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Related Experiment Video

Updated: Jun 5, 2026

The Collective Trust Game: An Online Group Adaptation of the Trust Game Based on the HoneyComb Paradigm

The Collective Trust Game: An Online Group Adaptation of the Trust Game Based on the HoneyComb Paradigm

Published on: October 20, 2022

Persistent collective trend in stock markets.

Emeric Balogh¹, Ingve Simonsen, Bálint Zs Nagy

¹Department of Theoretical Physics, Babeş-Bolyai University, Cluj-Napoca, Romania.

Physical Review. E, Statistical, Nonlinear, and Soft Matter Physics

|January 15, 2011

Summary

Stock prices move more cohesively when the market declines than when it rises. This study analyzed the Dow Jones Industrial Average, revealing a significant difference attributed to a constant fear factor among investors.

Related Experiment Videos

Last Updated: Jun 5, 2026

The Collective Trust Game: An Online Group Adaptation of the Trust Game Based on the HoneyComb Paradigm

The Collective Trust Game: An Online Group Adaptation of the Trust Game Based on the HoneyComb Paradigm

Published on: October 20, 2022

Area of Science:

* Financial Markets Analysis
* Behavioral Finance
* Quantitative Finance

Background:

* Understanding stock market dynamics is crucial for investors and financial institutions.
* Previous research has explored market volatility but often overlooks the asymmetry in stock correlations during market upturns versus downturns.

Purpose of the Study:

* To empirically investigate and quantify the difference in stock price correlation during rising versus falling stock market periods.
* To determine if this difference is statistically significant and to explore potential underlying causes.

Main Methods:

* Analysis of historical stock data for the Dow Jones Industrial Average (DJIA) and its components from 1991 to 2008.
* Computation of Pearson-type correlations between individual stock prices.
* Averaging correlations over stock pairs and time to identify collective trends.

Main Results:

* A significant difference in collective stock price trends was observed between rising and falling market periods.
* Stock prices exhibit higher correlation during market declines compared to market ascents.
* Statistical analysis confirms the significance of this observed difference.

Conclusions:

* The study provides empirical evidence for asymmetric correlation behavior in stock markets.
* The findings suggest a persistent 'fear factor' influencing investor behavior and stock interdependencies.
* This phenomenon has implications for risk management and portfolio diversification strategies.