This paper empirically investigates the asset pricing implications of trade network topology in the Australian equity market, emphasizing its role in economic shock propagation and information dissemination. We explore the influence of industries' network positions on the paradigm of risk and return. Empirical results demonstrate that industries located in the centre of the trade network, benefiting from diversified trade relations, yield lower returns without heightened exposure to systematic risk. Exploring the interplay between network centrality and information diffusion, we find that information transmission is slower among central firms due to attention constraints of investors and the complexity involved in analyzing them.

中文翻译：

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网络中心性、信息扩散与资产定价

本文实证研究了澳大利亚股票市场交易网络拓扑的资产定价影响，强调其在经济冲击传播和信息传播中的作用。我们探讨了行业网络位置对风险和回报范式的影响。实证结果表明，位于贸易网络中心的行业受益于多元化的贸易关系，在不增加系统性风险的情况下获得较低的回报。在探索网络中心性和信息扩散之间的相互作用时，我们发现，由于投资者注意力的限制以及分析这些问题的复杂性，中心企业之间的信息传输速度较慢。