Productivity vs. evenness in the U.S. Financial Market: a business ecosystem perspective
This paper starts by presenting an empirical finding in the U.S. stock market: Between 2001 and 2021, high productivity was achieved when the Shannon evenness—measuring the inverse of concentration—dropped. Conversely, when the Shannon evenness soared, productivity plunged. The same inverse relation...
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| フォーマット: | article |
| 言語: | 英語 |
| 出版事項: |
2023
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| 主題: | |
| オンライン･アクセス: | https://hdl.handle.net/20.500.12008/42277 |
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| _version_ | 1868890173012443136 |
|---|---|
| author | Fort, Hugo |
| author_browse | Fort, Hugo |
| author_facet | Fort, Hugo |
| author_role | author |
| collection | COLIBRI |
| dc.contributor.none.fl_str_mv | Fort Hugo, Universidad de la República (Uruguay). Facultad de Ciencias. Instituto de Física. |
| dc.creator.none.fl_str_mv | Fort, Hugo |
| dc.date.none.fl_str_mv | 2023 2024-01-29T20:29:16Z 2024-01-29T20:29:16Z |
| dc.format.none.fl_str_mv | 21 h. application/pdf |
| dc.identifier.none.fl_str_mv | Fort, H. "Productivity vs. evenness in the U.S. Financial Market: a business ecosystem perspective". Entropy. [en línea] 2023 , 25(7): 1029. 21 h. DOI: 10.3390/e25071029 1099-4300 https://hdl.handle.net/20.500.12008/42277 10.3390/e25071029 |
| dc.language.none.fl_str_mv | en eng |
| dc.publisher.none.fl_str_mv | MDPI |
| dc.relation.none.fl_str_mv | Entropy, 2023, 25(7): 1029. |
| dc.rights.none.fl_str_mv | info:eu-repo/semantics/openAccess Licencia Creative Commons Atribución (CC - By 4.0) |
| dc.source.none.fl_str_mv | reponame:COLIBRI instname:Universidad de la República instacron:Universidad de la República |
| dc.subject.none.fl_str_mv | Business ecosystem Population dynamics Shannon evenness Co-evolution in markets |
| dc.title.none.fl_str_mv | Productivity vs. evenness in the U.S. Financial Market: a business ecosystem perspective |
| dc.type.none.fl_str_mv | Artículo info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion |
| description | This paper starts by presenting an empirical finding in the U.S. stock market: Between 2001 and 2021, high productivity was achieved when the Shannon evenness—measuring the inverse of concentration—dropped. Conversely, when the Shannon evenness soared, productivity plunged. The same inverse relationship between evenness and productivity has been observed in several ecosystems. This suggests explaining this result by adopting the business ecosystem perspective, i.e., regarding the tangle of interactions between companies as an ecological network, in which companies play the role of species. A useful strategy to model such ecological communities is through ensembles of synthetic communities of pairwise interacting species, whose dynamics is described by the Lotka–Volterra generalized equations. Each community is specified by a random interaction matrix whose elements are drawn from a uniform distribution centered around 0. It is shown that the inverse relationship between productivity and evenness can be generated by varying the strength of the interaction between companies. When the strength increases, productivity increases and simultaneously the market evenness decreases. Conversely, when the strength decreases, productivity decreases and evenness increases. This strength can be interpreted as reflecting the looseness of monetary policy, thus providing a link between interest rates and market structure. |
| eu_rights_str_mv | openAccess |
| format | article |
| id | anni_b61a63473c1dde85fa6b4d5794de9382 |
| identifier_str_mv | Fort, H. "Productivity vs. evenness in the U.S. Financial Market: a business ecosystem perspective". Entropy. [en línea] 2023 , 25(7): 1029. 21 h. DOI: 10.3390/e25071029 1099-4300 10.3390/e25071029 |
| instacron_str | Universidad de la República |
| institution | Universidad de la República |
| instname_str | Universidad de la República |
| language | eng |
| language_invalid_str_mv | en |
