Information transmission among multiple investors: a micro-perspective revealed by motifs

Abstract

We build the shareholder co-holding network (SCN) based on common shareholding data from 2007 to 2017. Considering the node attributes and the link weights, we reveal the basic structure and dynamic evolution of the SCN from two aspects: motif identification and motif evolution. Research on motif identification shows that although closed motifs have a low proportion, they are statistically significant. Further, research on the motif evolution shows that all motif structures have a higher tendency to disappear. The motifs containing financial investment company shareholders tend to disappear, while the motifs containing general corporate shareholders tend to remain unchanged during the evolution process. In short, we have developed the local motif structure of the SCN, which helps understand how information is transmitted among multiple investors.