Have a personal or library account? Click to login
Encoding Behavior Commonalities In Global Stock Market Indexes: Unsupervised Machine Learning Approach Cover

Encoding Behavior Commonalities In Global Stock Market Indexes: Unsupervised Machine Learning Approach

ECONOMICS
Volume 13 (2025): Issue 2 (June 2025)
By:
Open Access
|Jun 2025

References

  1. Abu-Mostafa, Y. S., &amp; Atiya, A. F. (1996). Introduction to financial forecasting. <em>Applied Intelligence</em>, 6(3), 205–213. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1007/bf00126626" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1007/bf00126626</a>">https://doi.org/10.1007/bf00126626</ext-link>
    Search in Google ScholarBack to article
  2. Aghabozorgi, S., Seyed Shirkhorshidi, A., &amp; Ying Wah, T. (2015). Time-series clustering – A decade review. <em>Information Systems</em>, 53, 16–38. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1016/j.is.2015.04.007" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1016/j.is.2015.04.007</a>">https://doi.org/10.1016/j.is.2015.04.007</ext-link>
    Search in Google ScholarBack to article
  3. Aoi, S., Asano, Y., Kunugi, T., Kimura, T., Uehira, K., Takahashi, N., Ueda, H., Shiomi, K., Matsumoto, T., &amp; Fujiwara, H. (2020). MOWLAS: NIED observation network for earthquake, tsunami and volcano. <em>Earth, Planets and Space</em>, 72(1). <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1186/s40623-020-01250-x" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1186/s40623-020-01250-x</a>">https://doi.org/10.1186/s40623-020-01250-x</ext-link>
    Search in Google ScholarBack to article
  4. Bachelier, L. (1901). Théorie mathématique du jeu. <em>Annales Scientifiques de l’École Normale Supérieure</em>, 18, 143–209. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.24033/asens.493" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.24033/asens.493</a>">https://doi.org/10.24033/asens.493</ext-link>
    Search in Google ScholarBack to article
  5. Baitinger, E., &amp; Papenbrock, J. (2017). Interconnectedness risk and active portfolio management. <em>The Journal of Investment Strategies</em>. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.21314/jois.2017.081" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.21314/jois.2017.081</a>">https://doi.org/10.21314/jois.2017.081</ext-link>
    Search in Google ScholarBack to article
  6. Basalto, N., Bellotti, R., Francesco De Carlo, Paolo Facchi, &amp; Saverio Pascazio. (2005). Clustering stock market companies via chaotic map synchronization. <em>Physica D: Nonlinear Phenomena</em>. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1016/j.physa.2004.07.034" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1016/j.physa.2004.07.034</a>">https://doi.org/10.1016/j.physa.2004.07.034</ext-link>
    Search in Google ScholarBack to article
  7. Benabdeslem, K., &amp; Bennani, Y. (2006). Dendogram-based SVM for Multi-Class Classification. <em>Journal of Computing and Information Technology</em>, 14(4), 283. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.2498/cit.2006.04.03" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.2498/cit.2006.04.03</a>">https://doi.org/10.2498/cit.2006.04.03</ext-link>
    Search in Google ScholarBack to article
  8. Bhardwaj, S. (2018, December 10). Use these two tools to look for less risky, promising stocks. <em>The Economic Times</em>. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="https://economictimes.indiatimes.com/wealth/invest/use-these-two-tools-to-look-for-less-risky-promising-stocks/articleshow/66997140.cms?utm_source=contentofinterest&amp;utm_medium=text&amp;utm_campaign=cppst">https://economictimes.indiatimes.com/wealth/invest/use-these-two-tools-to-look-for-less-risky-promising-stocks/articleshow/66997140.cms?utm_source=contentofinterest&amp;utm_medium=text&amp;utm_campaign=cppst</ext-link>
    Search in Google ScholarBack to article
  9. Billio, M., Getmansky, M., Lo, A. W., &amp; Pelizzon, L. (2012). Econometric measures of connectedness and systemic risk in the finance and insurance sectors. <em>Journal of Financial Economics</em>, 104(3), 535–559. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1016/j.jfineco.2011.12.010" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1016/j.jfineco.2011.12.010</a>">https://doi.org/10.1016/j.jfineco.2011.12.010</ext-link>
    Search in Google ScholarBack to article
