Analyzing Stock Brokers’ Trading Patterns: A Network Decomposition and Spatial Econometrics Approach

Figure 2

Estimated coefficients associated with the negative spatial dependence variable in Probit regressions with different thresholds defining the transaction network and different sizes of the IPSA shock used as the dependent variable in the Probit. Each regression controls for the variation of oil prices, dollar prices, VIX index, emerging market index, copper prices, 5-year credit default swaps S&P 500 stock index, month, and year. The size of the IPSA jump is measured in standard deviations (s.d.).