Markets main features.
\r\n\tSQL is worth learning because it’s a programming language that’s in demand in the tech industry and in other sectors that need technology. Most software developers who know SQL earn respectable salaries. Learning SQL can not only enhance your skills, but it can also give you a better understanding of the applications you work with daily. In this book, we will go through the details of SQL and how to use it effectively. The goal of this book is to have many practical application examples that will help learners easily acquire and self-study SQL.
",isbn:"978-1-83969-946-7",printIsbn:"978-1-83969-945-0",pdfIsbn:"978-1-83969-947-4",doi:null,price:0,priceEur:0,priceUsd:0,slug:null,numberOfPages:0,isOpenForSubmission:!0,isSalesforceBook:!1,isNomenclature:!1,hash:"d1d908cd61561c1e813552fbd6cb9ed1",bookSignature:"Ph.D. Duc-Man Nguyen and Dr. Van-Loi Nguyen",publishedDate:null,coverURL:"https://cdn.intechopen.com/books/images_new/11919.jpg",keywords:"Database Classification, Types of Databases, SQL Basic, Drop Statement, Aggregate Functions, Conversion Function, Date Function, Mathematical Functions, User-Defined Types, User-Defined Functions, String Data Type, Pivoting Data in SQL",numberOfDownloads:null,numberOfWosCitations:0,numberOfCrossrefCitations:null,numberOfDimensionsCitations:null,numberOfTotalCitations:null,isAvailableForWebshopOrdering:!0,dateEndFirstStepPublish:"May 3rd 2022",dateEndSecondStepPublish:"July 6th 2022",dateEndThirdStepPublish:"September 4th 2022",dateEndFourthStepPublish:"November 23rd 2022",dateEndFifthStepPublish:"January 22nd 2023",dateConfirmationOfParticipation:null,remainingDaysToSecondStep:"a month",secondStepPassed:!0,areRegistrationsClosed:!1,currentStepOfPublishingProcess:3,editedByType:null,kuFlag:!1,biosketch:"Dr. Nguyen Duc Man is a member of the DSA-Da Nang Software Association, Vietnam. He was awarded the Award for Excellent effort in Training and Management by the Duy Tan University, Vietnam for several years in a row, and received the Certificate of Merit for Excellent effort in Training and Management by the Ministry of Education and Training, Vietnam. His current research interests are software testing, mobile testing, test automation, test case generation, context-driven testing, and ML for testing.",coeditorOneBiosketch:"Dr. Van-Loi Nguyen received his Master of Engineering in Computer Science from the University of Danang, Vietnam in 2010, and a Ph.D. degree from Soongsil University, Korea, in 2017. He is currently a lecturer at the Vietnam - Korea University of Information and Communication Technology, the University of Danang. He has over 18 years of experience teaching and researching programming, databases, machine learning, information retrieval, multimedia, and artificial intelligence.",coeditorTwoBiosketch:null,coeditorThreeBiosketch:null,coeditorFourBiosketch:null,coeditorFiveBiosketch:null,editors:[{id:"227628",title:"Ph.D.",name:"Duc-Man",middleName:null,surname:"Nguyen",slug:"duc-man-nguyen",fullName:"Duc-Man Nguyen",profilePictureURL:"https://mts.intechopen.com/storage/users/227628/images/system/227628.jpg",biography:'1.\tName:\tNguyen Duc Man\n\tOffice: Room 601, 254 Nguyen Van Linh, Danang, Vietnam\n\tTel: +84-2363 650 403 (Ext 601)\n Mobi: 0904 235 945\n\tEmail: mannd@duytan.edu.vn\n\n2.\tEducation:\nBSc.\tInformation Technology\tDuy Tan University, Vietnam\t1999\nMSc.\tComputer Science\tDanang University, Vietnam\t2009\nPhD.\tComputer Science\tDuy Tan University, Vietnam\t2020\n\n3.\tAcademic experience:\nDuy Tan University, Vietnam\tTeaching\tLecturer\t2004- Present\tFT\n\t\n4.\tNon-academic experience:\nHSD Corporation, Ho Chi Minh, Vietnam\tAnalysis, Design and Code, DB Design\tSoftware Developer\t1999-2001\tFT\nDuy Tan Software Center, Vietnam\tTeam leader, Planning, A&D\tProject Lead\t2001-2003\tFT\n\n5.\tCertifications or professional registrations:\n-\tCertificate for completion of Train the Trainer courses (Software Capstone Project, Requirements Engineering, Software Architecture, Software Project management, software Process and Quality management, Software Integration Practices). Institute of Software Research, Carnegie Mellon University, USA. (2010, 2014, 2016, 2017, 2018, 2019).\n-\t7 Professional Development Hours for participation in the Fundamentals of Program Assessment Workshop, ABET Symposium (2017)\n-\t7 Professional Development Hours for participation in the Self-Study Development Workshop ABET Symposium (2017)\n-\t14 Professional Development Hours for participation at the 2017 ABET\nSymposium, ABET Symposium (2017)\n-\tSoftware Testing and Automation Conference. VISTACON 2011, Ho Chi Minh, Vietnam (2011).\n-\tFagan Software Inspection Method. ECCI Group, Vietnam (2011).\n-\tHP Train the Trainer courses: HP QTP, LoadRunner, Quality Center (2011).\n\n6.\tMembership in professional organizations:\n-\tMember of DSA-Da Nang Software Association, Vietnam.\n\n7.\tHonors and awards:\n-\tAwards for Excellent effort in Training and Management. Duy Tan University, Vietnam (2003, 2006, 2007, 2008, 2009, 2010, 2012).\n-\tCertificate of Merit for Excellent effort in Training and Management. Ministry of Education and Training, Vietnam (2008- 2009, 2010- 2011, 2013- 2014).\n-\tCertificate of Merit of the People Committee of Da Nang. Danang, Vietnam (2011-2012).\n\n8.\tService activities:\n-\tInstitutional service: \n•\tStudents’ Awards Committee \n•\tFaculty Development Committee \n•\tScholarship Committee \n•\tFaculty Council \n\n9.\tPublications and presentations from the past five years:\n\n1.\t\tCheng, Y. H., Chang, P. C., Nguyen, D. M., & Kuo, C. N. (2020). Automatic Music Genre Classification Based on CRNN. Engineering Letters, 29(1).\n2.\t\tHuynh, Q. T., Pham, L. T., Ha, N. H., & Nguyen, D. M. (2020). An Effective Approach for Context Driven Testing in Practice—A Case Study. International Journal of Software Engineering and Knowledge Engineering, 30(09), 1245-1262.\n3.\t\tNguyen, D. M., Huynh, Q. T., Ha, N. H., & Nguyen, T. H. (2020). Automated test input generation via model inference based on user story and acceptance criteria for mobile application development. International Journal of Software Engineering and Knowledge Engineering, 30(03), 399-425.\n4.\t \tNguyen, D. M., Do, H. N., Huynh, Q. T., Vo, D. T., & Ha, N. H. (2018, August). Shinobi: A Novel Approach for Context-Driven Testing (CDT) Using Heuristics and Machine Learning for Web Applications. In International Conference on Industrial Networks and Intelligent Systems (pp. 86-102). Springer, Cham.\n5.\t\tHoang-Nhat, D. O., NGUYEN, D. M., HUYNH, Q. T., & Nhu-Hang, H. A. (2018). One2Explore-Graph Builder for Exploratory Testing from a Novel Approach.\n6.\t\tNguyen, M. D., Huynh, T. Q., & Nguyen, T. H. (2016, November). Improve the Performance of Mobile Applications Based on Code Optimization Techniques Using PMD and Android Lint. In International Symposium on Integrated Uncertainty in Knowledge Modelling and Decision Making (pp. 343-356). Springer, Cham.\n7.\t\tBao Le Nguyen, Nguyen Duc Man, Minh Nguyen Cong and Luong Vo Van (2013). Difficulties in the Operation of an International Program in Vietnam. FICAP-1 Proceedings, BrownWalker Press, 2013, ISBN-13: 9781612337043.\n8.\t\tDuc Nguyen Duc Man, Tien Vu Truong, Nguyen Bao Le (2013). Deployment of Capstone Projects in Software Engineering Education at Duy Tan University as Part of a University-wide Project-based Learning Effort. Learning and Teaching in Computing and Engineering (LaTiCE), IEEE Computer Society -CPS, 2013, E-ISBN :978-0-7695-4960-6 (pp. 184 -191).\n9.\t\tGia Nhu Nguyen, Nhat Tan Tran, Thanh Trung Nguyen and Nguyen Duc Man (2014). The Benefits of CDIO for ABET Preparation from a Hands-on Study in Vietnam. Proceedings of the 10th International CDIO Conference. Barcelona \n10.\t\tVu T Truong, Bao N Le, Man N Duc, Thang M Nguyen (2014). Accessing the Maturity of Teamwork Capabilities through CDIO Projects. Proceedings of the 10th Annual International CDIO Conference. Universitat Politècnica de Catalunya, Barcelona, Spain.\n11.\t\tPhuong A Pham, Man D Nguyen, Long Q Nguyen, Thang M Nguyen, Bao N Le (2014). Learning Computer Programming In Cdio’s Team Settings. Proceedings of the 10th Annual International CDIO Conference. Universitat Politècnica de Catalunya, Barcelona, Spain.\n12.\t\tVo, Q. N., Tran, N. P., Van Dat Ngo, V. H. T., Huynh, Q. T., Ha, N. H., & Nguyen, D. M. LEVERAGE THE BLOCKCHAIN TECHNOLOGY TO MANAGE SMART CONTRACT IN ASSET TRADING. Kỷ yếu Hội nghị KHCN Quốc gia lần thứ XII về Nghiên cứu cơ bản và ứng dụng Công nghệ thông tin (FAIR); Huế, ngày 07-08/6/2019 DOI: 10.15625/vap.2019.00032\n\n13.\t\tHa, N. H., Nguyen, D. M., Liu, C. A., Van Van, T., Nguyen, A. D., & Huynh, Q. T. AN EMPIRICAL STUDY OF THE IMPACT OF THE MPOS SYSTEM ON THE PROCESS CHANGE OF RESTAURANTS. Kỷ yếu Hội nghị KHCN Quốc gia lần thứ XII về Nghiên cứu cơ bản và ứng dụng Công nghệ thông tin (FAIR); Huế, ngày 07-08/6/2019 DOI: 10.15625/vap.2019.00032\n\n14.\t\tNguyễn Thanh Hùng, Nguyễn Đức Mận, Huỳnh Quyết Thắng (2019), Thử Nghiệm Đánh Giá Áp Dụng Một Số Kỹ Thuật Kiểm Thử Để Nâng Cao Độ Tin Cậy Cho Ứng Dụng Di Động Trong Môi Trường Phát Triển Linh Hoạt. Section on Information and Communication Technology (ICT) - No. 13, Journal of Science and Technique - Le Quy Don Technical University - No. 199, ISSN 1859-0209\n15.\t\tHuỳnh Quyết Thắng, Nguyễn Đức Mận, Nguyễn Thị Bảo Trang, Nguyễn Thị Anh Đào (2016). Kỹ thuật kiểm thử hồi qui hiệu quả cho phát triển ứng dụng di động. Kỷ yếu Hội nghị khoa học công nghệ quốc gia lần thứ IX, ngày 4-5/8/2016 - "Nghiên cứu cơ bản và ứng dụng Công nghệ thông tin" (FAIR 2016), trang 255-265. Nhà xuất bản Khoa học tự nhiên và Công nghệ. ISBN 978-604-913-472-2\n\n10.\tRecent professional development activities:\n-\tCoordinator and Assistant Director of ACM/ICPC Asia Regional Contest, Danang, Vietnam (2013). \n-\tParticipated in the 7th National Conference on Fundamental and Applied IT Research (2014).\n-\tAttended the 7 Professional Development Hours the Fundamentals of Program Assessment Workshop (2017).\n-\tParticipated in the 12th National Conference on Fundamental and Applied IT Research (2019).\n-\tINISCOM 2018, INISCOM 2019, KSE 2019, CITA2021, CITA2022\n-\tAttended the CDIO Regional Meeting - Asia-Pacific (2019).',institutionString:"Duy Tan University",position:null,outsideEditionCount:0,totalCites:0,totalAuthoredChapters:"0",totalChapterViews:"0",totalEditedBooks:"0",institution:{name:"Duy Tan University",institutionURL:null,country:{name:"Vietnam"}}}],coeditorOne:{id:"473326",title:"Dr.",name:"Van-Loi",middleName:null,surname:"Nguyen",slug:"van-loi-nguyen",fullName:"Van-Loi Nguyen",profilePictureURL:"https://s3.us-east-1.amazonaws.com/intech-files/0033Y00003Sa5QKQAZ/Profile_Picture_2022-05-10T10:01:50.jpg",biography:"Dr. Van-Loi Nguyen received his Master of Engineering in Computer Science from the University of Danang, Vietnam in 2010, and a Ph.D. degree from Soongsil University, Korea in 2017. He is currently a lecturer at the Vietnam - Korea University of Information and Communication Technology, the University of Danang. He has over 18 years of experience teaching and researching in the fields of programming, databases, machine learning, information retrieval, multimedia, and artificial intelligence.",institutionString:"University of Danang",position:null,outsideEditionCount:0,totalCites:0,totalAuthoredChapters:"0",totalChapterViews:"0",totalEditedBooks:"0",institution:null},coeditorTwo:null,coeditorThree:null,coeditorFour:null,coeditorFive:null,topics:[{id:"9",title:"Computer and Information Science",slug:"computer-and-information-science"}],chapters:null,productType:{id:"1",title:"Edited Volume",chapterContentType:"chapter",authoredCaption:"Edited by"},personalPublishingAssistant:{id:"429342",firstName:"Zrinka",lastName:"Tomicic",middleName:null,title:"Ms.",imageUrl:"https://mts.intechopen.com/storage/users/429342/images/20008_n.jpg",email:"zrinka@intechopen.com",biography:"As an Author Service Manager, my responsibilities include monitoring and facilitating all publishing activities for authors and editors. From chapter submission and review to approval and revision, copyediting and design, until final publication, I work closely with authors and editors to ensure a simple and easy publishing process. I maintain constant and effective communication with authors, editors and reviewers, which allows for a level of personal support that enables contributors to fully commit and concentrate on the chapters they are writing, editing, or reviewing. I assist authors in the preparation of their full chapter submissions and track important deadlines and ensure they are met. I help to coordinate internal processes such as linguistic review, and monitor the technical aspects of the process. As an ASM I am also involved in the acquisition of editors. 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This issue, as usual, can be managed under various perspectives.
\n\t\t\tUnder the economic profile, two basic strands emerged: various contributions debated on the central role of systemic risk in conditioning countries financial fragility; a second vein concerned the role (either in positive or negative sense) of financial sector on economic growth. Provided the relevance for our work, we will discuss each of them in a deeper way.
