The change in investor correlations of Nokia stock trading across the six-month time windows during 1998–2002.

<p>(a) The average change in correlations between two consecutive time windows <i>J</i>_<i>edges</i>(<i>t</i>) (see <a href="http://www.plosone.org/article/info:doi/10.1371/journal.pone.0198807#pone.0198807.e009" target="_blank">Eq 2</a> in the <a href="http://www.plosone.org/article/info:doi/10.1371/journal.pone.0198807#sec008" target="_blank">Methods</a> section). (b) The average edge weight, or correlation, in each time window. The green dotted vertical line represents the highest stock price of Nokia in the sample period, and the blue curves (with axis on the right) represent the Nokia stock price. The lime-green curves correspond to financial institutions, the cyan curves to households, and the orange curves to non-financial institutions.