{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,4,16]],"date-time":"2026-04-16T08:53:40Z","timestamp":1776329620485,"version":"3.50.1"},"reference-count":53,"publisher":"Springer Science and Business Media LLC","issue":"1","license":[{"start":{"date-parts":[[2025,12,25]],"date-time":"2025-12-25T00:00:00Z","timestamp":1766620800000},"content-version":"tdm","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0"},{"start":{"date-parts":[[2026,4,16]],"date-time":"2026-04-16T00:00:00Z","timestamp":1776297600000},"content-version":"vor","delay-in-days":112,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0"}],"content-domain":{"domain":["link.springer.com"],"crossmark-restriction":false},"short-container-title":["Appl Netw Sci"],"DOI":"10.1007\/s41109-025-00755-2","type":"journal-article","created":{"date-parts":[[2025,12,25]],"date-time":"2025-12-25T15:54:13Z","timestamp":1766678053000},"update-policy":"https:\/\/doi.org\/10.1007\/springer_crossmark_policy","source":"Crossref","is-referenced-by-count":0,"title":["Graph learning on financial networks from pairwise similarity of firm-level characteristics"],"prefix":"10.1007","volume":"11","author":[{"given":"Tein","family":"Baaijens","sequence":"first","affiliation":[]},{"given":"\u00c7i\u00e7ek","family":"G\u00fcven","sequence":"additional","affiliation":[]},{"given":"Gonzalo","family":"N\u00e1poles","sequence":"additional","affiliation":[]}],"member":"297","published-online":{"date-parts":[[2025,12,25]]},"reference":[{"issue":"1","key":"755_CR1","doi-asserted-by":"publisher","first-page":"61","DOI":"10.1109\/TNN.2008.2005605","volume":"20","author":"F Scarselli","year":"2008","unstructured":"Scarselli F, Gori M, Tsoi AC, Hagenbuchner M, Monfardini G (2008) The graph neural network model. IEEE Trans Neural Netw 20(1):61\u201380","journal-title":"IEEE Trans Neural Netw"},{"issue":"4","key":"755_CR2","doi-asserted-by":"publisher","first-page":"1249","DOI":"10.1111\/0022-1082.00146","volume":"54","author":"TJ Moskowitz","year":"1999","unstructured":"Moskowitz TJ, Grinblatt M (1999) Do industries explain momentum? J Financ 54(4):1249\u20131290","journal-title":"J Financ"},{"issue":"4","key":"755_CR3","doi-asserted-by":"publisher","first-page":"1977","DOI":"10.1111\/j.1540-6261.2008.01379.x","volume":"63","author":"L Cohen","year":"2008","unstructured":"Cohen L, Frazzini A (2008) Economic links and predictable returns. J Financ 63(4):1977\u20132011","journal-title":"J Financ"},{"issue":"4","key":"755_CR4","doi-asserted-by":"publisher","first-page":"1555","DOI":"10.1111\/j.1540-6261.2010.01578.x","volume":"65","author":"L Menzly","year":"2010","unstructured":"Menzly L, Ozbas O (2010) Market segmentation and cross-predictability of returns. J Financ 65(4):1555\u20131580","journal-title":"J Financ"},{"key":"755_CR5","unstructured":"Lee C, Ma P, Wang CC (2016) The search for peer firms: When do crowds provide wisdom? Harvard Business School Accounting & Management Unit Working Paper (15-032), 14\u201346"},{"issue":"3","key":"755_CR6","doi-asserted-by":"publisher","first-page":"649","DOI":"10.1016\/j.jfineco.2019.10.007","volume":"136","author":"U Ali","year":"2020","unstructured":"Ali U, Hirshleifer D (2020) Shared analyst coverage: Unifying momentum spillover effects. J Financ Econ 136(3):649\u2013675","journal-title":"J Financ Econ"},{"key":"755_CR7","unstructured":"Kim R, So CH, Jeongx M, Lee S, Kim J, Kang J (2019) Hats: A hierarchical graph attention network for stock movement prediction. arXiv preprint arXiv:1908.07999"},{"issue":"2","key":"755_CR8","doi-asserted-by":"publisher","first-page":"1","DOI":"10.1145\/3309547","volume":"37","author":"F Feng","year":"2019","unstructured":"Feng F, He X, Wang X, Luo C, Liu Y, Chua T-S (2019) Temporal relational ranking for stock prediction. ACM Transa Inform Syst (TOIS) 37(2):1\u201330","journal-title":"ACM Transa Inform Syst (TOIS)"},{"key":"755_CR9","doi-asserted-by":"crossref","unstructured":"Ye J, Zhao J, Ye K, Xu C (2021) Multi-graph convolutional network for relationship-driven stock movement prediction. In: 2020 25th International Conference on Pattern Recognition (ICPR), pp. 6702\u20136709 . IEEE","DOI":"10.1109\/ICPR48806.2021.9412695"},{"key":"755_CR10","unstructured":"Matsunaga D, Suzumura T, Takahashi T (2019) Exploring graph neural networks for stock market predictions with rolling window analysis. arXiv preprint