Before revision:  Last, we make the link with the graph-theoretic description of stock markets recovering the non-random and scale-free topology, shrinking length during crashes and meaningful clustering features as expected  .
After revision:  Last, we make the link with the graph-theoretic description of stock markets recovering the non-random and scale-free topology, shrinking length during crashes and meaningful clustering features as expected . The pairwise model provides an alternative method to study financial networks which may be useful for characterization of abnormal market states (crises and bubbles), in capital allocation or for the design of regulation rules .