Co-Citation Analysis and Burst Detection on Financial Bubbles with Scientometrics Approach

Figures & data

Figure A1. Architecture diagram of data analysis.

Figure A2. Number of publications in financial bubble research from 1994 to 2017.

Figure A3. Number of citations per year in financial bubble research from 1994 to 2017.

Figure A4. Cluster network in financial bubble research.

Figure A5. Main journals in financial bubble research.

Figure A6. Timeline of top 20 cited articles each year.

Table A1. Summary of the largest 10 clusters in financial bubble research.

ClusterID	Size	Silhouette	Label (LLR)	Mean (Year)
0	66	0.849	Ledoit-Sornette financial bubble model	2009
1	65	0.959	European union emission trading scheme	2009
2	65	0.916	Agent-based model	2000
3	47	0.815	Critical market crashes	2001
4	34	0.97	Asset market	2009
5	34	0.98	Predatory-prey decision	2007
6	27	0.948	Switching processes	2005
7	25	0.992	Japanese economy	2005
8	22	0.982	Macro risk	2009
9	20	0.965	Stock market	2003

Table A2. Top 10 subject categories in financial bubble research.

Subject categories	Publication Number	The percentage of total
Business Economics	681	64.734%
Physics	122	11.597%
Mathematics	79	7.510%
Government Law	58	5.513%
Mathematical Methods in Social Sciences	53	5.038%
Environmental Sciences Ecology	34	3.232%
Geography	34	3.232%
Social Sciences other topics	30	2.852%
Urban Studies	28	2.662%
Computer Science	27	2.567%

Table A3. Top 10 most productive sources in financial bubble research.

Sources	Number	The percentage of total
Physica A: Statistical Mechanics & Its Applications	65	6.179%
Journal of Economic Dynamics Control	22	2.091%
Quantitative Finance	18	1.711%
Journal of Economic Behavior Organization	15	1.426%
Journal of Financial Economics	15	1.426%
Economic Modeling	13	1.236%
European Physical Journal B	12	1.141%
International Review of Financial Analysis	12	1.141%
Journal of Banking Finance	12	1.141%
Journal of Behavior Finance	12	1.141%

Table A4. Top 10 most productive authors in financial bubble research.

Authors	Publication Number	The percentage of total
Sornette D	44	4.183%
Zhou WX	13	1.236%
Lux T	9	0.856%
Allen F	8	0.760%
Protter P	8	0.760%
Woodard R	8	0.760%
Glark GL	7	0.665%
Kaizoji T	6	0.570%
Rosser JB	6	0.570%
Andersen JV	5	0.475%

Table A5. Top 10 most productive countries in financial bubble research.

Countries	Number	The percentage of total
USA	359	34.125%
England	141	13.403%
Germany	95	9.030%
People R China	89	8.460%
France	87	8.270%
Italy	57	5.418%
Japan	50	4.753%
Spain	48	4.563%
Switzerland	46	4.373%
Canada	43	4.087%

Table A6. Top 10 most productive institutions in financial bubble research.

Institutions	Number	The percentage of total
University of Geneva (Swiss)	24	2.281%
Swiss Federal Institute of Technology Zurich (Swiss)	22	2.091%
University of California-Los Angeles (USA)	19	1.806%
University of Pennsylvania (USA)	16	1.521%
Columbia University (USA)	14	1.331%
University of Cambridge (England)	14	1.331%
University of Oxford (England)	14	1.331%
Cornell University (USA)	13	1.236%
National Bureau of Economic Research (USA)	13	1.236%
University of Kiel (Germany)	13	1.236%

Table A7. Top 20 references with the strongest citation bursts.

References Year	Strength	Begin	End	1945–2017
Allan 1988	6.8111	1988	2009	––––––––––––––––––––––––––––––––––––––––
Delong, Shleifer, Summers and Waldmann, 1990	5.3726	1995	1999	––––––––––––––––––––––––––––––––––––––––
Lux 1995	4.4206	1997	2005	––––––––––––––––––––––––––––––––––––––––
Lux & Marchesi, 1999	11.7501	1999	2009	––––––––––––––––––––––––––––––––––––––––
Bak, Paczuski, & Shubik, 1997	4.6174	1999	2007	––––––––––––––––––––––––––––––––––––––––
Santos & Woodford, 1997	5.6047	2000	2006	––––––––––––––––––––––––––––––––––––––––
Johansen & Sornette, 1999a	5.042	2000	2006	––––––––––––––––––––––––––––––––––––––––
Lux & Sornette, 2002	4.5735	2002	2005	––––––––––––––––––––––––––––––––––––––––
Kaizoji, 2000	8.89	2002	2009	––––––––––––––––––––––––––––––––––––––––
Johansen & Sornette, 1999b	7.6007	2002	2004	––––––––––––––––––––––––––––––––––––––––
Cont & Bouchaud, 2000	9.4525	2002	2010	––––––––––––––––––––––––––––––––––––––––
Bornholdt, 2001	7.0339	2002	2008	––––––––––––––––––––––––––––––––––––––––
Sornette & Johansen, 2001	6.3567	2003	2010	––––––––––––––––––––––––––––––––––––––––
Johansen & Sornette, 2000	6.7834	2003	2010	––––––––––––––––––––––––––––––––––––––––
Shiller, 2000	10.2107	2003	2010	––––––––––––––––––––––––––––––––––––––––
Vandewalle, Ausloos, Boveroux, & Minguet, 1998	5.4474	2003	2007	––––––––––––––––––––––––––––––––––––––––
Vandewalle, Boveroux, Minguet & Ausloos , 1998	5.9947	2003	2007	––––––––––––––––––––––––––––––––––––––––
Sornette & Andersen, 2002	4.8025	2003	2009	––––––––––––––––––––––––––––––––––––––––
Johansen & Sornette, 2001	6.7418	2003	2004	––––––––––––––––––––––––––––––––––––––––
Sornette & Sammis, 1995	6.7418	2003	2004	––––––––––––––––––––––––––––––––––––––––

Table A8. Top 10 keywords with bursts.

Keywords	Strength	Begin	End	1945–2017
Volatility	8.1876	1945	2007	––––––––––––––––––––––––––––––––––––––––
Financial market	6.2942	1995	2005	––––––––––––––––––––––––––––––––––––––––
Stock market	7.6797	1997	2006	––––––––––––––––––––––––––––––––––––––––
Herd behavior	6.3426	2002	2010	––––––––––––––––––––––––––––––––––––––––
Crashes	10.1809	2002	2010	––––––––––––––––––––––––––––––––––––––––
Fluctuation	5.649	2002	2009	––––––––––––––––––––––––––––––––––––––––
Econophysics	5.8504	2002	2009	––––––––––––––––––––––––––––––––––––––––
Dynamics	4.6228	2007	2008	––––––––––––––––––––––––––––––––––––––––
Performance	4.5612	2007	2008	––––––––––––––––––––––––––––––––––––––––
Asset price bubble	5.3723	2013	2015	––––––––––––––––––––––––––––––––––––––––

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