Table 1 Commonality and connectedness...

Table 1

Commonality and connectedness measures for the six subperiods

	$λ_{1}$	$λ_{2} + λ_{3}$	# of links	Centrality
Panel A: January 1994–December 1996 (Before the Asian Financial Crisis)
Top 50 firms	0.378	0.316	304	0.124
Top 30 chaebols	0.533	0.210	62	0.036
Industry sectors	NA	NA	NA	NA
Panel B: January 1997–December 1999 (During the Asian Financial Crisis)
Top 50 firms	0.475	0.285	285	0.116
Top 30 chaebols	0.609	0.164	123	0.141
Industry sectors	NA	NA	NA	NA
Panel C: January 2004–December 2006 (Before Financial Crisis)
Top 50 firms	0.332	0.240	120	0.049
Top 30 chaebols	0.366	0.225	56	0.064
Industry sectors	0.507	0.185	67	0.063
Panel D: January 2007–December 2009 (Financial Crisis)
Top 50 firms	0.421	0.269	143	0.058
Top 30 chaebols	0.560	0.191	52	0.060
Industry sectors	0.636	0.154	121	0.108
Panel E: January 2010–December 2012 (Post-Financial Crisis)
Top 50 firms	0.366	0.163	77	0.031
Top 30 chaebols	0.437	0.152	30	0.034
Industry sectors	0.484	0.139	42	0.042
Panel F: January 2016–December 2018 (Recent Period)
Top 50 firms	0.324	0.281	137	0.056
Top 30 chaebols	0.459	0.242	39	0.045
Industry sectors	0.332	0.346	67	0.068

	$λ_{1}$	$λ_{2} + λ_{3}$	# of links	Centrality
Panel A: January 1994–December 1996 (Before the Asian Financial Crisis)
Top 50 firms	0.378	0.316	304	0.124
Top 30 chaebols	0.533	0.210	62	0.036
Industry sectors	NA	NA	NA	NA
Panel B: January 1997–December 1999 (During the Asian Financial Crisis)
Top 50 firms	0.475	0.285	285	0.116
Top 30 chaebols	0.609	0.164	123	0.141
Industry sectors	NA	NA	NA	NA
Panel C: January 2004–December 2006 (Before Financial Crisis)
Top 50 firms	0.332	0.240	120	0.049
Top 30 chaebols	0.366	0.225	56	0.064
Industry sectors	0.507	0.185	67	0.063
Panel D: January 2007–December 2009 (Financial Crisis)
Top 50 firms	0.421	0.269	143	0.058
Top 30 chaebols	0.560	0.191	52	0.060
Industry sectors	0.636	0.154	121	0.108
Panel E: January 2010–December 2012 (Post-Financial Crisis)
Top 50 firms	0.366	0.163	77	0.031
Top 30 chaebols	0.437	0.152	30	0.034
Industry sectors	0.484	0.139	42	0.042
Panel F: January 2016–December 2018 (Recent Period)
Top 50 firms	0.324	0.281	137	0.056
Top 30 chaebols	0.459	0.242	39	0.045
Industry sectors	0.332	0.346	67	0.068

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