\n\t\t\tFor what it concerns the first aspect, there are several definitions of systemic risk (see for instance: [1]; [2], [3] and [4]), but there is not any widely accepted definition for it. Nevertheless, we agree with the position of [5] who claimed that systemic risk can be identified by the presence of two distinct elements: an initial random shock, as the source of systemic impact, and a contagion mechanism (such as the interbank market or the payment system), which spread the negative shock wave to other members of the system. Along this vein, a growing body of empirical research has already bloomed: [6] suggested a network approach to analyze the impact of liquidity shocks into financial systems; a similar approach was followed by [7] discussing the case of United Kingdom, Boss [8] for Austria, and [9] for Switzerland; more recently Soramaki et. al. (2012) developed a software platform Financial Network Analysis (fna): free web version available at: http://www.fna.fi/products/list.
A second related point concerns the evaluation of how financial sector can condition countries\' economic growth. There is a general agreement in financial economics literature about the existence of a link between bankruptcies and the business cycle. However, the same does not apply when one is asked to identify the methods and the variables by which bankruptcies and the business cycle interact. Basic streams of research moved along four directions. A number of papers focused on the application of discriminant analysis over a bunch of accounting variables (see for instance: [10], [11], [12]; [13]). A second group of papers (see among the others: [14]) employs the methodology initiated by [15], who used logistic regression models (logit) on macroeconomic variables. A third strand focuses on duration models, i.e. models that measure how long the economic system remains in a certain state. This is the line joined, for example, by [16], and [17]. Finally, there is a plenty of (more or less) sophisticated econometric techniques aided to estimate bankruptcies by means of macroeconomic variables. Interested readers may take a look to [18], and [19].
\n\t\t\tFrom all the above research streams dealing with crisis and financial (in)stability we extract three discussion issues. As first remark, our review highlighted that in general, in all periods of crisis there is always a strong financial component. As second remark, we may observe that the economic literature addressed the analysis mainly by means of either macroeconomic or accounting data. Finally, we want to focus on a methodological issue: quantitative papers generally studied the problem by means of econometric techniques; only over the past decade soft computing methods (namely: graphs models) have become of some interest for economic researchers and policy makers. Starting from this point, we think that there is enough room to add something newer towards the following directions: (i) studying the emergence of instability by way of financial markets data; (ii) using a hybrid approach combining graphs models together with non-linear dimension reduction techniques, in detail: with Self Organizing Maps [20]. To such purpose, it aids to remember that Self Organizing Maps (SOM) are nowadays a landmark among soft computing techniques, with applications which virtually span over all fields of knowledge. However, while the use of SOM in robotics, medical imaging, characters recognition, to cite most important examples, is celebrated by a consistent literature corpus (interested readers may take a look to [21], [22], and [23]), economics and financial markets seem relatively less explored, with some notable exceptions (from the pioneering works of [24], [25] to, more recently, [26] and [27]). Such lack of financial applications is quite non-sense, provided the great potential that relies on this kind of technique.
\n\t\t\tThe rationale of this contribution is to offer some insights about the use of SOM to explore how financial markets organize during critical periods i.e. deflation, recession and so on. Something similar has been already discussed in [28] and [29], who deal with the use of SOM as support tool for Early Warning Systems (EWS), alerting the decision maker in case of critical economic situations. However, the present contribution goes one step forward under various points of view. The first element of innovation relies on the examined data. We studied the situation of markets characterized by different levels of (in)stability, but instead of using either financial or macroeconomic indicators as it is generally done in literature, we employed historical time-series of price levels for every enterprise quoted in the related stock exchanges, and we then trained a SOM for each market. A second innovative item relied on the use of the so obtained SOM best matching units, to build the corresponding Minimum Spanning Tree (MST). In this way we were able to capture both the clusters structure of every market and to analyze the impact of emerging patterns over the economic situation of the country. This was done both in a static way, i.e. by observing the situation with data referring to a fixed one year long period (from December 2010 to December 2011), and in a dynamic way, by comparison of MST obtained for each countries with data extracted by means of a 300 days long moving window over a time interval of overall length of 3000 days (approximately ten years).
\n\t\t\tOur major findings may be then summarised as follows: (i) using SOM we got an original representation of financial markets; (ii) by building from SOM winning nodes the corresponding MST it was possible both to emphasize the relations among various quoted enterprises, and to check for the emergence of critical patterns; (iii) we provided a global representation of countries financial situation that generates information that can be of help to policy makers, in order to realize more efficient interventions in periods of higher instability.
\n\t\tAs stated in Section 1, we examined financial markets data by means of a hybrid technique which assumes the joint use of both SOM and graphs formalism. In order to assure a better understanding of this framework, we will recall some basic definitions and notational conventions for both the aforementioned tools.
\n\t\t\tA Self Organizing Map (SOM) is a single layer neural network, where neurons are set along an
to evaluate the distance between x and each neuron of the SOM;
to select the neuron (node) with the smallest distance from x. We will call it winner neuron or Best Matching Unit (BMU);
to correct the position of each node according to the results of Step 2., in order to preserve the network topology.
Steps 1.- 3. can be repeated either once or more than once for each input pattern: a good stopping criterion generally consists in taking a view to the so called Quantization Error (QE), i.e. a weighted average over the Euclidean norms of the difference between the input vector and the corresponding BMU. When QE goes below a proper threshold level, say for instance 10-2 or lower, it might be suitable to stop the procedure.
\n\t\t\t\tIn this way, once the learning procedure is concluded, we get an organization of SOM which takes into account how the input space is structured, and projects it into a lower dimensional space where closer nodes represent neighboring input patterns.
\n\t\t\tIn order to understand how graphs theory can be used in clusters analysis, it is worth to review some basic terminology.
\n\t\t\t\tFrom the mathematical point of view, a graph (network) G = (V,E) is perfectly identified by a (finite) set V, and a collection E ⊆ V ×V, of unordered pairs {
A sequence of connected vertices forms a
Moreover, the graph G will be claimed to be:
\n\t\t\t\t\n\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t
\n\t\t\t\t\t\t\t
a
\n\t\t\t\t\t\t\t
a
Our brief explanation highlights that Minimum Spanning tree is nothing but a particular graph with no cycles, where all nodes are connected and edges are selected in order to minimize the sum of distances.
\n\t\t\t\tGraphs representation passes through the building of the
In a number of real world applications there is the common habit to use graphs theory formalism, representing the problem data through an undirected graph. Each node is associated to a sample in the feature space, while to each edge is associated the distance between nodes connected under a suitably defined neighborhood relationship. A cluster is thus defined to be a connected subgraph, obtained according to criteria peculiar of each specific algorithm. Algorithms based on this definition are capable of detecting clusters of various shapes and sizes, at least for the case in which they are well separated. Moreover, isolated samples should form singleton clusters and then can be easily discarded as noise in case of cluster detection problems.
\n\t\t\t\tFrom left to right: the adjacency matrix (a) for an undirected graph, and the corresponding graph (b). The ones in the matrix indicate the existence of a connection among nodes, while zeroes mean no connection.
With this in mind, one can easily understand that coping SOM (that satisfy topology preservation features) to graphs (that do not require any a priori assumption about the input space distribution) should result in a very powerful tool to analyze data domains.
\n\t\t\tSOM achieves a bi-dimensional representation of the input domain, maintaining unchanged the basic relations among neighbor patterns: closer points in their r-dimensions (r>>2) initial space are still nearer one to each other in the SOM grid; in addition, they are projected into a space where relations can be easily visualized and understood. However, sometimes this cannot be enough.
\n\t\t\t\tConsider the issue to represent basic relations among quoted societies in a market (for example: in the Italian market). Figure 2 shows SOM, once the relations among Italian quoted companies have been learned.
\n\n\t\t\t\tHere we have a SOM assuring an overall good performance, in terms of quantization error (QE<10-3), but the winner nodes are even too much closer than desired, thus making difficult to understand the effective significance of their closeness.
\n\t\t\t\tMoving one step forward, we suggested a hybrid procedure that combines together SOM and MST (see also [31]). The idea by itself is not totally newer: [32], for instance, suggested a variant of SOM where neighborhood relationships during the training stage were defined along the MST; [33], and, more recently, [34] applied a MST to SOMs to connect similar nodes with each other, thus visualizing related nodes on the map. In all cited cases this was done by calculating the square difference between neighbor units on the trained map, and using this value to color the edge separating the units.
\n\t\t\t\tSOM representation of Italian quoted companies.
In a likewise manner, we applied a clustering procedure whose main steps can be summarized as follows:
\n\t\t\t\tDefine a SOM
For each input sample extract the corresponding BMU. We set:
Build the correlation matrix C among the nodes belonging to B.
Use C as starting point to compute the MST. In particular, since C is symmetric, one can consider only the lower (
sort the elements of
ii.Set the coordinates in
For each element in
Repeat step iii. until all the elements in
The result is a filtering of available information, letting only more significant patterns to emerge.
\n\t\t\tOur work is aimed to demonstrate how a fully data-driven approach can be helpful to analyze complex financial situations in quite an intuitive way, thus making SOM-MST a very reliable tool also for policy makers.
\n\t\t\tWe performed both static and dynamic analyses, as we are going to explain. As starting point for the static analysis we selected a market and for each quoted enterprise we took all available price levels (
The transformation described in (2) turns price levels into price log-returns: this is a common practice in empirical financial studies to avoid any trend effect in data. The final result was a matrix
The dynamical procedure is similar to the static one, but instead of considering last year sample for each stock, we examined a number of fixed length samples, going back in time (when possible) up to ten years. In practice, assuming as starting point t=3000 the day Dec. 30 2011, we build for each stock the block B1 going from t=2701 to t=3000; the block B2 with data from t=2401 to t=2700; and so on towards the block B10 that goes from t=1 to t=300. In practice, instead of having a single block of data to analyze, in the dynamical procedure we can monitor the situation of the country with different sets of data. Moreover, taking advantage of the networks representation, one can have a look to graphs statistics for every year and to compare them over the ten years time horizon.
\n\t\t\tWe applied our methodology to the German and Spanish markets. Our choice obeys to a precise motivation: we have examined countries characterized by different levels of (in)stability: at the end of 2011 Spanish financial equilibrium seemed heavily compromised, while Germany still maintained its leading role in Europe.
\n\t\tBefore going to separately discuss various cases, we will spend a few words about some common features shared by our simulation study.
\n\t\t\tStarting from the static case, we examined German, Italian and Spanish markets from 30 December 2010 to 30 December 2011. For each market we considered data of quoted enterprises, transforming them according to the formula given in (2). \n\t\t\t\t\tTable 1\n\t\t\t\t highlights some basic details concerning the markets we have considered.
\n\t\t\t\n\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\n\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\n\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\n\t\t\t\t\t\t\t | \n\t\t\t\t\t
Germany | \n\t\t\t\t\t\tCDAX | \n\t\t\t\t\t\t207 | \n\t\t\t\t\t\t207 | \n\t\t\t\t\t
Spain | \n\t\t\t\t\t\tIGBM | \n\t\t\t\t\t\t85 | \n\t\t\t\t\t\t85 | \n\t\t\t\t\t
Markets main features.
The column
Applying our procedure led us to obtain the skeleton framework of the German stock exchange that is shown in Figure 3.
\n\n\t\t\t\tOur procedure found out 14 clusters. At first glimpse the clusters seem to be
each node is member of exactly one group;
each node has many edges to other members of its group;
each node has few or even no edges to nodes of other groups.
German Market topology, as resulting in the static case. Natural clusters are highlighted with different colors.
This cluster structure is partly due to the filtering procedure operated on SOM BMUs after the learning stage, but the resulting organization makes sense also if we look at the statistical features of the clusters (Table 2) as well as at their composition, by industrial reference sector (Table 3).
\n\t\t\t\t\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t
CL01 | \n\t\t\t\t\t\t\t0.0001270 | \n\t\t\t\t\t\t\t0.045235 | \n\t\t\t\t\t\t\t1.651532 | \n\t\t\t\t\t\t\t411.3881 | \n\t\t\t\t\t\t\t0.281% | \n\t\t\t\t\t\t
CL02 | \n\t\t\t\t\t\t\t0.0002923 | \n\t\t\t\t\t\t\t0.055717 | \n\t\t\t\t\t\t\t10.48408 | \n\t\t\t\t\t\t\t2521.463 | \n\t\t\t\t\t\t\t0.525% | \n\t\t\t\t\t\t
CL03 | \n\t\t\t\t\t\t\t0.0001208 | \n\t\t\t\t\t\t\t0.143701 | \n\t\t\t\t\t\t\t9.605624 | \n\t\t\t\t\t\t\t906.0551 | \n\t\t\t\t\t\t\t0.084% | \n\t\t\t\t\t\t
CL04 | \n\t\t\t\t\t\t\t0.0002904 | \n\t\t\t\t\t\t\t0.056795 | \n\t\t\t\t\t\t\t10.3774 | \n\t\t\t\t\t\t\t2448.29 | \n\t\t\t\t\t\t\t0.511% | \n\t\t\t\t\t\t
CL05 | \n\t\t\t\t\t\t\t0.0003361 | \n\t\t\t\t\t\t\t0.056718 | \n\t\t\t\t\t\t\t10.14951 | \n\t\t\t\t\t\t\t2386.374 | \n\t\t\t\t\t\t\t0.593% | \n\t\t\t\t\t\t
CL06 | \n\t\t\t\t\t\t\t0.0004759 | \n\t\t\t\t\t\t\t0.057566 | \n\t\t\t\t\t\t\t11.4447 | \n\t\t\t\t\t\t\t2608.218 | \n\t\t\t\t\t\t\t0.827% | \n\t\t\t\t\t\t
CL07 | \n\t\t\t\t\t\t\t0.0003254 | \n\t\t\t\t\t\t\t0.056369 | \n\t\t\t\t\t\t\t10.4055 | \n\t\t\t\t\t\t\t2471.74 | \n\t\t\t\t\t\t\t0.577% | \n\t\t\t\t\t\t
CL08 | \n\t\t\t\t\t\t\t0.0003683 | \n\t\t\t\t\t\t\t0.05673 | \n\t\t\t\t\t\t\t10.54512 | \n\t\t\t\t\t\t\t2485.83 | \n\t\t\t\t\t\t\t0.649% | \n\t\t\t\t\t\t
CL09 | \n\t\t\t\t\t\t\t0.0003223 | \n\t\t\t\t\t\t\t0.056334 | \n\t\t\t\t\t\t\t10.14833 | \n\t\t\t\t\t\t\t2402.134 | \n\t\t\t\t\t\t\t0.572% | \n\t\t\t\t\t\t
CL10 | \n\t\t\t\t\t\t\t0.0004811 | \n\t\t\t\t\t\t\t0.057746 | \n\t\t\t\t\t\t\t11.11191 | \n\t\t\t\t\t\t\t2515.727 | \n\t\t\t\t\t\t\t0.833% | \n\t\t\t\t\t\t
CL11 | \n\t\t\t\t\t\t\t0.0002920 | \n\t\t\t\t\t\t\t0.05616 | \n\t\t\t\t\t\t\t10.06927 | \n\t\t\t\t\t\t\t2395.238 | \n\t\t\t\t\t\t\t0.520% | \n\t\t\t\t\t\t
CL12 | \n\t\t\t\t\t\t\t0.0005635 | \n\t\t\t\t\t\t\t0.058396 | \n\t\t\t\t\t\t\t11.85686 | \n\t\t\t\t\t\t\t2655.044 | \n\t\t\t\t\t\t\t0.965% | \n\t\t\t\t\t\t
CL13 | \n\t\t\t\t\t\t\t0.0002770 | \n\t\t\t\t\t\t\t0.058349 | \n\t\t\t\t\t\t\t11.88501 | \n\t\t\t\t\t\t\t2663.531 | \n\t\t\t\t\t\t\t0.475% | \n\t\t\t\t\t\t
CL14 | \n\t\t\t\t\t\t\t0.0003343 | \n\t\t\t\t\t\t\t0.056866 | \n\t\t\t\t\t\t\t10.46831 | \n\t\t\t\t\t\t\t2462.213 | \n\t\t\t\t\t\t\t0.588% | \n\t\t\t\t\t\t
Statistical properties of the network of German stocks in the period December 2010-December 2011.