| network_acronym_str | anni |
| network_name_str | oai-lr-anni |
| oai_identifier_str | oai:colibri.udelar.edu.uy:20.500.12008/42277 |
| publishDate | 2023 |
| publishDateSort | 2023 |
| publisher.none.fl_str_mv | MDPI |
| reponame_str | COLIBRI |
| repository.mail.fl_str_mv | |
| repository.name.fl_str_mv | |
| repository_id_str | |
| rights_invalid_str_mv | Licencia Creative Commons Atribución (CC - By 4.0) |
| spelling | Productivity vs. evenness in the U.S. Financial Market: a business ecosystem perspectiveFort, HugoBusiness ecosystemPopulation dynamicsShannon evennessCo-evolution in marketsThis paper starts by presenting an empirical finding in the U.S. stock market: Between 2001 and 2021, high productivity was achieved when the Shannon evenness—measuring the inverse of concentration—dropped. Conversely, when the Shannon evenness soared, productivity plunged. The same inverse relationship between evenness and productivity has been observed in several ecosystems. This suggests explaining this result by adopting the business ecosystem perspective, i.e., regarding the tangle of interactions between companies as an ecological network, in which companies play the role of species. A useful strategy to model such ecological communities is through ensembles of synthetic communities of pairwise interacting species, whose dynamics is described by the Lotka–Volterra generalized equations. Each community is specified by a random interaction matrix whose elements are drawn from a uniform distribution centered around 0. It is shown that the inverse relationship between productivity and evenness can be generated by varying the strength of the interaction between companies. When the strength increases, productivity increases and simultaneously the market evenness decreases. Conversely, when the strength decreases, productivity decreases and evenness increases. This strength can be interpreted as reflecting the looseness of monetary policy, thus providing a link between interest rates and market structure.MDPIFort Hugo, Universidad de la República (Uruguay). Facultad de Ciencias. Instituto de Física.2024-01-29T20:29:16Z2024-01-29T20:29:16Z2023Artículoinfo:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersion21 h.application/pdfFort, H. "Productivity vs. evenness in the U.S. Financial Market: a business ecosystem perspective". Entropy. [en línea] 2023 , 25(7): 1029. 21 h. DOI: 10.3390/e250710291099-4300https://hdl.handle.net/20.500.12008/4227710.3390/e25071029reponame:COLIBRIinstname:Universidad de la Repúblicainstacron:Universidad de la RepúblicaenengEntropy, 2023, 25(7): 1029.Las obras depositadas en el Repositorio se rigen por la Ordenanza de los Derechos de la Propiedad Intelectual de la Universidad de la República.(Res. Nº 91 de C.D.C. de 8/III/1994 – D.O. 7/IV/1994) y por la Ordenanza del Repositorio Abierto de la Universidad de la República (Res. Nº 16 de C.D.C. de 07/10/2014)info:eu-repo/semantics/openAccessLicencia Creative Commons Atribución (CC - By 4.0)oai:colibri.udelar.edu.uy:20.500.12008/422772026-04-14T10:10:28Z |
| spellingShingle | Productivity vs. evenness in the U.S. Financial Market: a business ecosystem perspective Fort, Hugo Business ecosystem Population dynamics Shannon evenness Co-evolution in markets |
| status_str | publishedVersion |
| title | Productivity vs. evenness in the U.S. Financial Market: a business ecosystem perspective |
| title_full | Productivity vs. evenness in the U.S. Financial Market: a business ecosystem perspective |
| title_fullStr | Productivity vs. evenness in the U.S. Financial Market: a business ecosystem perspective |
| title_full_unstemmed | Productivity vs. evenness in the U.S. Financial Market: a business ecosystem perspective |
| title_short | Productivity vs. evenness in the U.S. Financial Market: a business ecosystem perspective |
| title_sort | Productivity vs. evenness in the U.S. Financial Market: a business ecosystem perspective |
| topic | Business ecosystem Population dynamics Shannon evenness Co-evolution in markets |
| url | https://hdl.handle.net/20.500.12008/42277 |