana parish, children in General educational unit "Emilio Terán" spreading and consolidating the culture. It is essential to promote our roots because they will always be afloat to remember that Ecuadorian music is part of our identity therefore it will be the main function of the project to keep latent our traditions....La música del Ecuador es una fuente de riqueza cultural, sin embargo en la actualidad se ha dejado de lado su verdadera importancia y como está trasciende en la educación, e incentiva a la interculturalidad. Esta investigación fue de gran importancia pues fortalece la música tradicional ecuatoriana y la música ancestral, que es muestra viva de la cultura Ecuatoriana. Las niñas y los niños necesitan ocasiones para jugar, cantar, escuchar música de distintos géneros de esta manera se enriquecen su lenguaje; desarrollan la capacidad de percibir el ritmo y la armonía, así como la memoria, la atención, el escuchar, por lo cual se tomó como muestra de la investigación la provincia de Cotopaxi Cantón Salcedo en la Parroquia Mulliquindil Santa Ana en los niños de la Unidad Educativa General “Emilio Terán” difundiendo y consolidando la cultura...

Information Diffusion, Cluster formation and Entropy-based Network Dynamics in Equity and Commodity Markets

This paper investigates the dynamic causal linkages among U.S. equity and commodity futures markets via the utilization of complex network theory. We make use of rolling estimations of extended matrices and time-varying network topologies to reveal the temporal dimension of correlation and entropy relationships. A simulation analysis using randomized time series is also implemented to assess the impact of de-noising on the data dependence structure. We mainly show evidence of emphasized disparity of correlation and entropy-based centrality measurements for all markets between pre- and post-crisis periods. Our results enable the robust mapping of network influences and contagion effects whilst incorporating agent expectations