We examined basic clusters statistics: mean (
\n\t\t\t\t\t\n\t\t\t\t\t\t
where
The analysis of the results evidenced that all clusters have positive mean, relatively low variability, and good profitability (with the exception of CL01 and CL03 whose Sharpe Ratio is the lowest over all examined cases). Besides, companies returns are positively skewed.
\n\t\t\t\tMoving to Table 3, we checked whether companies tend to aggregate according to the sector they belong to or not, as well as if clusters composition may have affected the results that we have shown in Table 2.
\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t
Mkt | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t7.14 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t7.14 | \n\t\t\t\t\t\t\t7.69 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t
B&F | \n\t\t\t\t\t\t\t6.67 | \n\t\t\t\t\t\t\t14.29 | \n\t\t\t\t\t\t\t30.77 | \n\t\t\t\t\t\t\t16.67 | \n\t\t\t\t\t\t\t42.86 | \n\t\t\t\t\t\t\t6.67 | \n\t\t\t\t\t\t\t13.04 | \n\t\t\t\t\t\t\t21.43 | \n\t\t\t\t\t\t\t4.76 | \n\t\t\t\t\t\t\t7.14 | \n\t\t\t\t\t\t\t21.43 | \n\t\t\t\t\t\t\t7.69 | \n\t\t\t\t\t\t\t23.08 | \n\t\t\t\t\t\t\t9.09 | \n\t\t\t\t\t\t
HI | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t7.14 | \n\t\t\t\t\t\t\t7.69 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t4.35 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t9.52 | \n\t\t\t\t\t\t\t14.29 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t15.38 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t4.35 | \n\t\t\t\t\t\t
Serv | \n\t\t\t\t\t\t\t20.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t6.67 | \n\t\t\t\t\t\t\t4.35 | \n\t\t\t\t\t\t\t15.00 | \n\t\t\t\t\t\t\t9.52 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t14.29 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t15.38 | \n\t\t\t\t\t\t\t9.09 | \n\t\t\t\t\t\t
Fash | \n\t\t\t\t\t\t\t13.33 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t16.67 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t13.33 | \n\t\t\t\t\t\t\t5.88 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t7.14 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t7.69 | \n\t\t\t\t\t\t\t15.38 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t
HT | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t7.69 | \n\t\t\t\t\t\t\t25.00 | \n\t\t\t\t\t\t\t14.29 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t9.52 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t9.52 | \n\t\t\t\t\t\t\t28.57 | \n\t\t\t\t\t\t\t7.14 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t15.38 | \n\t\t\t\t\t\t\t27.27 | \n\t\t\t\t\t\t
HC | \n\t\t\t\t\t\t\t13.33 | \n\t\t\t\t\t\t\t14.29 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t8.33 | \n\t\t\t\t\t\t\t14.29 | \n\t\t\t\t\t\t\t6.67 | \n\t\t\t\t\t\t\t17.39 | \n\t\t\t\t\t\t\t27.28 | \n\t\t\t\t\t\t\t9.52 | \n\t\t\t\t\t\t\t14.29 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t
Log | \n\t\t\t\t\t\t\t20.00 | \n\t\t\t\t\t\t\t14.29 | \n\t\t\t\t\t\t\t15.38 | \n\t\t\t\t\t\t\t8.33 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t4.35 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t21.43 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t4.35 | \n\t\t\t\t\t\t\t4.52 | \n\t\t\t\t\t\t
Lux | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t5.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t4.52 | \n\t\t\t\t\t\t
Hou | \n\t\t\t\t\t\t\t13.33 | \n\t\t\t\t\t\t\t7.14 | \n\t\t\t\t\t\t\t7.69 | \n\t\t\t\t\t\t\t8.33 | \n\t\t\t\t\t\t\t14.29 | \n\t\t\t\t\t\t\t13.33 | \n\t\t\t\t\t\t\t8.70 | \n\t\t\t\t\t\t\t7.14 | \n\t\t\t\t\t\t\t4.76 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t7.14 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t7.69 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t
Comp | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t14.29 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t8.33 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t4.52 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t7.14 | \n\t\t\t\t\t\t\t14.29 | \n\t\t\t\t\t\t\t7.14 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t9.09 | \n\t\t\t\t\t\t
Re. Serv | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t6.67 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t
F&D | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t7.14 | \n\t\t\t\t\t\t\t7.69 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t9.52 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t7.69 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t
En | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t7.14 | \n\t\t\t\t\t\t\t7.69 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t20.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t7.14 | \n\t\t\t\t\t\t\t14.29 | \n\t\t\t\t\t\t\t7.14 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t9.09 | \n\t\t\t\t\t\t
Ent | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t7.14 | \n\t\t\t\t\t\t\t6.67 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t2.50 | \n\t\t\t\t\t\t\t7.14 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t30.77 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t
Press | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t7.14 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t7.14 | \n\t\t\t\t\t\t\t6.67 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t10.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t7.69 | \n\t\t\t\t\t\t\t4.14 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t
Imp/Exp | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t4.35 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t9.09 | \n\t\t\t\t\t\t
PU | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t4.52 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t4.79 | \n\t\t\t\t\t\t
TCom | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t7.14 | \n\t\t\t\t\t\t\t8.24 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t13.33 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t7.14 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t6.89 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t
Auto | \n\t\t\t\t\t\t\t6.67 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t9.52 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t2.50 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t7.14 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t9.09 | \n\t\t\t\t\t\t
Gard | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t
Man | \n\t\t\t\t\t\t\t6.67 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t8.33 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t13.33 | \n\t\t\t\t\t\t\t4.52 | \n\t\t\t\t\t\t\t7.14 | \n\t\t\t\t\t\t\t4.76 | \n\t\t\t\t\t\t\t7.14 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t4.28 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t
Clusters percentage composition according to the reference industrial sector.
In general, clusters did not show an exclusive, but rather a dominant composition. Looking at Table 3, in fact, CL01 exhibits a dominant percentage of companies from both Services (Serv) and Logistics (Log) sector (20%), CL02 is equally divided into firms belonging to Banking and Finance (B&F), Health-Care (HC), Logistics and Components (Comp) sectors which share the same 14.29% percentage. B&F dominates (30%) cluster CL03 as well as CL05 (42.86%), CL11 (21.43%), and CL13 (23.08%). Hi-Tech companies (HT) are preferably grouped into clusters CL04 (25%) and CL10 (28.57%). Companies working in the Health Care sector (HC) are more numerous in clusters CL07 and CL08 (17.39% and 27.28% respectively). Finally, clusters CL06 and CL09 have their most representative elements in societies of energy sector (En) (20% and 14.29%), while CL14 is dominated by Heavy Industry (HI) companies.
\n\t\t\t\tThis seems to suggest that despite of the variety of sectors represented in German Stock Exchange, only a reduced number of them (i.e. clusters dominant sectors) may be considered the very driving engine of the German economy. Such information together with the one retrieved by looking at the Sharpe Ratio scores has strengthened the belief that Hi-Tech and Energy are, at present, the most challenging areas for investors in German market.
\n\t\t\t\tAs a counterpart, we observed that there is a plenty of sectors Fashion (Fash), Luxury Goods (Lux), Housing (Hou), Retail Services (Ret Serv.), Food and Drinking (F&D), Entertrainment (Ent), Press (Press), Import/Export (Imp/Exp), Public Utilities (PU), Telecommunications (TCom), Automotive (Auto), Gardening (Gard) and Manifacturing (Man).
We can then conclude that Germany did not particularly suffer for the critical situation common to greater part of European countries. The role played by both Hi-Tech and Energy sectors has been probably a key issue. However, from now on Germany should carefully monitor the state of B&F companies that are those that actually are performing worse. Other sectors like F&D, Hou, Press, and Auto need to be constantly checked as well since they seem to be in a stage whose evolution (towards either better or worse phases) is uncertain.
\n\t\t\t\tAt this point it makes sense to test whether or not the actual snapshot we have captured for Germany is the result of either a strategic issue, or a kind of natural evolution from previous situations. To do this we performed a dynamical analysis going back in time from December 2011 to December 2001. As explained in Section 3, we scanned data by means of a moving window, thus obtaining 10 matrices of dimensions 207×300, where 207 is the number of companies included into the simulation and 300 is the number of log-returns we took for each of them.
\n\t\t\t\tIn order to make the discussion as clear as possible, we focused on the analysis of the periods: 2004-2005 and 2007-2008. The period 2004-2005, in fact, is a starting point of some symptoms anticipating the world financial crisis; while the period 2007-2008 is generally acknowledged as the one where deepest effects of the crisis were felt.
\n\t\t\t\t\n\t\t\t\t\tFigure 4 shows the market skeleton frame obtained for the German Stock Exchange in the periods 2007-2008 and 2004-2005 respectively. Tables 4-7 detail basic statistics and clusters composition.
\n\t\t\t\tGerman market topology in 2008 (a) and 2004 (b).
\n\t\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t
CL01 | \n\t\t\t\t\t\t\t0.0003094 | \n\t\t\t\t\t\t\t0.057005 | \n\t\t\t\t\t\t\t10.44936 | \n\t\t\t\t\t\t\t2451.638 | \n\t\t\t\t\t\t\t0.543% | \n\t\t\t\t\t\t
CL02 | \n\t\t\t\t\t\t\t0.0003942 | \n\t\t\t\t\t\t\t0.057219 | \n\t\t\t\t\t\t\t10.25497 | \n\t\t\t\t\t\t\t2390.428 | \n\t\t\t\t\t\t\t0.689% | \n\t\t\t\t\t\t
CL03 | \n\t\t\t\t\t\t\t0.0002678 | \n\t\t\t\t\t\t\t0.05579 | \n\t\t\t\t\t\t\t9.94812 | \n\t\t\t\t\t\t\t638.8266 | \n\t\t\t\t\t\t\t0.480% | \n\t\t\t\t\t\t
CL04 | \n\t\t\t\t\t\t\t0.0002824 | \n\t\t\t\t\t\t\t0.056436 | \n\t\t\t\t\t\t\t10.02534 | \n\t\t\t\t\t\t\t2373.059 | \n\t\t\t\t\t\t\t0.500% | \n\t\t\t\t\t\t
CL05 | \n\t\t\t\t\t\t\t0.0003270 | \n\t\t\t\t\t\t\t0.056945 | \n\t\t\t\t\t\t\t10.9984 | \n\t\t\t\t\t\t\t2587.711 | \n\t\t\t\t\t\t\t0.574% | \n\t\t\t\t\t\t
CL06 | \n\t\t\t\t\t\t\t0.0002756 | \n\t\t\t\t\t\t\t0.055918 | \n\t\t\t\t\t\t\t10.00477 | \n\t\t\t\t\t\t\t2389.595 | \n\t\t\t\t\t\t\t0.493% | \n\t\t\t\t\t\t
CL07 | \n\t\t\t\t\t\t\t0.0002644 | \n\t\t\t\t\t\t\t0.055723 | \n\t\t\t\t\t\t\t10.02986 | \n\t\t\t\t\t\t\t2411.497 | \n\t\t\t\t\t\t\t0.475% | \n\t\t\t\t\t\t
CL08 | \n\t\t\t\t\t\t\t0.0004753 | \n\t\t\t\t\t\t\t0.058852 | \n\t\t\t\t\t\t\t11.32831 | \n\t\t\t\t\t\t\t2525.394 | \n\t\t\t\t\t\t\t0.808% | \n\t\t\t\t\t\t
CL09 | \n\t\t\t\t\t\t\t0.0003157 | \n\t\t\t\t\t\t\t0.056422 | \n\t\t\t\t\t\t\t10.36997 | \n\t\t\t\t\t\t\t2460.894 | \n\t\t\t\t\t\t\t0.559% | \n\t\t\t\t\t\t
CL10 | \n\t\t\t\t\t\t\t0.0005666 | \n\t\t\t\t\t\t\t0.059179 | \n\t\t\t\t\t\t\t11.77725 | \n\t\t\t\t\t\t\t2602.168 | \n\t\t\t\t\t\t\t0.957% | \n\t\t\t\t\t\t
CL11 | \n\t\t\t\t\t\t\t0.0005439 | \n\t\t\t\t\t\t\t0.058084 | \n\t\t\t\t\t\t\t11.26676 | \n\t\t\t\t\t\t\t2532.204 | \n\t\t\t\t\t\t\t0.936% | \n\t\t\t\t\t\t
CL12 | \n\t\t\t\t\t\t\t0.0003427 | \n\t\t\t\t\t\t\t0.056806 | \n\t\t\t\t\t\t\t10.10251 | \n\t\t\t\t\t\t\t2371.656 | \n\t\t\t\t\t\t\t0.603% | \n\t\t\t\t\t\t
CL13 | \n\t\t\t\t\t\t\t0.0004168 | \n\t\t\t\t\t\t\t0.057255 | \n\t\t\t\t\t\t\t10.66783 | \n\t\t\t\t\t\t\t2490.513 | \n\t\t\t\t\t\t\t0.728% | \n\t\t\t\t\t\t
Clusters percentage composition for the German market in the period 2007-2008.