  10. Billmeier, A., &amp; Massa, I. (2007). <em>What Drives Stock Market Development in the Middle East and Central Asia-Institutions, Remittances, or Natural Resources?</em> 07(157), 1–21. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1007906">https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1007906</ext-link>
    Search in Google ScholarBack to article
  11. Billmeier, A., &amp; Massa, I. (2009). What drives stock market development in emerging markets—institutions, remittances, or natural resources? <em>Emerging Markets Review</em>, 10(1), 23–35. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1016/j.ememar.2008.10.005" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1016/j.ememar.2008.10.005</a>">https://doi.org/10.1016/j.ememar.2008.10.005</ext-link>
    Search in Google ScholarBack to article
  12. CBS News. (2021, March 23). <em>How did the pandemic usher in one of the stock market’s greatest runs?</em> <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="http://www.cbsnews.com">Www.cbsnews.com</ext-link>. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="https://www.cbsnews.com/news/stock-market-good-year/">https://www.cbsnews.com/news/stock-market-good-year/</ext-link>
    Search in Google ScholarBack to article
  13. Celik, I. E. (2023). Impact of Sustainability Reporting on Financial Performance. <em>Opportunities and Challenges in Sustainability,</em> 2(1), 23-29. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.56578/ocs020103" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.56578/ocs020103</a>">https://doi.org/10.56578/ocs020103</ext-link>
    Search in Google ScholarBack to article
  14. Dose, C., &amp; Cincotti, S. (2005). Clustering of financial time series with application to index and enhanced index tracking portfolio. <em>Physica A: Statistical Mechanics and Its Applications</em>, 355(1), 145–151. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1016/j.physa.2005.02.078" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1016/j.physa.2005.02.078</a>">https://doi.org/10.1016/j.physa.2005.02.078</ext-link>
    Search in Google ScholarBack to article
  15. Elton, E. J., &amp; Gruber, M. J. (1971). Improved Forecasting Through the Design of Homogeneous Groups. <em>The Journal of Business</em>, 44(4), 432. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1086/295403" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1086/295403</a>">https://doi.org/10.1086/295403</ext-link>
    Search in Google ScholarBack to article
  16. Esmaeilpour Moghadam, H., Mohammadi, T., Feghhi Kashani, M., &amp; Shakeri, A. (2019). Complex networks analysis in Iran stock market: The application of centrality. <em>Physica A: Statistical Mechanics and Its Applications</em>, 531, 121800. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1016/j.physa.2019.121800" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1016/j.physa.2019.121800</a>">https://doi.org/10.1016/j.physa.2019.121800</ext-link>
    Search in Google ScholarBack to article
  17. Feng, F., He, X., Wang, X., Luo, C., Liu, Y., &amp; Chua, T.-S. (2019). Temporal Relational Ranking for Stock Prediction. <em>ACM Transactions on Information Systems</em>, 37(2), 1–30. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1145/3309547" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1145/3309547</a>">https://doi.org/10.1145/3309547</ext-link>
    Search in Google ScholarBack to article
  18. Groette, O. (2024, May 8). <em>The Best Performing Stock Markets In The World Since 1900 – Quantified Strategies For Traders And Investors</em>. Quantified Investment Strategies. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="https://www.quantifiedstrategies.com/best-performing-stock-markets-in-the-world/">https://www.quantifiedstrategies.com/best-performing-stock-markets-in-the-world/</ext-link>
    Search in Google ScholarBack to article
  19. Gupta, R., &amp; Basu, P. K. (2011). Weak Form Efficiency In Indian Stock Markets. <em>International Business &amp; Economics Research Journal (IBER)</em>, 6(3). <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.19030/iber.v6i3.3353" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.19030/iber.v6i3.3353</a>">https://doi.org/10.19030/iber.v6i3.3353</ext-link>
    Search in Google ScholarBack to article
  20. Hajizadeh, E., Ardakani, H. D., &amp; Shahrabi, J. (2010). Application of data mining techniques in stock markets: A survey. <em>Journal of Economics and International Finance</em>, 2(7), 109–118. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="https://mineracaodedados.wordpress.com/wp-content/uploads/2012/12/application-of-data-mining-techniques-in-stock-markets.pdf">https://mineracaodedados.wordpress.com/wp-content/uploads/2012/12/application-of-data-mining-techniques-in-stock-markets.pdf</ext-link>
