title: Topology of correlation-based minimal spanning trees in real and model markets.
abstract: We compare the topological properties of the minimal spanning tree obtained from a large group of stocks traded at the New York Stock Exchange during a 12-year trading period with the one obtained from surrogated data simulated by using simple market models. We find that the empirical tree has features of a complex network that cannot be reproduced, even as a first approximation, by a random market model and by the widespread one-factor model.
authors.affiliation: Unità INFM di Roma 1, piazzale Aldo Moro 2, I-00185 Rome, Italy.
authors.forename: Giovanni
authors.initials: G
authors.lastname: Bonanno
authors.forename: Guido
authors.initials: G
authors.lastname: Caldarelli
authors.forename: Fabrizio
authors.initials: F
authors.lastname: Lillo
authors.forename: Rosario N
authors.initials: RN
authors.lastname: Mantegna