\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t
CL01 | \n\t\t\t\t\t\t\t0.0003849 | \n\t\t\t\t\t\t\t0.056505 | \n\t\t\t\t\t\t\t10.48629 | \n\t\t\t\t\t\t\t2485.513 | \n\t\t\t\t\t\t\t0.681% | \n\t\t\t\t\t\t
CL02 | \n\t\t\t\t\t\t\t0.0004037 | \n\t\t\t\t\t\t\t0.057215 | \n\t\t\t\t\t\t\t1.653466 | \n\t\t\t\t\t\t\t2378.495 | \n\t\t\t\t\t\t\t0.706% | \n\t\t\t\t\t\t
CL03 | \n\t\t\t\t\t\t\t0.0008787 | \n\t\t\t\t\t\t\t0.061519 | \n\t\t\t\t\t\t\t12.6148 | \n\t\t\t\t\t\t\t2713.425 | \n\t\t\t\t\t\t\t1.428% | \n\t\t\t\t\t\t
CL04 | \n\t\t\t\t\t\t\t0.0002657 | \n\t\t\t\t\t\t\t0.055689 | \n\t\t\t\t\t\t\t9.951796 | \n\t\t\t\t\t\t\t2394.033 | \n\t\t\t\t\t\t\t0.477% | \n\t\t\t\t\t\t
CL05 | \n\t\t\t\t\t\t\t0.0003660 | \n\t\t\t\t\t\t\t0.056965 | \n\t\t\t\t\t\t\t10.57433 | \n\t\t\t\t\t\t\t2485.67 | \n\t\t\t\t\t\t\t0.642% | \n\t\t\t\t\t\t
CL06 | \n\t\t\t\t\t\t\t0.0003745 | \n\t\t\t\t\t\t\t0.056659 | \n\t\t\t\t\t\t\t10.46166 | \n\t\t\t\t\t\t\t2471.775 | \n\t\t\t\t\t\t\t0.661% | \n\t\t\t\t\t\t
CL07 | \n\t\t\t\t\t\t\t0.0003209 | \n\t\t\t\t\t\t\t0.056475 | \n\t\t\t\t\t\t\t10.12393 | \n\t\t\t\t\t\t\t2390.405 | \n\t\t\t\t\t\t\t0.568% | \n\t\t\t\t\t\t
CL08 | \n\t\t\t\t\t\t\t0.0001570 | \n\t\t\t\t\t\t\t0.045558 | \n\t\t\t\t\t\t\t1.733983 | \n\t\t\t\t\t\t\t413.5084 | \n\t\t\t\t\t\t\t0.345% | \n\t\t\t\t\t\t
CL09 | \n\t\t\t\t\t\t\t0.0003237 | \n\t\t\t\t\t\t\t0.056749 | \n\t\t\t\t\t\t\t10.47651 | \n\t\t\t\t\t\t\t2469.166 | \n\t\t\t\t\t\t\t0.570% | \n\t\t\t\t\t\t
CL10 | \n\t\t\t\t\t\t\t0.0003062 | \n\t\t\t\t\t\t\t0.056178 | \n\t\t\t\t\t\t\t10.10382 | \n\t\t\t\t\t\t\t2404.7 | \n\t\t\t\t\t\t\t0.545% | \n\t\t\t\t\t\t
CL11 | \n\t\t\t\t\t\t\t0.0005619 | \n\t\t\t\t\t\t\t0.058529 | \n\t\t\t\t\t\t\t11.85308 | \n\t\t\t\t\t\t\t2648.211 | \n\t\t\t\t\t\t\t0.960% | \n\t\t\t\t\t\t
Clusters percentage composition for the German market in the period 2004-2005.
\n\t\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t
Mkt | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t8.33 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t4.35 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t11.76 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t8.33 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t
B&F | \n\t\t\t\t\t\t\t23.81 | \n\t\t\t\t\t\t\t8.33 | \n\t\t\t\t\t\t\t15.38 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t22.22 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t17.39 | \n\t\t\t\t\t\t\t37.50 | \n\t\t\t\t\t\t\t11.76 | \n\t\t\t\t\t\t\t7.69 | \n\t\t\t\t\t\t\t14.29 | \n\t\t\t\t\t\t\t8.33 | \n\t\t\t\t\t\t\t36.36 | \n\t\t\t\t\t\t
HI | \n\t\t\t\t\t\t\t4.76 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t8.33 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t6.29 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t12.75 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t
Serv | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t8.33 | \n\t\t\t\t\t\t\t7.69 | \n\t\t\t\t\t\t\t8.33 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t7.14 | \n\t\t\t\t\t\t\t4.35 | \n\t\t\t\t\t\t\t12.50 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t7.14 | \n\t\t\t\t\t\t
Fash | \n\t\t\t\t\t\t\t4.76 | \n\t\t\t\t\t\t\t8.33 | \n\t\t\t\t\t\t\t7.69 | \n\t\t\t\t\t\t\t8.33 | \n\t\t\t\t\t\t\t5.56 | \n\t\t\t\t\t\t\t7.14 | \n\t\t\t\t\t\t\t4.35 | \n\t\t\t\t\t\t\t12.50 | \n\t\t\t\t\t\t\t5.88 | \n\t\t\t\t\t\t\t15.38 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t16.67 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t
HT | \n\t\t\t\t\t\t\t4.76 | \n\t\t\t\t\t\t\t12.00 | \n\t\t\t\t\t\t\t7.69 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t21.43 | \n\t\t\t\t\t\t\t4.35 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t11.76 | \n\t\t\t\t\t\t\t23.08 | \n\t\t\t\t\t\t\t21.43 | \n\t\t\t\t\t\t\t25.00 | \n\t\t\t\t\t\t\t9.09 | \n\t\t\t\t\t\t
HC | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t16.67 | \n\t\t\t\t\t\t\t8.33 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t16.67 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t15.38 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t
Log | \n\t\t\t\t\t\t\t4.76 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t8.33 | \n\t\t\t\t\t\t\t16.67 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t7.14 | \n\t\t\t\t\t\t\t4.35 | \n\t\t\t\t\t\t\t12.50 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t4.75 | \n\t\t\t\t\t\t
Lux | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t8.33 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t7.14 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t
Hou | \n\t\t\t\t\t\t\t19.05 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t7.69 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t5.56 | \n\t\t\t\t\t\t\t7.14 | \n\t\t\t\t\t\t\t8.70 | \n\t\t\t\t\t\t\t12.50 | \n\t\t\t\t\t\t\t5.88 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t14.29 | \n\t\t\t\t\t\t\t8.33 | \n\t\t\t\t\t\t\t9.09 | \n\t\t\t\t\t\t
Comp | \n\t\t\t\t\t\t\t4.76 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t8.33 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t4.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t7.69 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t9.09 | \n\t\t\t\t\t\t
Ret Serv | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t5.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t11.76 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t4.21 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t
F&D | \n\t\t\t\t\t\t\t4.76 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t7.69 | \n\t\t\t\t\t\t\t8.33 | \n\t\t\t\t\t\t\t5.56 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t16.67 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t8.33 | \n\t\t\t\t\t\t\t4.75 | \n\t\t\t\t\t\t
En | \n\t\t\t\t\t\t\t4.76 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t4.76 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t16.67 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t9.20 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t4.76 | \n\t\t\t\t\t\t
Ent | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t8.33 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t7.14 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t7.14 | \n\t\t\t\t\t\t\t5.88 | \n\t\t\t\t\t\t\t23.08 | \n\t\t\t\t\t\t\t14.29 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t
Press | \n\t\t\t\t\t\t\t4.76 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t8.33 | \n\t\t\t\t\t\t\t8.33 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t7.14 | \n\t\t\t\t\t\t
Imp/Exp | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t16.67 | \n\t\t\t\t\t\t\t3.94 | \n\t\t\t\t\t\t\t8.33 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t7.14 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t7.14 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t
PU | \n\t\t\t\t\t\t\t4.76 | \n\t\t\t\t\t\t\t1.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t
TCom | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t7.69 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t7.14 | \n\t\t\t\t\t\t\t12.41 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t16.67 | \n\t\t\t\t\t\t\t7.69 | \n\t\t\t\t\t\t\t7.69 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t
Auto | \n\t\t\t\t\t\t\t9.52 | \n\t\t\t\t\t\t\t12.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t8.33 | \n\t\t\t\t\t\t\t11.11 | \n\t\t\t\t\t\t\t7.14 | \n\t\t\t\t\t\t\t5.90 | \n\t\t\t\t\t\t\t5.36 | \n\t\t\t\t\t\t\t5.88 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t16.67 | \n\t\t\t\t\t\t\t16.67 | \n\t\t\t\t\t\t\t9.09 | \n\t\t\t\t\t\t
Gard | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t3.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t1.19 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t
Man | \n\t\t\t\t\t\t\t4.76 | \n\t\t\t\t\t\t\t8.33 | \n\t\t\t\t\t\t\t4.76 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t16.67 | \n\t\t\t\t\t\t\t7.14 | \n\t\t\t\t\t\t\t4.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t
Clusters percentage composition during the period 2007- 2008.
\n\t\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t
Mkt | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t6.25 | \n\t\t\t\t\t\t\t12.50 | \n\t\t\t\t\t\t\t6.67 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t6.25 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t
B&F | \n\t\t\t\t\t\t\t20.00 | \n\t\t\t\t\t\t\t12.50 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t18.18 | \n\t\t\t\t\t\t\t25.00 | \n\t\t\t\t\t\t\t41.67 | \n\t\t\t\t\t\t\t35.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t40.00 | \n\t\t\t\t\t\t\t14.29 | \n\t\t\t\t\t\t
HI | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t7.50 | \n\t\t\t\t\t\t\t16.80 | \n\t\t\t\t\t\t\t5.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t16.43 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t
Serv | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t6.25 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t9.09 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t10.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t10.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t
Fash. | \n\t\t\t\t\t\t\t10.00 | \n\t\t\t\t\t\t\t25.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t6.67 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t6.25 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t5.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t14.29 | \n\t\t\t\t\t\t
HT | \n\t\t\t\t\t\t\t10.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t12.50 | \n\t\t\t\t\t\t\t26.67 | \n\t\t\t\t\t\t\t18.18 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t8.33 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t14.29 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t41.43 | \n\t\t\t\t\t\t
HC | \n\t\t\t\t\t\t\t5.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t12.50 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t
Log | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t18.50 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t10.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t8.33 | \n\t\t\t\t\t\t\t20.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t12.00 | \n\t\t\t\t\t\t
Lux | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t12.50 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t
Hou | \n\t\t\t\t\t\t\t10.00 | \n\t\t\t\t\t\t\t6.25 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t6.67 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t5.50 | \n\t\t\t\t\t\t\t8.33 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t41.43 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t
Comp | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t11.50 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t6.67 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t6.25 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t5.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t
Ret Serv | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t10.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t15.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t
F&D | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t6.67 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t6.25 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t5.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t
En | \n\t\t\t\t\t\t\t10.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t7.50 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t
Ent | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t6.25 | \n\t\t\t\t\t\t\t25.00 | \n\t\t\t\t\t\t\t6.67 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t12.50 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t10.00 | \n\t\t\t\t\t\t\t7.14 | \n\t\t\t\t\t\t
Press | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t10.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t10.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t10.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t
Imp/Exp | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t9.86 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t5.71 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t5.00 | \n\t\t\t\t\t\t
PU | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t5.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t
TCom | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t7.50 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t16.67 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t
Auto | \n\t\t\t\t\t\t\t30.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t12.50 | \n\t\t\t\t\t\t\t6.67 | \n\t\t\t\t\t\t\t9.09 | \n\t\t\t\t\t\t\t12.50 | \n\t\t\t\t\t\t\t16.67 | \n\t\t\t\t\t\t\t10.00 | \n\t\t\t\t\t\t\t15.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t
Gard | \n\t\t\t\t\t\t\t5.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t10.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t
Man | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t10.00 | \n\t\t\t\t\t\t\t7.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t0.00 | \n\t\t\t\t\t\t\t7.14 | \n\t\t\t\t\t\t\t10.00 | \n\t\t\t\t\t\t\t3.00 | \n\t\t\t\t\t\t
Clusters percentage composition during the period 2004- 2005.
In both cases cluster statistics evidence (once again) positive mean and skewness, and lower variability. The Sharpe Ratio is generally higher than that evidenced in the static analysis. Looking at clusters composition, we primarily observe that, moving from one period to another, it did not maintain unchanged. However, it has been possible to isolate dominant sectors. In particular, in the period 2007- 2008, B&F companies prevail in five over thirteen clusters (CL01, CL03, CL07, CL08 and CL13); HC and Imp/Exp firms share dominance in CL02; Hi-Tech is the dominant sector in cluster CL06, CL10, CL11 and CL12. Finally, Logistics and TCom societies are concentrated in CL04 and CL09 respectively. Coping such results to the values of Sharpe Ratio, it seems possible to claim that good performances are mainly due to the leading activity of the High-Tech sector. Besides, by comparison with the performances discussed in the static analysis, Germany gave the impression to have suffered for the global crisis with some delay.
\n\t\t\t\t\n\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t
Average Degree | \n\t\t\t\t\t\t\t1.990 | \n\t\t\t\t\t\t\t1.989 | \n\t\t\t\t\t\t\t1.990 | \n\t\t\t\t\t\t
Density | \n\t\t\t\t\t\t\t0.010 | \n\t\t\t\t\t\t\t0.011 | \n\t\t\t\t\t\t\t0.010 | \n\t\t\t\t\t\t
Modularity | \n\t\t\t\t\t\t\t0.767 | \n\t\t\t\t\t\t\t0.757 | \n\t\t\t\t\t\t\t0.755 | \n\t\t\t\t\t\t
Measures of network organization. A comparison among German market topologies during the periods under examination. NET.
Most interesting results, in our opinion, come by the analysis of the period: December 2004-December 2005. The first element to highlight is that in this case we have only 11 clusters (versus 13 in the period: 2007-2008, and 14 in the period: 2010-2011). For what is concerning clusters composition now we have: B&F companies dominating clusters CL01, CL05, CL06, CL07, CL08, and CL10; fashion sector prevails in CL02, entertainment companies in CL03, housing societies in CL09, while Hi-Tech is the king of remaining clusters (CL04, CL05 and CL11). If we compare the results to those we have previously discussed, it is quite clear that during the observed period we have been witnesses of various companies reactions to the crisis: while Hi-Tech as well as financial companies maintained similar behaviors (and this is confirmed by the tendency to be clustered together), companies in other sectors did not group in any way. A possible explanation might stay in some policy action made by the national government, in order to address the economy, and to protect sectors with higher exposure.
\n\t\t\t\tTo conclude, the joint use of SOM and MST makes also possible to analyze the results from a network (graphs theory) perspective. To such aim, Table 8 shows some relevant measures of network organization for the German market in the periods under examination.
\n\n\t\t\t\tBefore discussing the values, we briefly explain the meaning of the observed variables. The Average Degree (AD) expresses the average number of ties of the networks nodes and measures how much immediate is the risk of nodes for catching whatever is flowing through the network. In the examined cases higher scores should mean an exposure to abrupt changes in the market arrangement. However, the AD values we have obtained are low and very similar one to each other. The Graph Density (GD) measures how close the network is to be complete: since a complete graph has all possible edges, its GD will be 1: the lower this value, the farther the graph is to be complete. The values in our nets are at least the same and lower. Both NetG1, NetG2 and NetG3 are far to be complete. Note that the reason is in the filtering procedure acted by MST on SOM that cleaned the original map from lesser significant ties. The Modularity, on the other hand, is a concept close to that of clustering, since it examines the attitude to community formation in the net, and it is then strictly related to the possibility to disclose clusters in a net. In order to be significant, values need to be higher than 0.4. This threshold has been largely exceeded in all examined nets.
