Quantifying the Information Flow between Ghana Stock Market Index and Its Constituents Using Transfer Entropy

<div>Average inflow <svg height="12.9866pt" id="M92" style="vertical-align:-4.3507pt" version="1.1" viewbox="-0.0498162 -8.6359 19.5758 12.9866" width="19.5758pt" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink"><g transform="matrix(.013,0,0,-0.013,0,0)"><path d="M584 650H137L131 622C214 614 217 612 200 521L125 127C109 41 101 35 23 28L17 0H288L294 28C201 35 193 42 209 128L242 309H348C440 309 442 300 443 226H471L510 422H482C452 354 449 348 357 348H251L295 575C302 609 304 615 338 615H426C502 615 517 604 526 581C534 560 536 524 537 492L565 494C574 554 583 631 584 650Z"></path></g><g transform="matrix(.0091,0,0,-0.0091,6.786,3.132)"><path d="M135 536C164 536 186 560 186 587C186 617 164 639 136 639C109 639 85 617 85 587C85 560 109 536 135 536ZM252 0V26C188 32 181 38 181 106V451C138 433 90 420 39 412V388C99 379 102 374 102 312V106C102 38 95 32 32 26V0H252Z"></path></g><g transform="matrix(.0091,0,0,-0.0091,9.225,3.132)"><path d="M524 0V26C466 32 460 36 460 104V297C460 393 411 449 331 449C302 449 276 437 248 419C223 402 201 387 181 372V451C137 432 90 420 42 411V388C96 378 102 374 102 310V104C102 38 97 33 29 26V0H246V26C187 32 181 36 181 104V339C211 365 250 390 290 390C357 390 381 345 381 276V109C381 40 374 32 315 26V0H524Z"></path></g><g transform="matrix(.0091,0,0,-0.0091,14.23,3.132)"><path d="M98 134C72 134 46 117 46 90C46 73 55 65 60 64C95 55 124 32 124 -4C124 -42 95 -68 44 -89L57 -123C122 -104 194 -60 194 22C194 94 136 134 98 134Z"></path></g><g transform="matrix(.0091,0,0,-0.0091,16.387,3.132)"><path d="M250 606C250 634 233 656 203 656C168 656 146 618 146 593C146 564 169 545 192 545C227 545 250 573 250 606ZM227 95L212 119C187 98 152 71 135 71C129 71 128 78 134 102L207 373C219 418 217 451 194 451C165 451 92 411 30 351L44 326C77 353 106 371 114 371C124 371 121 357 117 341L55 97C32 5 46 -12 70 -12C108 -12 191 51 227 95Z"></path></g></svg> and outflow <svg height="12.9866pt" id="M93" style="vertical-align:-4.3507pt" version="1.1" viewbox="-0.0498162 -8.6359 24.2159 12.9866" width="24.2159pt" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink"><g transform="matrix(.013,0,0,-0.013,0,0)"><path d="M584 650H137L131 622C214 614 217 612 200 521L125 127C109 41 101 35 23 28L17 0H288L294 28C201 35 193 42 209 128L242 309H348C440 309 442 300 443 226H471L510 422H482C452 354 449 348 357 348H251L295 575C302 609 304 615 338 615H426C502 615 517 604 526 581C534 560 536 524 537 492L565 494C574 554 583 631 584 650Z"></path></g><g transform="matrix(.0091,0,0,-0.0091,6.786,3.132)"><path d="M257 449C165 449 37 374 37 209C37 98 119 -12 256 -12C355 -12 473 65 473 226C473 349 381 449 257 449ZM244 416C333 416 380 320 380 204C380 67 329 21 267 21C184 21 130 115 130 241C130 354 184 416 244 416Z"></path></g><g transform="matrix(.0091,0,0,-0.0091,11.326,3.132)"><path d="M518 50L491 51C452 54 444 60 444 110V444C429 441 405 437 377 434C348 430 314 427 287 426V403L323 397C356 392 365 386 365 333V99C331 66 293 51 257 51C212 51 169 75 169 164V299C169 366 169 413 172 444C156 441 128 437 101 433C75 430 50 427 29 426V403L57 397C82 391 90 386 90 333V137C90 29 147 -12 214 -12C241 -12 262 -4 291 13S342 48 365 65V-6L371 -12C390 -7 415 1 441 8C468 15 496 21 518 24V50Z"></path></g><g transform="matrix(.0091,0,0,-0.0091,16.049,3.132)"><path d="M298 36L289 62C276 55 253 45 228 45C202 45 169 60 169 141V397H276C289 405 292 426 282 437H169V574L155 576L90 509V437H45L17 408L21 397H90V107C90 28 125 -12 188 -12C198 -12 213 -8 230 1L298 36Z"></path></g><g transform="matrix(.0091,0,0,-0.0091,18.87,3.132)"><path d="M98 134C72 134 46 117 46 90C46 73 55 65 60 64C95 55 124 32 124 -4C124 -42 95 -68 44 -89L57 -123C122 -104 194 -60 194 22C194 94 136 134 98 134Z"></path></g><g transform="matrix(.0091,0,0,-0.0091,21.027,3.132)"><path d="M250 606C250 634 233 656 203 656C168 656 146 618 146 593C146 564 169 545 192 545C227 545 250 573 250 606ZM227 95L212 119C187 98 152 71 135 71C129 71 128 78 134 102L207 373C219 418 217 451 194 451C165 451 92 411 30 351L44 326C77 353 106 371 114 371C124 371 121 357 117 341L55 97C32 5 46 -12 70 -12C108 -12 191 51 227 95Z"></path></g></svg> of information for the stocks on Ghana stock market.</div>

Mathematical Problems in Engineering

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Figure 3

Figure 3: Quantifying the Information Flow between Ghana Stock Market Index and Its Constituents Using Transfer Entropy 