Network Effects and Characteristics of Cross-Industrial Tail Risk Spillover in China

Table 5

Tail risk spillover network indicators among subsamples.

	Interval I						Interval II
	Upside risks accumulate			Downside risks mitigated			Upside risks accumulate			Downside risks mitigated
Industry (1)	Out-deg (2)	In-deg (3)	RI (4)	Out-deg (5)	In-deg (6)	RI (7)	Out-deg (8)	In-deg (9)	RI (10)	Out-deg (11)	In-deg (12)	RI (13)
Mining	350.61	13.23	0.9273	102.72	48.18	0.3614	1503.03	4.43	0.994	91.93	37.60	0.419
Transportation	67.29	20.95	0.5252	134.88	12.85	0.8261	0.0000	90.95	−1	162.33	55.24	0.492
Leisure services	7.81	81.43	−0.8249	65.19	56.08	0.0751	2.41	85.09	−0.945	9.83	59.43	−0.716
Media	0.0000	70.37	−1	14.94	63.59	−0.6195	2.11	92.19	−0.955	56.49	65.41	−0.073
Utilities	24.18	69.45	−0.4835	36.50	66.63	−0.2922	8.68	79.91	−0.804	35.38	68.41	−0.318
Agriculture	48.88	61.31	−0.1128	25.56	49.71	−0.3209	160.91	25.46	0.727	29.37	54.61	−0.301
Chemicals	3.63	81.78	−0.9150	1026.23	0.0000	1	48.41	83.70	−0.267	111.81	56.62	0.328
Health care	329.52	16.76	0.9032	16.53	63.15	−0.5851	21.41	49.21	−0.394	26.15	54.26	−0.35
Commerce	0.0000	81.43	−1	18.44	68.55	−0.5760	12.66	78.91	−0.723	22.90	57.74	−0.432
National defense	0.0000	80.79	−1	3.15	67.64	−0.9111	209.03	43.79	0.654	6.46	78.32	−0.848
Household appliances	0.0000	72.04	−1	126.73	67.12	0.3075	0.0000	85.76	−1	13.28	61.10	−0.643
Construction materials	294.46	51.61	0.7017	34.51	71.76	−0.3505	42.41	72.63	−0.263	22.68	80.22	−0.559
Construction furnishing	99.81	42.28	0.4049	28.36	56.16	−0.3289	19.00	83.91	−0.631	6.98	77.86	−0.836
Real estate	40.85	63.78	−0.2191	3.85	72.92	−0.8997	4.54	72.21	−0.882	2.61	75.06	−0.933
Nonferrous metal	29.45	78.37	−0.4537	35.41	66.59	−0.3056	0.0000	84.44	−1	10.76	77.92	−0.757
Machinery equipment	16.54	71.38	−0.6237	10.54	77.06	−0.7593	0.0000	95.88	−1	1225.46	7.21	0.988
Automobiles	24.88	84.78	−0.5463	2.62	86.32	−0.9411	0.0000	84.76	−1	0.0000	71.23	−1
Electronics	7.54	80.62	−0.8290	2.30	73.74	−0.9394	12.98	83.63	−0.731	13.38	71.42	−0.684
Electrical equipment	3.68	83.79	−0.9159	0.0000	79.23	−1	26.77	75.16	−0.475	8.23	65.99	−0.778
Textile and apparel	70.25	46.04	0.2082	6.60	70.73	−0.8292	9.17	77.62	−0.789	0.0000	71.22	−1
Conglomerate	25.88	77.18	−0.4977	0.0000	83.89	−1	0.0000	75.02	−1	60.02	70.03	−0.077
Computer	7.91	72.02	−0.8020	0.0000	85.70	−1	2.21	81.01	−0.947	5.46	86.55	−0.881
Light-industry manufacturing	0.0000	79.79	−1	0.0000	77.53	−1	10.82	89.12	−0.784	2.84	87.95	−0.937
Communications	0.0000	86.83	−1	141.45	64.11	0.3762	7.35	85.62	−0.842	0.0000	83.65	−1
Steel	0.0000	84.83	−1	2.30	88.86	−0.9495	0.0000	81.39	−1	2.68	84.51	−0.939
Banks	6.084	63.12	−0.8242	6.14	70.94	−0.8407	14.13	83.39	−0.71	2.28	87.56	−0.949
Nonbank financials	26.57	65.29	−0.4215	0.0000	81.18	−1	2.44	89.83	−0.947	0.0000	93.56	−1
Food and beverage	333.82	38.41	0.7936	0.0000	74.75	−1	4.53	89.97	−0.904	0.0000	88.61	−1
Total degree	64.99			65.89			75.89			68.90