\n\t\t\tAs done for Germany, we begin by the static analysis during the period: December 2010-December 2011. Our procedure identified eight clusters, as shown in Figure 5.
\n\t\t\t\tSkeleton framework of the Spanish stock exchange in the period: 30 December 2010 - 30 December 2011.
\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t
CL01 | \n\t\t\t\t\t\t\t0.0004 | \n\t\t\t\t\t\t\t0.023 | \n\t\t\t\t\t\t\t-1.803 | \n\t\t\t\t\t\t\t189.280 | \n\t\t\t\t\t\t\t1.9% | \n\t\t\t\t\t\t
CL02 | \n\t\t\t\t\t\t\t0.0005 | \n\t\t\t\t\t\t\t0.022 | \n\t\t\t\t\t\t\t-1.400 | \n\t\t\t\t\t\t\t175.611 | \n\t\t\t\t\t\t\t2.4% | \n\t\t\t\t\t\t
CL03 | \n\t\t\t\t\t\t\t0.0005 | \n\t\t\t\t\t\t\t0.022 | \n\t\t\t\t\t\t\t-1.235 | \n\t\t\t\t\t\t\t162.575 | \n\t\t\t\t\t\t\t2.4% | \n\t\t\t\t\t\t
CL04 | \n\t\t\t\t\t\t\t0.0005 | \n\t\t\t\t\t\t\t0.022 | \n\t\t\t\t\t\t\t-1.353 | \n\t\t\t\t\t\t\t169.223 | \n\t\t\t\t\t\t\t2.4% | \n\t\t\t\t\t\t
CL05 | \n\t\t\t\t\t\t\t0.0005 | \n\t\t\t\t\t\t\t0.022 | \n\t\t\t\t\t\t\t-1.209 | \n\t\t\t\t\t\t\t161.611 | \n\t\t\t\t\t\t\t2.3% | \n\t\t\t\t\t\t
CL06 | \n\t\t\t\t\t\t\t0.0005 | \n\t\t\t\t\t\t\t0.023 | \n\t\t\t\t\t\t\t-1.321 | \n\t\t\t\t\t\t\t164.853 | \n\t\t\t\t\t\t\t2.3% | \n\t\t\t\t\t\t
CL07 | \n\t\t\t\t\t\t\t0.0006 | \n\t\t\t\t\t\t\t0.022 | \n\t\t\t\t\t\t\t-1.345 | \n\t\t\t\t\t\t\t180.364 | \n\t\t\t\t\t\t\t2.8% | \n\t\t\t\t\t\t
CL08 | \n\t\t\t\t\t\t\t0.0004 | \n\t\t\t\t\t\t\t0.023 | \n\t\t\t\t\t\t\t-1.705 | \n\t\t\t\t\t\t\t179.979 | \n\t\t\t\t\t\t\t1.8% | \n\t\t\t\t\t\t
Basic statistics for clusters in the Spanish stock exchange. The reference period is: Dec. 2010 - Dec. 2011.
At the first glance cluster statistics are not as dramatic as to justify the present critical situation of the Spanish market: mean is positive and so the Sharpe Ratio is. Obviously it is quite low, and hence it can be explained as a signal of overall reduced market profitability. Nevertheless, a warning comes matching mean to skewness. Skewness, in fact, is negative: under this light the positivity of the mean can be justified only by the presence of bursts (and hence speculative movements), like viewing at the Spanish market behavior (Fig 6) over the past year confirms.
\n\t\t\t\tThe behaviour of Spanish market (log returns) in the period December 2010-December 2011.
\n\t\t\t\t\tFig 6, in fact, shows the log returns dynamics in the Spanish market in the period December 2010-December 2011. It sticks out immediately the
Moving to the analysis of clusters composition (Table 10), by comparison to the situation discussed for Germany a number of sectors is now missing This is the case, for instance, of Imp/Exp, Ret. Serv., and High Tech.
The aforementioned clusters structure suggests a key to understand present financial instability in Spain: the highest number of financial companies in the market makes it weak and prone to speculation (as the bursts one can see by looking at Fig 6 confirms in turn). One the other hand, since the Housing sector has been the driving engine of the global crisis, it is reasonable that its higher influence in the Spanish market composition has negatively conditioned its behaviour.
\n\t\t\t\t\n\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t
Aero | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t14.29% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t
Agr | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t7.14% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t
Auto | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t11.11% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t
B&F | \n\t\t\t\t\t\t\t40% | \n\t\t\t\t\t\t\t22.22% | \n\t\t\t\t\t\t\t21.43% | \n\t\t\t\t\t\t\t12.50% | \n\t\t\t\t\t\t\t11.11% | \n\t\t\t\t\t\t\t44.44% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t20% | \n\t\t\t\t\t\t
Chem | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t7.14% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t11.11% | \n\t\t\t\t\t\t\t10% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t
En | \n\t\t\t\t\t\t\t10% | \n\t\t\t\t\t\t\t11.11% | \n\t\t\t\t\t\t\t14.29% | \n\t\t\t\t\t\t\t12.50% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t11.11% | \n\t\t\t\t\t\t\t10% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t
F&D | \n\t\t\t\t\t\t\t10% | \n\t\t\t\t\t\t\t11.11% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t22.22% | \n\t\t\t\t\t\t\t22.22% | \n\t\t\t\t\t\t\t10% | \n\t\t\t\t\t\t\t10% | \n\t\t\t\t\t\t
Fas | \n\t\t\t\t\t\t\t10% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t12.50% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t10% | \n\t\t\t\t\t\t
Hi | \n\t\t\t\t\t\t\t10% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t10% | \n\t\t\t\t\t\t
Hou | \n\t\t\t\t\t\t\t10% | \n\t\t\t\t\t\t\t22.22% | \n\t\t\t\t\t\t\t7.14% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t22.22% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t20% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t
It | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t12.50% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t
Log | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t12.50% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t
Lux | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t11.11% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t11.11% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t
Pap | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t25.00% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t11.11% | \n\t\t\t\t\t\t\t10% | \n\t\t\t\t\t\t\t10% | \n\t\t\t\t\t\t
Pharm | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t11.11% | \n\t\t\t\t\t\t\t7.14% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t10% | \n\t\t\t\t\t\t\t10% | \n\t\t\t\t\t\t
Pu | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t7.14% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t
Tcom | \n\t\t\t\t\t\t\t10% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t12.50% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t20% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t
Ter | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t7.14% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t22.22% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t10% | \n\t\t\t\t\t\t\t30% | \n\t\t\t\t\t\t
Transp | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t11.11% | \n\t\t\t\t\t\t\t7.14% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t
Cluster percentage composition for Spain in the period December 2010-December 2011.
Replicating for Spain the analysis we have already performed for Germany, suggests a number of additional issues to be discussed. Figure 7 shows the market organization in the periods: 2007-2008 and 2004-2005, while Tables 11-14 report the corresponding basic statistics and clusters composition.
\n\t\t\t\tSkeleton framework of Spanish market in the periods: 2007-2008 (a), and 2004-2005.
\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t
CL01 | \n\t\t\t\t\t\t\t0.00142 | \n\t\t\t\t\t\t\t0.018 | \n\t\t\t\t\t\t\t1.156 | \n\t\t\t\t\t\t\t14.442 | \n\t\t\t\t\t\t\t8% | \n\t\t\t\t\t\t
CL02 | \n\t\t\t\t\t\t\t-0.00023 | \n\t\t\t\t\t\t\t0.016 | \n\t\t\t\t\t\t\t0.702 | \n\t\t\t\t\t\t\t13.033 | \n\t\t\t\t\t\t\t-1.5% | \n\t\t\t\t\t\t
CL03 | \n\t\t\t\t\t\t\t-0.00028 | \n\t\t\t\t\t\t\t0.026 | \n\t\t\t\t\t\t\t-10.400 | \n\t\t\t\t\t\t\t354.521 | \n\t\t\t\t\t\t\t-1.1% | \n\t\t\t\t\t\t
CL04 | \n\t\t\t\t\t\t\t0.0014 | \n\t\t\t\t\t\t\t0.020 | \n\t\t\t\t\t\t\t0.948 | \n\t\t\t\t\t\t\t7.377 | \n\t\t\t\t\t\t\t7.1% | \n\t\t\t\t\t\t
CL05 | \n\t\t\t\t\t\t\t-0.0005 | \n\t\t\t\t\t\t\t0.025 | \n\t\t\t\t\t\t\t-0.267 | \n\t\t\t\t\t\t\t13.392 | \n\t\t\t\t\t\t\t-2.1% | \n\t\t\t\t\t\t
CL06 | \n\t\t\t\t\t\t\t0.0009 | \n\t\t\t\t\t\t\t0.017 | \n\t\t\t\t\t\t\t0.375 | \n\t\t\t\t\t\t\t4.462 | \n\t\t\t\t\t\t\t5.3% | \n\t\t\t\t\t\t
CL07 | \n\t\t\t\t\t\t\t0.0015 | \n\t\t\t\t\t\t\t0.024 | \n\t\t\t\t\t\t\t7.952 | \n\t\t\t\t\t\t\t185.964 | \n\t\t\t\t\t\t\t6.2% | \n\t\t\t\t\t\t
CL08 | \n\t\t\t\t\t\t\t0.0002 | \n\t\t\t\t\t\t\t0.022 | \n\t\t\t\t\t\t\t-0.122 | \n\t\t\t\t\t\t\t14.941 | \n\t\t\t\t\t\t\t0.7% | \n\t\t\t\t\t\t
Clusters statistics for Spain in the period: 2007-2008.
\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t
CL01 | \n\t\t\t\t\t\t\t-0.00006 | \n\t\t\t\t\t\t\t0.021 | \n\t\t\t\t\t\t\t1.888 | \n\t\t\t\t\t\t\t19.464 | \n\t\t\t\t\t\t\t-0.3% | \n\t\t\t\t\t\t
CL02 | \n\t\t\t\t\t\t\t0.00150 | \n\t\t\t\t\t\t\t0.018 | \n\t\t\t\t\t\t\t1.327 | \n\t\t\t\t\t\t\t18.261 | \n\t\t\t\t\t\t\t8.4% | \n\t\t\t\t\t\t
CL03 | \n\t\t\t\t\t\t\t-0.00019 | \n\t\t\t\t\t\t\t0.021 | \n\t\t\t\t\t\t\t0.209 | \n\t\t\t\t\t\t\t2.673 | \n\t\t\t\t\t\t\t-0.09% | \n\t\t\t\t\t\t
CL04 | \n\t\t\t\t\t\t\t0.0012 | \n\t\t\t\t\t\t\t0.015 | \n\t\t\t\t\t\t\t0.782 | \n\t\t\t\t\t\t\t6.485 | \n\t\t\t\t\t\t\t7.7% | \n\t\t\t\t\t\t
CL05 | \n\t\t\t\t\t\t\t0.0013 | \n\t\t\t\t\t\t\t0.017 | \n\t\t\t\t\t\t\t0.939 | \n\t\t\t\t\t\t\t7.531 | \n\t\t\t\t\t\t\t7.6% | \n\t\t\t\t\t\t
CL06 | \n\t\t\t\t\t\t\t-0.0006 | \n\t\t\t\t\t\t\t0.026 | \n\t\t\t\t\t\t\t-11.489 | \n\t\t\t\t\t\t\t396.951 | \n\t\t\t\t\t\t\t-2.1% | \n\t\t\t\t\t\t
CL07 | \n\t\t\t\t\t\t\t0.0014 | \n\t\t\t\t\t\t\t0.029 | \n\t\t\t\t\t\t\t6.702 | \n\t\t\t\t\t\t\t132.794 | \n\t\t\t\t\t\t\t5% | \n\t\t\t\t\t\t
CL08 | \n\t\t\t\t\t\t\t-0.0001 | \n\t\t\t\t\t\t\t0.024 | \n\t\t\t\t\t\t\t-0.249 | \n\t\t\t\t\t\t\t12.979 | \n\t\t\t\t\t\t\t-0.5% | \n\t\t\t\t\t\t
Clusters statistics for Spain in the period: 2004-2005.
\n\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t|
Aero | \n\t\t\t\t\t\t\t14% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t12.50% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t|
Agr | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t9% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t|
Auto | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t8.33% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t|
B&F | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t33.33% | \n\t\t\t\t\t\t\t25.00% | \n\t\t\t\t\t\t\t22.22% | \n\t\t\t\t\t\t\t22.22% | \n\t\t\t\t\t\t\t18.18% | \n\t\t\t\t\t\t\t36% | \n\t\t\t\t\t\t|
Chem | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t11.11% | \n\t\t\t\t\t\t\t9% | \n\t\t\t\t\t\t\t9% | \n\t\t\t\t\t\t|
En | \n\t\t\t\t\t\t\t29% | \n\t\t\t\t\t\t\t18.18% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t12.50% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t18% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t|
F&D | \n\t\t\t\t\t\t\t14% | \n\t\t\t\t\t\t\t9.09% | \n\t\t\t\t\t\t\t16.67% | \n\t\t\t\t\t\t\t12.50% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t11.11% | \n\t\t\t\t\t\t\t18% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t|
Fas | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t8% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t11% | \n\t\t\t\t\t\t\t11% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t|
Hi | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t11% | \n\t\t\t\t\t\t\t9% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t|
Hou | \n\t\t\t\t\t\t\t14% | \n\t\t\t\t\t\t\t9.09% | \n\t\t\t\t\t\t\t8.33% | \n\t\t\t\t\t\t\t12.50% | \n\t\t\t\t\t\t\t33.33% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t9% | \n\t\t\t\t\t\t|
It | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t11% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t|
Log | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t8% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t|
Lux | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t9.09% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t9% | \n\t\t\t\t\t\t|
Pap | \n\t\t\t\t\t\t\t14% | \n\t\t\t\t\t\t\t9.09% | \n\t\t\t\t\t\t\t8.33% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t9% | \n\t\t\t\t\t\t\t9% | \n\t\t\t\t\t\t|
Pharm | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t18.18% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t18% | \n\t\t\t\t\t\t|
Pu | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t13% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t|
Tcom | \n\t\t\t\t\t\t\t14% | \n\t\t\t\t\t\t\t9% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t12.50% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t11% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t|
Ter | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t9% | \n\t\t\t\t\t\t\t8.33% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t22.22% | \n\t\t\t\t\t\t\t22% | \n\t\t\t\t\t\t\t9% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t|
Transp | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t9.09% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t9% | \n\t\t\t\t\t\t|
\n\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t | \n\t\t\t\t\t\t |
Cluster percentage composition for Spain in the period 2007-2008.
