Before revision:  Furthermore, we show that an order-disorder transition occurs as predicted by the pairwise model. 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:  Furthermore, we show that a pairwise maximum entropy model (or auto-logistic model) is able to describe switches between ordered (strongly correlated) and disordered market states. In this framework, the influence matrix may be thought as a dissimilarity measure and we explain how it can be used to study market structure. 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 .