    Search in Google ScholarBack to article
  21. History.com Editors. (2019, July 10). <em>Dow suffers largest single-day drop</em>. HISTORY. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="https://www.history.com/this-day-in-history/dow-suffers-largest-single-day-drop-great-recession">https://www.history.com/this-day-in-history/dow-suffers-largest-single-day-drop-great-recession</ext-link>
    Search in Google ScholarBack to article
  22. Imeni, M., Bao, Z. K., &amp; Nozick, V. (2024). Multiscale Partial Correlation Analysis of Tehran Stock Market Indices: Clustering and Inter-Index Relationships. <em>Journal of Operational and Strategic Analytics,</em> 2(1), 1-10. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.56578/josa020101" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.56578/josa020101</a>">https://doi.org/10.56578/josa020101</ext-link>
    Search in Google ScholarBack to article
  23. Jain, A. K. (2010). Data clustering: 50 years beyond K-means. <em>Pattern Recognition Letters</em>, 31(8), 651–666. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1016/j.patrec.2009.09.011" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1016/j.patrec.2009.09.011</a>">https://doi.org/10.1016/j.patrec.2009.09.011</ext-link>
    Search in Google ScholarBack to article
  24. Johnson, N. F., McDonald, M., Suleman, O., Williams, S., &amp; Howison, S. (2005). What shakes the FX tree? Understanding currency dominance, dependence, and dynamics (Keynote Address). <em>Proceedings of SPIE, the International Society for Optical Engineering/Proceedings of SPIE</em>. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1117/12.618875" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1117/12.618875</a>">https://doi.org/10.1117/12.618875</ext-link>
    Search in Google ScholarBack to article
  25. Kaufman, L., &amp; Rousseeuw, P. J. (1990). Finding Groups in Data. In <em>Wiley Series in Probability and Statistics</em>. John Wiley &amp; Sons, Inc. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1002/9780470316801" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1002/9780470316801</a>">https://doi.org/10.1002/9780470316801</ext-link>
    Search in Google ScholarBack to article
  26. Kim, G.-H., &amp; Kim, S.-H. (2018). Variable Selection for Artificial Neural Networks with Applications for Stock Price Prediction. <em>Applied Artificial Intelligence</em>, 33(1), 54–67. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1080/08839514.2018.1525850" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1080/08839514.2018.1525850</a>">https://doi.org/10.1080/08839514.2018.1525850</ext-link>
    Search in Google ScholarBack to article
  27. Kolluru, M., &amp; Suresh, V. (2020). A Cluster Analysis on Sustained Global Competitiveness for European Countries. <em>ECONOMICS</em>, 8(1), 7–22. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.2478/eoik-2020-0006" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.2478/eoik-2020-0006</a>">https://doi.org/10.2478/eoik-2020-0006</ext-link>
    Search in Google ScholarBack to article
  28. Lafabregue, B., Weber, J., Gançarski, P., &amp; Forestier, G. (2021). End-to-end deep representation learning for time series clustering: a comparative study. <em>Data Mining and Knowledge Discovery</em>. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1007/s10618-021-00796-y" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1007/s10618-021-00796-y</a>">https://doi.org/10.1007/s10618-021-00796-y</ext-link>
    Search in Google ScholarBack to article
  29. Laurini, M. P., &amp; Chaim, P. (2020). Brazilian stock market bubble in the 2010s. <em>SN Business &amp; Economics</em>, 1(1). <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1007/s43546-020-00005-w" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1007/s43546-020-00005-w</a>">https://doi.org/10.1007/s43546-020-00005-w</ext-link>
    Search in Google ScholarBack to article
  30. León, D., Arbey Aragón, Javier Organista Sandoval, Germán Hernández, Andrés Arévalo, &amp; Francisco, J. (2017). Clustering algorithms for Risk-Adjusted Portfolio Construction. <em>Procedia Computer Science</em>, 108, 1334–1343. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1016/j.procs.2017.05.185" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1016/j.procs.2017.05.185</a>">https://doi.org/10.1016/j.procs.2017.05.185</ext-link>