Looking to Table 11, basic statistics for 2008 highlight a situation that cannot be interpreted in an precise way: clusters CL01, CL04, CL06, and CL07 have positive mean, skewness and Sharpe Ratio, CL08 has positive mean and SR, CL03 and CL05 has gone negative, while CL02 is a hybrid of all above states, with negative mean and SR, and positive skewness. Going back to 2004, Table 12 sees two clusters (CL06, CL08) negative both in mean, SR and skewness, two negative only in mean and SR (CL01, CL03), and all remaining clusters with positive statistics.
\n\t\t\t\tThe turning point to understand the crisis of Spain is in clusters composition. While in 2004 (Table 14) the Spanish market exhibited a strongest component in the Energy sector, this disappeared when we look to Table 13 that shows market organization in 2008. The snapshot we took by looking at this period, shows a market dominated by banks (i.e. an exposure to speculation), as well as by sectors like luxury goods, and fashion that did not assure any protective shield in period of global crisis.
\n\t\t\t\t\n\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t
Aero | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t8% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t10% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t
Agr | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t10.00% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t
Auto | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t8% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t
Bkf | \n\t\t\t\t\t\t\t17% | \n\t\t\t\t\t\t\t33.33% | \n\t\t\t\t\t\t\t11.11% | \n\t\t\t\t\t\t\t20.00% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t41.67% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t26% | \n\t\t\t\t\t\t
Chem | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t25% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t10.00% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t
En | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t16.67% | \n\t\t\t\t\t\t\t22.22% | \n\t\t\t\t\t\t\t10.00% | \n\t\t\t\t\t\t\t10.00% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t13% | \n\t\t\t\t\t\t\t5% | \n\t\t\t\t\t\t
F&D | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t11.11% | \n\t\t\t\t\t\t\t20.00% | \n\t\t\t\t\t\t\t10.00% | \n\t\t\t\t\t\t\t16.67% | \n\t\t\t\t\t\t\t38% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t
Fas | \n\t\t\t\t\t\t\t17% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t11% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t10% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t13% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t
Hi | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t8% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t10% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t8% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t
Hou | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t11.11% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t10.00% | \n\t\t\t\t\t\t\t8% | \n\t\t\t\t\t\t\t13% | \n\t\t\t\t\t\t\t26% | \n\t\t\t\t\t\t
It | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t5% | \n\t\t\t\t\t\t
Log | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t8% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t
Lux | \n\t\t\t\t\t\t\t17% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t5% | \n\t\t\t\t\t\t
Pap | \n\t\t\t\t\t\t\t17% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t11.11% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t30% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t
Pharm | \n\t\t\t\t\t\t\t17% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t16% | \n\t\t\t\t\t\t
Pu | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t10% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t
Tcom | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t20% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t13% | \n\t\t\t\t\t\t\t5% | \n\t\t\t\t\t\t
Ter | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t8% | \n\t\t\t\t\t\t\t22.22% | \n\t\t\t\t\t\t\t10% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t8% | \n\t\t\t\t\t\t\t13% | \n\t\t\t\t\t\t\t5% | \n\t\t\t\t\t\t
Transp | \n\t\t\t\t\t\t\t17% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t0.00% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t0% | \n\t\t\t\t\t\t\t5% | \n\t\t\t\t\t\t
Cluster percentage composition for Spain in the period 2004-2005.
Moving the attention towards networks statistics (Table 15), we may observe that the values of NETS2 and NETS3 are quite similar; conversely, they differ from those referring to the first period under examination (NETS1). In the attempt to give the data an economic interpretation, we can say that NETS2 and NETS3 mirror a steady situation. Moreover, looking to Density values the Spanish market gives the impression of a place where each company is undertaking its own way. Such
\n\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t | \n\t\t\t\t\t\t
Average Degree | \n\t\t\t\t\t\t\t1.75 | \n\t\t\t\t\t\t\t1.974 | \n\t\t\t\t\t\t\t1.974 | \n\t\t\t\t\t\t
Diameter | \n\t\t\t\t\t\t\t16 | \n\t\t\t\t\t\t\t19 | \n\t\t\t\t\t\t\t22 | \n\t\t\t\t\t\t
Density | \n\t\t\t\t\t\t\t0.25 | \n\t\t\t\t\t\t\t0.026 | \n\t\t\t\t\t\t\t0.026 | \n\t\t\t\t\t\t
Modularity | \n\t\t\t\t\t\t\t0.132 | \n\t\t\t\t\t\t\t0.697 | \n\t\t\t\t\t\t\t0.701 | \n\t\t\t\t\t\t
Measures of network organization. A comparison among market topologies during the periods under examination.
In this chapter we provided an example of how to use Self Organizing Maps (SOMs) as a tool to analyze financial stability.
\n\t\t\tWe moved from row data (price levels) of quoted enterprises to provide a snapshot of countries financial situation, and then we applied a hybrid procedure coping together SOMs and Minimum Spanning Tree (MST). We checked our approach on two markets featuring different levels of (in)stability: the German and the Spanish Stock Exchange.
\n\t\t\tOur study made us possible to highlight most important relations among quoted societies, as well as the natural clusters that tend to be created into those markets.
\n\t\t\tIn particular, in the case of Germany we captured the country situation in three periods (2004-2005, 2007-2008 and 2010-2011). The study suggested that the German government was able to pay attention to warning signals emerging from the market. In this way Germany applied measures that allowed it to face last year critical situation. Protecting sectors with a strength tradition and promoting the challenge in emerging sectors Germany played a game that seems to maintain the country at the marginal side of current global crisis.
\n\t\t\tOn the other hand, the case of Spain suggests the existence of a weak market dominated by banks that has been highly exposed to investors speculation. Local governors neither did take into account in the right way alerting signals or did apply correction/protection measures. In a positive sense our procedure highlighted some direction towards which policy makers could operate in order to reduce instability.
\n\t\t\tTo conclude the joined SOM-MST approach seems able to suggest proper recipes that governments might consider in order to address their policy efforts.
\n\t\tCancer is still a major problem of modern medicine. Research continues trying to understand the tumor biology mechanisms as well as to find new methods of effective treatment [1]. The hypopharynx is a crossroad in the upper part of the digestive and respiratory pathways and malignant appearance at this level leads to the impairment of two vital functions, breathing and feeding. It also affects speech. Therapy of this pathology creates disability for the patient under economic, social, psychological and medical aspects. Therefore, we can advocate that hypopharyngeal cancer is one of the most challenging cancers pathologies regarding location, evolution, prognosis and functional implications. Therapy of hypopharyngeal cancer is a difficult endeavor for both physician and patient and requires a multidisciplinary approach: ENT surgeon, oncologists, radiologists, vocal rehabilitation specialist, psychologist and nutritionist.
The primary purpose of the oncology management of aero-digestive malignant neoplasms is survival. Nevertheless, preserving respiratory, deglutition and speech functions are mandatory if oncology principles are not broken.
The survival rate for hypopharyngeal cancer is low despite advanced surgical techniques, radiotherapy and chemotherapy. Patients go for medical examination in advanced stages of the disease when the tumor already exceeds the mucous layer and causes cervical lymph node metastases, thus being a challenge for the medical oncology team. Hypopharyngeal cancer management requires the presence of experienced surgeons within trained oncology surgery teams due to the radical surgical therapy aimed to locally control this type of cancer. Oncology radicality overcomes the principle of function preservation which is sometimes impossible to achieve.
The pharynx is a muscular-fibrous organ that belongs to the upper aero-digestive tract. It is located anteriorly to the cervical spines and posteriorly to the nasal fossae, oral cavity and larynx with which it communicates at different levels.
From a topographical perspective the pharynx is divided into 3 segments:
superior segment – the rhinopharynx (also known as nasopharynx, epipharynx or cavum) communicates anteriorly with the nasal fossae through the two choanae.
middle segment – the buccopharynx (also known as oropharynx or mesopharynx) communicates anteriorly with the oral cavity.
inferior segment – the hypopharynx (also known as laryngopharynx) communicates with the larynx, extends from the upper junction with the oropharynx at the level of the hyoid bone, and is continued inferiorly with the cervical esophagus. Hypopharyngeal cancer can occur at the site of the lateral walls, piriform sinuses, posterior wall and the retro-cricoid region. The anterior wall consists of the base of the tongue, supraglottic larynx and the posterior blade of the cricoid cartilage. The lateral walls join with the outer limits of the larynx to create two grooves, the piriform sinuses, through which fluids and food pass towards the mouth of the esophagus. The hypopharynx is shaped as a three-walled pyramid (anterior, lateral, medial) with the base located up at the pharyngoepiglottic fold and the free edge of the aryepiglottic fold, and the tip located below the cricoid cartilage. The upper lateral limit of the piriform sinus is considered an oblique line on the pharyngeal lateral wall in opposition to the aryepiglottic fold. The relations of the piriform sinus with the larynx explain why malignant tumors of the hypopharynx invade the larynx early and require surgical resections by partial or total laryngectomies. The posterior wall of the hypopharynx has a close relationship with the retropharyngeal space, the prevertebral fascia, the longitudinal spinal muscles (the long muscle of the head) and has a width of 4 cm–5 cm and a height of 6 cm–7 cm. The distance between the posterior pharyngeal wall and the vertebral bodies is no greater than 1 centimeter, therefore the submucosal protrusions caused by osteophytes or by the anterior edges of the vertebral bodies can be misinterpreted as submucosal tumors. In addition, tumors of the posterior wall of the hypopharynx can invade these prevertebral soft tissues. Between the prevertebral aponeurosis and the posterior pharyngeal and esophagus wall there is a loose cellular tissue that allows surgical and approach and detachment of the two regions. From a surgical perspective, a tumor located in the retro-cricoid region that invades the upper esophageal sphincter raise special problems. Therefore, the anterior wall of the retro-cricoid region is also called “party wall”. The retro-cricoid region extends from the portion immediately below the arytenoids to the upper esophageal sphincter and forms the posterior wall of the larynx in the lower region. The anatomical relations explain the extension of the tumors of the post-cricoid region to the recurrent nerve, the paratracheal lymph nodes, the thyroid gland, the common carotid artery with its terminal branches and to the vagus nerves.
From inside out, in a cross-section, the pharyngeal wall is made out of four layers: the lining mucosa represented by a multi-layered squamous cell epithelium, a fibrous stroma developed from the pharyngeal aponeurosis, the muscular layer formed by the pharynx constrictor muscles arranged circularly and the lifting muscles arranged longitudinally and the buccopharyngeal fascia located on the outside. The constrictor muscles are superior, middle and inferior. The middle and inferior constrictor muscles surround the lateral and posterior walls of the hypopharynx that continue inferiorly with the walls of the cervical esophagus. Anteriorly, the posterior cricoarytenoid muscle represents the muscular layer. Below the hyoid bone, where the middle and lower constrictor do not cross, there is a weak point of the pharyngeal lateral wall represented by the thyrohyoid membrane, which is passed through by the vessels, nerves and lymph vessels of the hypopharynx.
The pharyngo-esophageal junction, also known as “Killian’s mouth of the esophagus”, makes the transition between the hypopharynx and the cervical esophagus. The difficulty of diagnosing pharyngo-esophageal junction cancer is variable depending on the circumstances of appearance and development of the malignant neoplastic lesion at this site.
The branches of the external carotid artery provide the arterial supply. Venous drainage is achieved through the facial vein and pterygoid plexus to the internal jugular vein. Lymphatic circulation drains lymph from the hypopharynx to the jugular lymph nodes. The submucosal layer of the hypopharynx contains a rich lymphatic network that exits superiorly through the thyro-hyoid membrane to reach the superior and middle jugular lymph nodes and the inferior lymphatics drain into the paratracheal and middle jugular lymph nodes.
The hypopharynx is an essential organ in assuring breathing, swallowing and speech. Tumors located at this level can cause swallowing and breathing impairment, both by the mass effect (large tumors) and/or by edema caused by the lymphatic invasion. Tumor invasion of neural structures can cause pharyngeal muscle contraction impairment or intense pain with negative effects on the swallowing process and the quality of life of the patients [2].
Damage to the arytenoid cartilages or recurrent nerves by malignant neoplasia invasion can cause major respiratory impairment with tracheobronchial aspiration phenomena by paresis of the vocal cords. Peritumoral infections can cause impaired swallowing [3, 4].
The epidemiology of the hypopharyngeal and cervical esophageal cancer deals with the spread of the disease in the human population regarding sex, age, profession, time and space, as well as risk factors that contribute to these phenomena [5, 6].
The main factors involved in the occurrence of this type of cancer are chronic smoking and alcoholism. The risk of cancer occurrence is directly proportional to the ingested dose and alcohol concentration. The average age of onset is between 60 and 65 years, more common in men with a sex ratio of 5:1 men to women. The general tendency of the hypopharyngeal and cervical esophageal cancer is that of increased incidence, due to increased tobacco and alcohol consumption. Increased mortality is also associated with late diagnostic of hypopharyngeal and cervical esophageal cancer. 77.3% of patients are diagnosed with stage 3 or 4 upon admittance to the hospital [7, 8].
Usually, due to the anatomic relation between the site of the hypopharyngeal and cervical esophageal cancer, the two are studied together. Tumor lesions invade both regions at the time of diagnosis, which is usually in the late stages. At the beginning of the 21st century, hypopharyngeal and cervical esophageal cancer is still a major concern worldwide [8].
Piriform sinus location accounts for 85% of cases of hypopharyngeal cancer, 15% affect the posterior wall and the retro-cricoid region. The incidence of hypopharyngeal cancers varies from country to country and sometimes from region to region within the same country. The location of the tumor also differs from country to country and is closely related to the etiology factors involved. Hypopharyngeal and esophageal cancers are more common in countries with low social and economic standards and low education levels [3].
The hypopharynx is lined entirely by a malpighian epithelium, so most cancers at this level are differentiated malpighian carcinomas (squamous cell carcinoma). However, hypopharyngeal cancer raises special problems for both pathologists and therapists due to its peculiarities, the way it spreads and the macro-microscopic aspects.
From a macroscopic point of view, the hypopharynx may present two different forms of malignant tumors that are distinguished by their way of extension and prognosis. The ulcero-infiltrative form is most common and is characterized by invasion of the mucosa with more or less deep destruction of adjacent structures. The extension pathways mainly depend on the starting point of the tumor and the greater or lesser resistance of the encountered structures. The diffuse form with extension to the surface has a vegetative aspect being difficult to differentiate from an inflammatory type mucosa. This form develops on the surface without affecting the deep tissues being a carcinoma isolated to the mucosa but with distant spreading, affecting all or only parts of the epithelium of the hypopharynx. It is frequently associated with areas of infiltrative carcinoma and with more or less extensive areas of dysplasia and leucoplakia. There are other forms of cancer at this level with fairly well defined macroscopic and microscopic features: epithelial sarcoma (well-circumscribed tumor, pediculate, with minimal implantation surface, located especially in the membranous part of the piriform sinus and in the retro-cricoid region), wart-like carcinoma or malignant villous keratosis (rare, lymphophilic form, slow evolution, high chemosensitivity), adenoid malpighian carcinoma (muriform appearance, extremely rare, it can be found in the hypopharyngeal adenocarcinomas, non-Hodgkin’s malignant lymphomas, melanomas).
Tumor dissemination is achieved through direct local extension, lymphatic or hematogenous pathways. Finding the primary site and the pathway of dissemination is essential for the management of these tumors. Hypopharyngeal cancer is very rarely detected in the initial stage due to lack of symptoms.
Regarding local dissemination, tumors of the piriform sinus are located in its anterior angle from where the extension is made to the external and internal walls towards: 1. the internal wall of the sinus, from where it extends through the larynx (it is difficult to establish the pharyngeal or laryngeal origin of the tumor); 2. the lateral wall of the hypopharynx, from where it extends anteriorly to the anterior angle of the piriform sinus and the pharyngo-epiglottic fold, then to the thyroid cartilage and soft tissues of the anterior and superior cervical region to the lateral wall of the oropharynx.
The most important dissemination route is lymphatic. Lymph node invasion is present in 75% of patients at the time of diagnosis, detectable by palpation or imaging studies. For 10% of patients, lymph node involvement is bilateral from the time of presentation. Malignant tumors of the piriform sinus, lateral wall and posterior wall of hypopharynx usually spread towards the middle internal jugular lymph nodes. Tumors of the retro-cricoid region spread to the paraoesophageal, paratracheal and supraclavicular fossa [3].
Distant site metastases are common. Patients with advanced cervical lesions and lymph node invasion are prone to develop distant site metastases to the lungs, liver, bones and brain.
According to the American Joint Committee on Cancer (AJCC), the TNM staging of carcinomas originating in the hypopharynx is as follows (Table 1) [9].
The tumor is located only in the top layer of cells lining the inside of the hypopharynx and has not grown any deeper (Tis). The cancer has not spread to nearby lymph nodes (N0) or to distant parts of the body (M0). | ||
The tumor has grown deeper, but it is only in one part of the hypopharynx, and it is no more than 2 centimeters (cm) across (T1). The cancer has not spread to nearby lymph nodes (N0) or to distant parts of the body (M0). | ||
The tumor has grown into more than one part of the hypopharynx, OR it has grown into a nearby area, OR it is larger than 2 cm but no larger than 4 cm across and has not affected the vocal cords (T2). The cancer has not spread to nearby lymph nodes (N0) or to distant parts of the body (M0). | ||
The tumor is larger than 4 cm across, OR the tumor is affecting the movement of the vocal cords, OR the tumor has grown into the esophagus (T3). The cancer has not spread to nearby lymph nodes (N0) or to distant parts of the body (M0). | ||
OR | ||
The tumor can be any size and might or might not have grown into structures outside the hypopharynx, and it might or might not have affected a vocal cord (T1 to T3). The cancer has spread to a single lymph node on the same side of the neck as the tumor, which is no larger than 3 cm across (N1). The cancer has not spread to distant parts of the body (M0). | ||
The tumor has grown into the thyroid or cricoid cartilage, the hyoid bone, the thyroid gland, or nearby areas of muscle or fat. This is also known as a The cancer has not spread to nearby lymph nodes (N0), or it has spread to a single lymph node on the same side of the neck as the tumor, which is no larger than 3 cm across (N1). The cancer has not spread to distant parts of the body (M0). | ||
OR | ||
The tumor can be any size and might or might not have grown into structures outside the hypopharynx (as far as a moderately advanced disease), and it might or might not have affected a vocal cord (T1 to T4a). The cancer is N2: It has spread to a single lymph node on the same side of the neck as the tumor, which is larger than 3 cm but no larger than 6 cm across, OR It has spread to more than one lymph node on the same side of the neck as the tumor, none of which is larger than 6 cm across, OR It has spread to at least one lymph node on the other side of the neck, none of which is larger than 6 cm across. The cancer has not spread to distant parts of the body (M0). | ||
The tumor is growing into the area in front of the spine in the neck, surrounds a carotid artery, or is growing down into the space between the lungs. This is also known as a The cancer might or might not have spread to nearby lymph nodes (any N). It has not spread to distant parts of the body (M0). | ||
OR | ||
The tumor can be any size and might or might not have grown into structures outside the hypopharynx, and it might or might not have affected a vocal cord (any T). The cancer has spread to at least one lymph node that is larger than 6 cm across, OR it has spread to a lymph node and then grown outside of the lymph node (N3). It has not spread to distant parts of the body (M0). | ||
The tumor can be any size and might or might not have grown into structures outside the hypopharynx, and it might or might not have affected a vocal cord (any T). The cancer might or might not have spread to nearby lymph nodes (any N). The cancer has spread to distant parts of the body (M1). |
Table 1.Hypopharyngeal cancer TNM staging according to the American Joint Committee on Cancer (AJCC).
Hypopharyngeal cancer is asymptomatic in the early stages, which is why most patients refer to a doctor in the advanced stages of the disease. The clinical examination corroborated with the paraclinical investigations contribute to positive and differential diagnosis. Histopathological examination is mandatory.
In early-stage tumors, symptoms are non-specific and may mimic laryngopharyngeal reflux or globus sensation. The first manifestation of the disease usually consists of unilateral dysphagia, especially during swallowing saliva. Very often patients go see a specialist due to the appearance of a cervical tumor or due to difficulty in breathing [10]. Dysphagia is progressive, initially for solid food and later for liquids. Severe dysphagia and odynophagia are symptoms that occur in advanced cancers when the entire hypopharynx or cervical esophagus are invaded. Any unilateral dysphagia that persists for more than 2–3 weeks requires an ENT consultation. Weight loss is significant, sometimes leading to cachexia, so the assessment of nutritional status is an important element in establishing therapeutic management. Pharyngeal paresthesia, reflex otalgia, hemoptysis may be present. Dysphonia and dyspnea occur in late stages by the invasion of the pharyngo-laryngeal wall, recurrent paralysis or peritumoral inflammation [7].
Inspection may suggest the condition by the presence of a cachectic patient, with the presence of a latero-cervical tumor or with anterior prominence of the larynx, hypersialorrhea and putrid breath. Performing bucco-pharyngoscopy we can detect synchronous buccopharyngeal cancers or tumor extension to this level.
The most reliable method of diagnosis in hypopharyngeal cancer is a direct examination of the pharynx and larynx so all structures can be assessed. Examination of the mucosa is mandatory and it can be done by using direct pharyngo-laryngocopy or fiber optic examination with or without digital image subtraction filters. Indirect pharyngo-laryngoscopy permits an overview of the tumor, its location and size, as well as the mobility of the vocal cords. Retro-cricoid tumors, as well as those located at the apex of the piriform sinus which is very difficult to highlight. Indirect signs like oedema, mucosal erythema, stagnant secretions or salivary stasis require further investigation (Figures 1 and 2).
Extensive tumor comprising all walls of the hypopharynx – circular tumor of the hypopharynx.
Infiltrative tumor of the left pyriform sinus with the invasion of the left hemilarynx.
Palpation of the neck leads to the detection of metastatic lymph nodes. Spread towards cervical tissues through the mobility of the laryngeal skeleton can also be appreciated [11].
To establish the correct and complete diagnosis, as well as to achieve the biological balance of the patient, the clinical examination must be completed with a paraclinical evaluation. Pharyngo-esophageal barium examination might reveal the location of the lower limit of the tumor and degree of extension. The main method of pre-therapeutic evaluation is computerized tomography scan (CT) with contrast which, compared to magnetic resonance imaging (MRI), provides us with important data related to cartilage invasion. Positron emission tomography scan and computed tomography (PET-CT) is to be considered mainly for stages III and IV, for the detection of the primary tumor, regional and distant recurrences, as well as for evaluation of oncology therapy response [3]. MRI helps to assess tumor extension to the submucosa, to the hyo-thyro-epiglottic fossa, paraglottic space, subglottic space and invasion of muscle tissue [12]. Rigid endoscopy performed under general anesthesia provides a clear view of the mucosa, determines the lower extension of the tumor and the relationship with the piriform sinus, upper esophageal sphincter and cervical esophagus and allows sampling biopsies in optimal conditions. Breathing and speech cannot be examined.
Since it is a cost-effective, non-invasive method of evaluating lymph nodes ultrasound examination is yet another imaging modality that has been recommended, but not preferred, for assessing the primary tumor site [13]. Chest CT scans or PET-CT are mandatory for the evaluation of distant site metastases. The therapy management plan is established by a multidisciplinary team. In addition, dental and nutritional evaluation should not be forgotten.
The only method that gives a certainty diagnosis is sampling biopsy during the endoscopic examination, followed by the histopathological examination and/or immunohistochemistry. Oncology therapy management, prognosis and follow-up must be determined by the tumor board [14].
The treatment of hypopharyngeal cancer is complex, comprising a series of therapeutic methods consisting of surgery, radiotherapy and chemotherapy. These are applied successively or simultaneously, depending on the stage of the malignant neoplasm, but also on the general biology status of the patient [15]. For stage I and II cancers treatment consist of surgery or radiation therapy. Unfortunately, these patients are difficult to diagnose in stages T1N0 and T2N0 because of their lack of symptoms. Standard regimens of therapy for stages III and IV meaning resectable tumor include radical surgery followed by adjuvant radiotherapy and chemotherapy. Stage IV disease with the unresectable tumor benefits from elective treatment of radiotherapy combined with neoadjuvant chemotherapy [16, 17]. Unresectable tumors benefit from palliative surgical techniques (tracheotomy to maintain respiratory flow, gastrostomy for optimal nutrition). Neoadjuvant chemotherapy is used to reduce the volume of tumors and to convert them into operable or radiation-treatable tumors. It is used to treat patients with advanced local lesions to improve loco-regional control or survival [17, 18]. If the tumor has been converted by chemotherapy to a lower stage surgery will be performed according to the initial T! Psychological counseling of patients with hypopharyngeal cancer is mandatory both in the pre-therapeutic stage, during therapy and post-therapy.
The aim of the surgical treatment is to achieve a complete tumor resection with the preservation of functions as much as possible, minimizing a possible local or systemic recurrence. In some cases, the surgery is not performed either due to the invasion of the common carotid artery, prevertebral fascia or due to the lack of reconstruction possibilities or given by the functional status of the patient.
There are several types of surgery that can be performed:
Suprahyoid pharyngotomy, indicated for tumors limited to the posterior wall of the hypopharynx. The reconstruction is done with a supported skin graft.
Partial pharyngectomy, only for T1-T2 tumors limited to the posterior or lateral wall of the piriform sinus. It is not performed if the tumor is extended to the prevertebral fascia.
Partial laryngo-pharyngectomy or extended supraglottic laryngectomy indicated in T1-T2 lesions of the piriform sinuses. It is not performed in patients over 60 years of age.
Supraglottic hemi-pharyngo-laryngectomy, indicated in T2 cancer, is limited to the upper part of the piriform sinus. Both vocal cords are preserved, half of the ipsilateral wing of the thyroid cartilage is resected. Postoperative swallowing is possible. Removal of the tracheostomy tube is performed a few days after surgery. If chronic pulmonary aspiration occurs, a total laryngectomy will be performed.
Posterior pharyngectomy is indicated in cancers located superiorly on the posterior wall of the pharynx.
Endoscopic resection with CO2 laser does not require tracheotomy and reconstruction. It is performed in the case of T1-T2 tumors, but also the T3-T4 stages, but with a less satisfactory local control because of the narrow line of sight due to the use of a laryngoscope.
Transoral robotic surgery (TORS) can overcome the limitations of CO2 laser surgery. It does not require tracheotomy and it is performed in T1-T2 stages, in some selected cases even T3. A Laryngeal Advanced Retractor System (LARS) to open the patients’ mouths is required for achieving a proper exposure of the surgical site. Intraoperative extemporaneous histopathological examination is required to assess the invasion of the surgical margins [19].
Total laryngectomy with partial pharyngectomy is indicated in T3/T4 tumors. It requires definitive tracheotomy and vocal rehabilitation.
Subtotal laryngectomy, for tumors in stages T2 and T3 that pass through the apex of the piriform sinus and it fixates the ipsilateral hemilarynx. Patient will have permanent tracheostomy.
Total eso-pharyngo-laryngectomy, indicated for tumors extending to the cervical esophagus. It is a combination of circular pharyngo-laryngectomy and total esophagectomy. Safety resection margins should be at 3 cm from the tumor edges.
Total circular pharyngo-laryngectomy, indicated in cancer of the pharyngo-esophageal junction comprising the retro-cricoid region, the hypopharyngeal posterior wall and the cervical esophagus, T3-T4 stage tumors. Hypopharynx and larynx are completely resected circularly between the plane of the hyoid bone and that of the first tracheal ring, sometimes requiring inferior extension or extension to the thyroid gland [3, 4]. Reconstruction of the remaining defect is the difficult part of this intervention and requires the collaboration of the ENT specialist with the general surgeon and sometimes with the thoracic surgeon if the lower resection limit decreases in the upper mediastinum. Reconstruction is performed with musculo-cutaneous flap from the pectoralis major muscle, delto-pectoral tubular flap, free radial flap or jejunum-free flap, colonic transposition, revascularized fascio-cutaneous flaps, synthetic pharyngeal-esophageal prostheses.
As a first intraoperative stage after total circular pharyngo-laryngectomy a Montgomery tube can be placed between the pharyngostomy and the esophagostomy. In the ENT Clinic of Colțea Clinical Hospital in Bucharest, Romania, Professor Dr. Cristian Radu Popescu restored the pharyngo-esophageal continuity using a Montgomery esophageal prosthesis (Figure 3) [20].
Montgomery prosthesis is used for primary reconstruction of the upper digestive tract. The upper funnel-shaped portion of the prosthesis is sutured at the base of the tongue and the lower end is inserted in the esophagus.
This procedure has been used in patients without metastasis to the seventh lymph node station. The insertion of this synthetic prosthesis is done on the inside. The prosthesis is funnel-shaped at the upper pole and after adjusting the trusses of the esophageal and pharyngeal section to fit the ends of the prosthesis it is sutured at the base of the tongue and oro or hypopharynx with non-resorbable threads. The lower end of the prosthesis is inserted into the remaining esophagus over 5 cm. No suture is required at this level. The prelaryngeal muscles are fixed over the prosthesis. Postoperative feeding of the patient is performed by gastrostomy or by the nazo-gastric feeding tube inserted through the prosthesis at the moment of insertion. Because this method shortens and simplifies reconstructive intervention, without the esthetic defect left after flap reconstruction it has tolerance to radiotherapy comparable to other reconstructive methods, the material is biocompatible and allows the resumption of oral nutrition. This method is now used as an alternative to reconstruction with flaps and not as a temporary solution [3].
Reconstruction of the defect can be performed with transposition of the small or large intestine in a mixed surgical team – ENT surgeon – general surgeon – vascular surgeon. This type of reconstruction favors a more natural feeding and deglutition process. However, it has more possible and life-threatening complications than primary reconstruction with Montgomery prosthesis (Figures 4–7).