    Search in Google ScholarBack to article
  31. Li, G., Wang, X., Meng, Z., &amp; Zhao, H. (2013). Seawater inrush assessment based on hydrochemical analysis enhanced by hierarchy clustering in an undersea goldmine pit, China. <em>Environmental Earth Sciences</em>, 71(12), 4977–4987. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1007/s12665-013-2888-8" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1007/s12665-013-2888-8</a>">https://doi.org/10.1007/s12665-013-2888-8</ext-link>
    Search in Google ScholarBack to article
  32. Li, M., &amp; Dempsey, M. (2018). The Fama and French three-factor model in developing markets: evidence from the Chinese markets. <em>Investment Management and Financial Innovations</em>, 15(1), 46–57. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.21511/imfi.15(1).2018.06" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.21511/imfi.15(1).2018.06</a>">https://doi.org/10.21511/imfi.15(1).2018.06</ext-link>
    Search in Google ScholarBack to article
  33. Kushnir, N., Kovshun, N., Adamchuk, T., Tymeichuk, Y., Tsaruk, D. (2023). Ukrainian Enterprises’ Equity Capital Financial Monitoring and Analysis of Its Impact on Profitability Indicators. <em>Collection of papers new economy,</em> 1, 1-16. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.61432/CPNE0101001k" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.61432/CPNE0101001k</a>">https://doi.org/10.61432/CPNE0101001k</ext-link>
    Search in Google ScholarBack to article
  34. Marti, G., Nielsen, F., Bińkowski, M., &amp; Donnat, P. (2021). A Review of Two Decades of Correlations, Hierarchies, Networks and Clustering in Financial Markets. <em>Signals and Communication Technology</em>, 245–274. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1007/978-3-030-65459-7_10" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1007/978-3-030-65459-7_10</a>">https://doi.org/10.1007/978-3-030-65459-7_10</ext-link>
    Search in Google ScholarBack to article
  35. Mastilo, Z., Štilić, A., Gligović, D., &amp; Puška, A. (2024). Assessing the banking sector of Bosnia and Herzegovina: An analysis of financial indicators through the MEREC and MARCOS methods. <em>Journal of Central Banking Theory and Practice,</em> 13(1), 167–197. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.2478/jcbtp-2024-0008" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.2478/jcbtp-2024-0008</a>">https://doi.org/10.2478/jcbtp-2024-0008</ext-link>
    Search in Google ScholarBack to article
  36. Min, E., Guo, X., Liu, Q., Zhang, G., Cui, J., &amp; Long, J. (2018). A Survey of Clustering With Deep Learning: From the Perspective of Network Architecture. <em>IEEE Access</em>, <em>6</em>, 39501–39514. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1109/access.2018.2855437" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1109/access.2018.2855437</a>">https://doi.org/10.1109/access.2018.2855437</ext-link>
    Search in Google ScholarBack to article
  37. Mukherjee, K., &amp; Mishra, R. K. (2010). Stock market integration and volatility spillover: India and its major Asian counterparts. <em>Research in International Business and Finance</em>, 24(2), 235–251. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1016/j.ribaf.2009.12.004" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1016/j.ribaf.2009.12.004</a>">https://doi.org/10.1016/j.ribaf.2009.12.004</ext-link>
    Search in Google ScholarBack to article
  38. Muramatsu, R., Pedro Raffy Vartanian, &amp; Gabriel. (2023). A Behavioral Interpretation of Volatility Patterns in Brazilian Stock Market: Analysis of Pre and Post-COVID-19 Periods from 2019 to 2021. <em>International Journal of Business and Management</em>, 18(4), 24–24. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.5539/ijbm.v18n4p24" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.5539/ijbm.v18n4p24</a>">https://doi.org/10.5539/ijbm.v18n4p24</ext-link>
    Search in Google ScholarBack to article
  39. Musmeci, N., Aste, T., &amp; Di Matteo, T. (2015). Relation between Financial Market Structure and the Real Economy: Comparison between Clustering Methods. <em>PLOS ONE</em>, 10(3), e0116201. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1371/journal.pone.0116201" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1371/journal.pone.0116201</a>">https://doi.org/10.1371/journal.pone.0116201</ext-link>
    Search in Google ScholarBack to article