Dissection and identification of a portion of the small intestine and vessel pedicle which will be resected and transposed to the neck area to reconstruct the upper digestive tract defect.
Small intestine sample prepared for transposition.
Measuring the graft before suturing it in the neck region for reconstruction.
Attaching vascular pedicle to the external carotid artery and internal jugular vein.
Oncological excision of the tumor must be accompanied by lymph node dissection, even if macroscopically metastatic lymph nodes. Micrometastases can occur in fatty tissue after complete resection. Neck dissection is done depending on the degree of lymph node invasion, but regardless of the N staging, station IV must be dissected if the pharyngo-esophageal junction is invaded [4].
There are four major types of neck dissection published by the Academy’s Committee for Head and Neck Surgery and Oncology:
Radical neck dissection – all lymphatic and fatty tissue are removed from the clavicle to the mandible, from the posterior edge of the trapezius muscle to the midline of the neck, spinal nerve, sternocleidomastoid muscle and internal jugular vein.
Modified radical neck dissection – different from the previous one, either the spinal nerve (subtype I), the spinal nerve and internal jugular vein (Subtype II) are preserved, or the spinal nerve, VJI and SCM (subtype III) are preserved.
Selective neck dissection – supraomohyoid, posterolateral, lateral and anterior.
Radical neck dissection – in addition to radical neck dissection, other lymphatic structures are removed.
Radiotherapy as a single therapy is useful in T1 tumors, in rare T2 stage cases, in elderly patients, in patients who refuse surgery or as palliative treatment.
Radiotherapy in combined treatment regimens can be used before and after surgery. In our experience, the best treatment regimen is surgery followed by radiotherapy. Before radiotherapy, the patient needs a dental check-up to treat any conditions in this area, the treatment of comorbidities and the improvement of the general nutrition and biological status.
Chemotherapy is the treatment of hypopharyngeal cancer is used only in association with other methods of oncology therapy, not as a single way of treatment. Cytostatic drugs decrease tumor volume, improve clinical status and can prolong life. Adjuvant chemotherapy is instituted after surgical excision of the tumor and is used after or along with radiotherapy to eradicate a possible residual disease or micrometastases. Neoadjuvant chemotherapy is administered preoperatively to reduce tumor volume and primary tumor vascularization. It plays a role in lowering the chance of intraoperative tumor dissemination.
An important component in the therapeutic management of hypopharyngeal cancer is clinical nutrition. In hypopharyngeal cancer, we find a severe dysphagic syndrome that can lead to altered nutritional status, both by the cachexia-anorexia syndrome specific to the neoplastic disease, and by local causes that lead to weight loss and malnutrition. Tumor resection can cause severe disturbances to the complete cessation of food intake, and radiation therapy alters the taste and affects the surrounding normal tissues, compromising nutritional status.
Clinical nutrition can be achieved by the enteral or parenteral route. Enteral feeding is preferable in the case of a functional gastrointestinal tract and is made through the nasal-intestinal tubes (nasogastric, nasoduodenal or nasojejunal), stents mounted in the upper digestive tract, through the esophagostoma, gastrostoma or jejunostoma. The patient must learn to administer his own enteral nutrition, which can last for several months. If enteral feeding is not possible, the parenteral route of nutritional support is used, so that malnutrition does not compromise the surgery and the patient’s life. Postoperatively, patients have a strict contraindication to oral feeding, and even swallowing saliva can adversely affect the prognosis by the appearance of fistulas. The nutritional intake is ensured on the nasogastric tube, gastrostoma, jejunostoma, nasojejunal tube. The nasogastric tube is kept for at least 10 days, depending on the reconstructive procedure used.
The nutrition of these patients includes a complete plan tailored to the condition of the patients and their nutritional status to reduce morbidity and mortality, being considered a method of adjuvant treatment with chemo- and radiotherapy in patients with hypopharyngeal cancer [3].
Hypopharyngeal cancer is asymptomatic in early-stage and patients go to a physician in advanced disease stages when metastases are already present and the prognosis is reserved. At the presentation, to the physician 50% of patients show cervical lymph node metastases. The survival rate in hypopharyngeal cancer depends on the tumor stage. Patients in T1-T2 stages have a survival rate at five years of approximately 60%. For patients in stages T3-T4 the survival rate decreases to 17–25%. Cancers in stages I and II, located on the posterior wall of the hypopharynx, have a much better prognosis compared to pyriform sinus cancers, even if it is small, but cause early metastases. Cancers of the retro-cricoid region are diagnosed in advanced stages with extended metastases at paratraheal and mediastinal sites with a severe prognosis. Patients with hypopharyngeal cervical esophagus cancer who have suffered reconstructions, have a two-year survival rate between 9 and 39%. The five-year survival rate in hypopharyngeal cancers is the lowest of cancers with other head and neck localizations [3].
Hypopharyngeal cancer mainly affects men around the age of 60. It is mostly located in the pyriform sinus, being a squamous cell carcinoma. Being asymptomatic in the early stages patients at the time of diagnosis are classified in stages III and IV of the disease, presenting cervical lymph node metastases and extensive tumors. Most patients require extensive surgical interventions and only a few can benefit from partial interventions. The type of neck dissection depends on the level of lymph node invasion. More than 50% of patients present local recurrences in the first five years after the surgical intervention, the risk of local recurrences being significantly higher in retro-cricoid and posterior wall tumors than in pyriform sinus tumors. The survival rate of hypopharyngeal cancer patients is influenced by tumor location and tumor stage. Therapy must be individualized, multimodal, with correct evaluation for each case and by involving several specialists like surgeons, radiotherapists, chemotherapists, nutritionists, psychologists. Surgical treatment remains the indication with the best results both as first intent and after radiotherapy failure, although it involves the sacrifice of the larynx. Montgomery pharyngoplasty after circular pharyngo-laryngectomy through the C. R. Popescu technique is a viable reconstructive alternative for oral feeding with small complications, low mortality rates and low hospitalization period. Surgery must be followed by radiotherapy and chemotherapy.
The authors declare no conflict of interest.
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He won the “Catedra Telefonica” Awards in Modality of Knowledge Transfer, 2017, 2018, and 2019 editions, and awards in Modality of COVID Research in 2020.\n\nPublic References:\nResearcher ID http://www.researcherid.com/rid/N-5967-2014\nORCID https://orcid.org/0000-0002-4621-2768 \nScopus Author ID https://www.scopus.com/authid/detail.uri?authorId=6602376272\nScholar Google https://scholar.google.es/citations?user=G1ks9nIAAAAJ&hl=en \nResearchGate https://www.researchgate.net/profile/Carlos_Travieso",institutionString:null,institution:{name:"University of Las Palmas de Gran Canaria",institutionURL:null,country:{name:"Spain"}}},editorTwo:null,editorThree:null},{id:"23",title:"Computational Neuroscience",coverUrl:"https://cdn.intechopen.com/series_topics/covers/23.jpg",isOpenForSubmission:!0,annualVolume:11419,editor:{id:"14004",title:"Dr.",name:"Magnus",middleName:null,surname:"Johnsson",slug:"magnus-johnsson",fullName:"Magnus Johnsson",profilePictureURL:"https://mts.intechopen.com/storage/users/14004/images/system/14004.png",biography:"Dr Magnus Johnsson is a cross-disciplinary scientist, lecturer, scientific editor and AI/machine learning consultant from Sweden. \n\nHe is currently at Malmö University in Sweden, but also held positions at Lund University in Sweden and at Moscow Engineering Physics Institute. \nHe holds editorial positions at several international scientific journals and has served as a scientific editor for books and special journal issues. \nHis research interests are wide and include, but are not limited to, autonomous systems, computer modeling, artificial neural networks, artificial intelligence, cognitive neuroscience, cognitive robotics, cognitive architectures, cognitive aids and the philosophy of mind. \n\nDr. Johnsson has experience from working in the industry and he has a keen interest in the application of neural networks and artificial intelligence to fields like industry, finance, and medicine. \n\nWeb page: www.magnusjohnsson.se",institutionString:null,institution:{name:"Malmö University",institutionURL:null,country:{name:"Sweden"}}},editorTwo:null,editorThree:null},{id:"24",title:"Computer Vision",coverUrl:"https://cdn.intechopen.com/series_topics/covers/24.jpg",isOpenForSubmission:!0,annualVolume:11420,editor:{id:"294154",title:"Prof.",name:"George",middleName:null,surname:"Papakostas",slug:"george-papakostas",fullName:"George Papakostas",profilePictureURL:"https://s3.us-east-1.amazonaws.com/intech-files/0030O00002hYaGbQAK/Profile_Picture_1624519712088",biography:"George A. 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His research interests include computer/machine vision, machine learning, pattern recognition, computational intelligence. \nDr. Papakostas served as a reviewer in numerous journals, as a program\ncommittee member in international conferences and he is a member of the IAENG, MIR Labs, EUCogIII, INSTICC and the Technical Chamber of Greece (TEE).",institutionString:null,institution:{name:"International Hellenic University",institutionURL:null,country:{name:"Greece"}}},editorTwo:null,editorThree:null},{id:"25",title:"Evolutionary Computation",coverUrl:"https://cdn.intechopen.com/series_topics/covers/25.jpg",isOpenForSubmission:!0,annualVolume:11421,editor:{id:"136112",title:"Dr.",name:"Sebastian",middleName:null,surname:"Ventura Soto",slug:"sebastian-ventura-soto",fullName:"Sebastian Ventura Soto",profilePictureURL:"https://mts.intechopen.com/storage/users/136112/images/system/136112.png",biography:"Sebastian Ventura is a Spanish researcher, a full professor with the Department of Computer Science and Numerical Analysis, University of Córdoba. 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Possible contributions can address (but are not limited to) the following research topics: Bioinspired design and control of exoskeletons, orthoses, and prostheses; Experimental evaluation of the effect of assistive devices (e.g., influence on gait, balance, and neuromuscular system); Bioinspired technologies for rehabilitation, including clinical studies reporting evaluations; Application of neuromuscular and biomechanical models to the development of bioinspired technology.',annualVolume:11404,isOpenForSubmission:!0,coverUrl:"https://cdn.intechopen.com/series_topics/covers/8.jpg",editor:{id:"144937",title:"Prof.",name:"Adriano",middleName:"De Oliveira",surname:"Andrade",fullName:"Adriano Andrade",profilePictureURL:"https://s3.us-east-1.amazonaws.com/intech-files/0030O00002bRC8QQAW/Profile_Picture_1625219101815",institutionString:null,institution:{name:"Federal University of Uberlândia",institutionURL:null,country:{name:"Brazil"}}},editorTwo:null,editorThree:null,editorialBoard:[{id:"49517",title:"Prof.",name:"Hitoshi",middleName:null,surname:"Tsunashima",fullName:"Hitoshi Tsunashima",profilePictureURL:"https://s3.us-east-1.amazonaws.com/intech-files/0030O00002aYTP4QAO/Profile_Picture_1625819726528",institutionString:null,institution:{name:"Nihon University",institutionURL:null,country:{name:"Japan"}}},{id:"425354",title:"Dr.",name:"Marcus",middleName:"Fraga",surname:"Vieira",fullName:"Marcus Vieira",profilePictureURL:"https://s3.us-east-1.amazonaws.com/intech-files/0033Y00003BJSgIQAX/Profile_Picture_1627904687309",institutionString:null,institution:{name:"Universidade Federal de Goiás",institutionURL:null,country:{name:"Brazil"}}},{id:"196746",title:"Dr.",name:"Ramana",middleName:null,surname:"Vinjamuri",fullName:"Ramana Vinjamuri",profilePictureURL:"https://mts.intechopen.com/storage/users/196746/images/system/196746.jpeg",institutionString:"University of Maryland, Baltimore County",institution:{name:"University of Maryland, Baltimore County",institutionURL:null,country:{name:"United States of America"}}}]},{id:"9",title:"Biotechnology - Biosensors, Biomaterials and Tissue Engineering",keywords:"Biotechnology, Biosensors, Biomaterials, Tissue Engineering",scope:"The Biotechnology - Biosensors, Biomaterials and Tissue Engineering topic within the Biomedical Engineering Series aims to rapidly publish contributions on all aspects of biotechnology, biosensors, biomaterial and tissue engineering. We encourage the submission of manuscripts that provide novel and mechanistic insights that report significant advances in the fields. Topics can include but are not limited to: Biotechnology such as biotechnological products and process engineering; Biotechnologically relevant enzymes and proteins; Bioenergy and biofuels; Applied genetics and molecular biotechnology; Genomics, transcriptomics, proteomics; Applied microbial and cell physiology; Environmental biotechnology; Methods and protocols. Moreover, topics in biosensor technology, like sensors that incorporate enzymes, antibodies, nucleic acids, whole cells, tissues and organelles, and other biological or biologically inspired components will be considered, and topics exploring transducers, including those based on electrochemical and optical piezoelectric, thermal, magnetic, and micromechanical elements. Chapters exploring biomaterial approaches such as polymer synthesis and characterization, drug and gene vector design, biocompatibility, immunology and toxicology, and self-assembly at the nanoscale, are welcome. Finally, the tissue engineering subcategory will support topics such as the fundamentals of stem cells and progenitor cells and their proliferation, differentiation, bioreactors for three-dimensional culture and studies of phenotypic changes, stem and progenitor cells, both short and long term, ex vivo and in vivo implantation both in preclinical models and also in clinical trials.",annualVolume:11405,isOpenForSubmission:!0,coverUrl:"https://cdn.intechopen.com/series_topics/covers/9.jpg",editor:{id:"126286",title:"Dr.",name:"Luis",middleName:"Jesús",surname:"Villarreal-Gómez",fullName:"Luis Villarreal-Gómez",profilePictureURL:"https://mts.intechopen.com/storage/users/126286/images/system/126286.jpg",institutionString:null,institution:{name:"Autonomous University of Baja California",institutionURL:null,country:{name:"Mexico"}}},editorTwo:null,editorThree:null,editorialBoard:[{id:"35539",title:"Dr.",name:"Cecilia",middleName:null,surname:"Cristea",fullName:"Cecilia Cristea",profilePictureURL:"https://s3.us-east-1.amazonaws.com/intech-files/0030O00002aYQ65QAG/Profile_Picture_1621007741527",institutionString:null,institution:{name:"Iuliu Hațieganu University of Medicine and Pharmacy",institutionURL:null,country:{name:"Romania"}}},{id:"40735",title:"Dr.",name:"Gil",middleName:"Alberto Batista",surname:"Gonçalves",fullName:"Gil Gonçalves",profilePictureURL:"https://s3.us-east-1.amazonaws.com/intech-files/0030O00002aYRLGQA4/Profile_Picture_1628492612759",institutionString:null,institution:{name:"University of Aveiro",institutionURL:null,country:{name:"Portugal"}}},{id:"211725",title:"Associate Prof.",name:"Johann F.",middleName:null,surname:"Osma",fullName:"Johann F. 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