  40. Nanda, S. R., Mahanty, B., &amp; Tiwari, M. K. (2010). Clustering Indian stock market data for portfolio management. <em>Expert Systems with Applications</em>, 37(12), 8793–8798. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1016/j.eswa.2010.06.026" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1016/j.eswa.2010.06.026</a>">https://doi.org/10.1016/j.eswa.2010.06.026</ext-link>
    Search in Google ScholarBack to article
  41. Nellore Naveen Reddy, &amp; Senthilkumar C. (2022). Energy Efficient Clustering Hierarchy in Wireless Sensor Network using Dynamic Clustering Approach ILEACH-ACHH Protocol Compared with LEACH-ACHH Protocol. <em>2022 2nd International Conference on Innovative Practices in Technology and Management (ICIPTM)</em>. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1109/iciptm54933.2022.9753955" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1109/iciptm54933.2022.9753955</a>">https://doi.org/10.1109/iciptm54933.2022.9753955</ext-link>
    Search in Google ScholarBack to article
  42. Papenbrock, J., &amp; Schwendner, P. (2015). Handling risk-on/risk-off dynamics with correlation regimes and correlation networks. <em>Financial Markets and Portfolio Management</em>, 29(2), 125–147. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1007/s11408-015-0248-2" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1007/s11408-015-0248-2</a>">https://doi.org/10.1007/s11408-015-0248-2</ext-link>
    Search in Google ScholarBack to article
  43. Pastor, L., &amp; Veronesi, P. (2009). Learning in Financial Markets. <em>Annual Review of Financial Economics</em>, 1(1), 361–381. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1146/annurev.financial.050808.114428" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1146/annurev.financial.050808.114428</a>">https://doi.org/10.1146/annurev.financial.050808.114428</ext-link>
    Search in Google ScholarBack to article
  44. Prime, S. (2020). Forecasting the changes in daily stock prices in Shanghai Stock Exchange using Neural Network and Ordinary Least Squares Regression. <em>Investment Management and Financial Innovations</em>, 17(3), 292–307. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.21511/imfi.17(3).2020.22" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.21511/imfi.17(3).2020.22</a>">https://doi.org/10.21511/imfi.17(3).2020.22</ext-link>
    Search in Google ScholarBack to article
  45. Reddy, C. O., &amp; K, M. (2020). Hierarchy based firefly optimized K-means clustering for complex question answering. <em>Indonesian Journal of Electrical Engineering and Computer Science</em>, 17(1), 264. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.11591/ijeecs.v17.i1.pp264-272" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.11591/ijeecs.v17.i1.pp264-272</a>">https://doi.org/10.11591/ijeecs.v17.i1.pp264-272</ext-link>
    Search in Google ScholarBack to article
  46. Renugadevi, T., Ezhilarasie, R., Sujatha, M., &amp; Umamakeswari, A. (2016). Stock Market Prediction using Hierarchical Agglomerative and K-Means Clustering Algorithm. <em>Indian Journal of Science and Technology</em>, <em>9</em>(48). <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.17485/ijst/2016/v9i48/108029" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.17485/ijst/2016/v9i48/108029</a>">https://doi.org/10.17485/ijst/2016/v9i48/108029</ext-link>
    Search in Google ScholarBack to article
  47. Samatova, N., Gov, S., Ostrouchov, G., Gov, O., Geist, A., &amp; Gov, G. (2002). <em>Distributed and Parallel Databases,</em> 11, 157–180. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="https://www.freescience.org/tolik/publications/papers/pdf_papers/2002_Samatova_RACHET.pdf">https://www.freescience.org/tolik/publications/papers/pdf_papers/2002_Samatova_RACHET.pdf</ext-link>
    Search in Google ScholarBack to article
  48. Samuelson, P. A. (1976). Is Real-World Price a Tale Told by the Idiot of Chance? <em>The Review of Economics and Statistics</em>, 58(1), 120. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.2307/1936018" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.2307/1936018</a>">https://doi.org/10.2307/1936018</ext-link>
    Search in Google ScholarBack to article
  49. Semko, R. (2019). Machine learning for robo-advisors: testing for neurons specialization. <em>Investment Management and Financial Innovations</em>, 16(4), 205–214. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.21511/imfi.16(4).2019.18" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.21511/imfi.16(4).2019.18</a>">https://doi.org/10.21511/imfi.16(4).2019.18</ext-link>
    Search in Google ScholarBack to article
  50. Sharma, M., Sharma, S., &amp; Singh, G. (2018). Performance Analysis of Statistical and Supervised Learning Techniques in Stock Data Mining. <em>Data</em>, 3(4), 54. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.3390/data3040054" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.3390/data3040054</a>">https://doi.org/10.3390/data3040054</ext-link>
    Search in Google ScholarBack to article
  51. Topić – Pavković, B. (2024). Challenges to Global Monetary and Financial Stability. <em>Collection of papers new economy,</em> 2, 31-45. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.61432/CPNE0201031t" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.61432/CPNE0201031t</a>">https://doi.org/10.61432/CPNE0201031t</ext-link>
    Search in Google ScholarBack to article
  52. Vázquez, A. (2003). Growing network with local rules: Preferential attachment, clustering hierarchy, and degree correlations. <em>Physical Review E</em>, 67(5). <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1103/physreve.67.056104" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1103/physreve.67.056104</a>">https://doi.org/10.1103/physreve.67.056104</ext-link>
    Search in Google ScholarBack to article
  53. Wang, J., Huang, X., &amp; Wang, X. (2023). Risk Spillovers and Hedging in the Chinese Stock Market: An Asymmetric VAR-BEKK-AGARCH Analysis. <em>Acadlore Transactions on Applied Mathematics and Statistics,</em> 1(3), 111-129. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.56578/atams010301" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.56578/atams010301</a>">https://doi.org/10.56578/atams010301</ext-link>
    Search in Google ScholarBack to article
  54. Wang, Y.-J., &amp; Lee, H.-S. (2008). A clustering method to identify representative financial ratios. <em>Information Sciences</em>, 178(4), 1087–1097. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1016/j.ins.2007.09.016" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1016/j.ins.2007.09.016</a>">https://doi.org/10.1016/j.ins.2007.09.016</ext-link>
    Search in Google ScholarBack to article
  55. Wei-Shan Hu, J., Lee, Y.-H., &amp; Chen, Y.-C. (2018). Mutual fund herding behavior and investment strategies in Chinese stock market. <em>Investment Management and Financial Innovations</em>, 15(2), 87–95. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.21511/imfi.15(2).2018.08" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.21511/imfi.15(2).2018.08</a>">https://doi.org/10.21511/imfi.15(2).2018.08</ext-link>
    Search in Google ScholarBack to article
  56. World Federation of Exchanges database. (n.d.). <em>Market capitalization of listed domestic companies (current US$) | Data</em>. Data.worldbank.org; World Bank. Retrieved May 26, 2024, <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="https://data.worldbank.org/indicator/CM.MKT.LCAP.CD?end=2020&amp;most_recent_value_desc=true&amp;start=1975">https://data.worldbank.org/indicator/CM.MKT.LCAP.CD?end=2020&amp;most_recent_value_desc=true&amp;start=1975</ext-link>
    Search in Google ScholarBack to article
  57. Zhang, Y., Lee, G. H. T., Wong, J. C., Kok, J. L., Prusty, M., &amp; Cheong, S. A. (2011). Will the US economy recover in 2010? A minimal spanning tree study. <em>Physica A: Statistical Mechanics and Its Applications</em>, 390(11), 2020–2050. <ext-link ext-link-type="uri" xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="<a href="https://doi.org/10.1016/j.physa.2011.01.020" target="_blank" rel="noopener noreferrer" class="text-signal-blue hover:underline">https://doi.org/10.1016/j.physa.2011.01.020</a>">https://doi.org/10.1016/j.physa.2011.01.020</ext-link>
    Search in Google ScholarBack to article
DOI: https://doi.org/10.2478/eoik-2025-0041 | Journal eISSN: 2303-5013 | Journal ISSN: 2303-5005
Journal RSS Feed
Language: English
Page range: 283 - 303
Submitted on: Dec 23, 2024
Accepted on: May 16, 2025
Published on: Jun 5, 2025
Published by: Oikos Institut d.o.o.
In partnership with: Paradigm Publishing Services
Publication frequency: 3 times per year
Keywords:
Cluster Analysis,
Hierarchy Cluster,
Stock Market
Related subjects:
Business and economics,
Political economics,
Economic theory, systems and structures,
Microeconomics,
Macroeconomics,
Public finance and fiscal theory

© 2025 Vidya Suresh, Mythili Kolluru, Vaheed Ubaidullah, published by Oikos Institut d.o.o.
This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 License.

Previous articleVolume 13 (2025): Issue 2 (June 2025)Next article