arXiv:1909.10660"},{"key":"755_CR11","doi-asserted-by":"publisher","DOI":"10.1016\/j.gfj.2023.100900","volume":"58","author":"A Uddin","year":"2023","unstructured":"Uddin A, Tao X, Yu D (2023) Attention based dynamic graph neural network for asset pricing. Glob Financ J 58:100900","journal-title":"Glob Financ J"},{"key":"755_CR12","doi-asserted-by":"crossref","unstructured":"Li W, Bao R, Harimoto K, Chen D, Xu J, Su Q (2021) Modeling the stock relation with graph network for overnight stock movement prediction. In: Proceedings of the Twenty-ninth International Conference on International Joint Conferences on Artificial Intelligence, pp. 4541\u20134547","DOI":"10.24963\/ijcai.2020\/626"},{"key":"755_CR13","doi-asserted-by":"crossref","unstructured":"Yao T, Chen D (2022) The graph convolutional networks framework for predicting pandemic impact on stock prices. In: 2022 8th Annual International Conference on Network and Information Systems for Computers (ICNISC), pp. 426\u2013430. IEEE","DOI":"10.1109\/ICNISC57059.2022.00090"},{"key":"755_CR14","doi-asserted-by":"crossref","unstructured":"Xiang S, Cheng D, Shang C, Zhang Y, Liang Y (2022) Temporal and heterogeneous graph neural network for financial time series prediction. In: Proceedings of the 31st ACM International Conference on Information & Knowledge Management, pp. 3584\u20133593","DOI":"10.1145\/3511808.3557089"},{"issue":"1","key":"755_CR15","first-page":"469","volume":"35","author":"Y-L Hsu","year":"2021","unstructured":"Hsu Y-L, Tsai Y-C, Li C-T (2021) Fingat: Financial graph attention networks for recommending top-$$ k $$ k profitable stocks. IEEE Trans Knowl Data Eng 35(1):469\u2013481","journal-title":"IEEE Trans Knowl Data Eng"},{"key":"755_CR16","doi-asserted-by":"publisher","DOI":"10.1016\/j.frl.2021.102032","volume":"44","author":"B Son","year":"2022","unstructured":"Son B, Lee J (2022) Graph-based multi-factor asset pricing model. Financ Res Lett 44:102032","journal-title":"Financ Res Lett"},{"issue":"1","key":"755_CR17","doi-asserted-by":"publisher","first-page":"57","DOI":"10.1111\/j.1540-6261.1997.tb03808.x","volume":"52","author":"MM Carhart","year":"1997","unstructured":"Carhart MM (1997) On persistence in mutual fund performance. J Financ 52(1):57\u201382","journal-title":"J Financ"},{"issue":"3","key":"755_CR18","doi-asserted-by":"publisher","first-page":"607","DOI":"10.1086\/260061","volume":"81","author":"EF Fama","year":"1973","unstructured":"Fama EF, MacBeth JD (1973) Risk, return, and equilibrium: Empirical tests. J Polit Econ 81(3):607\u2013636","journal-title":"J Polit Econ"},{"issue":"5","key":"755_CR19","doi-asserted-by":"publisher","first-page":"2223","DOI":"10.1093\/rfs\/hhaa009","volume":"33","author":"S Gu","year":"2020","unstructured":"Gu S, Kelly B, Xiu D (2020) Empirical asset pricing via machine learning. Rev Financ Stud 33(5):2223\u20132273","journal-title":"Rev Financ Stud"},{"key":"755_CR20","doi-asserted-by":"crossref","unstructured":"Seyfi S (2022) Neighbouring assets. Available at SSRN 4311284","DOI":"10.2139\/ssrn.4311284"},{"key":"755_CR21","unstructured":"Kipf TN, Welling M (2016) Semi-supervised classification with graph convolutional networks. arXiv preprint arXiv:1609.02907"},{"issue":"20","key":"755_CR22","first-page":"10","volume":"1050","author":"P Velickovic","year":"2017","unstructured":"Velickovic P, Cucurull G, Casanova A, Romero A, Lio P, Bengio Y (2017) Graph Attention Netw stat 1050(20):10\u201348550","journal-title":"Graph Attention Netw stat"},{"key":"755_CR23","unstructured":"CRSP: US Stock Database. https:\/\/www.crsp.org\/. Accessed: 2023-02-20 (2023)"},{"issue":"2","key":"755_CR24","doi-asserted-by":"publisher","first-page":"207","DOI":"10.1561\/104.00000112","volume":"27","author":"AY Chen","year":"2022","unstructured":"Chen AY, Zimmermann T (2022) Open source cross-sectional asset pricing. Critical Financ Rev 27(2):207\u2013264","journal-title":"Critical Financ Rev"},{"issue":"1","key":"755_CR25","doi-asserted-by":"publisher","first-page":"3","DOI":"10.1016\/0304-405X(93)90023-5","volume":"33","author":"EF Fama","year":"1993","unstructured":"Fama EF, French KR (1993) Common risk factors in the returns on stocks and bonds. J Financ Econ 33(1):3\u201356","journal-title":"J Financ Econ"},{"issue":"1","key":"755_CR26","doi-asserted-by":"publisher","first-page":"1","DOI":"10.1016\/j.jfineco.2014.10.010","volume":"116","author":"EF Fama","year":"2015","unstructured":"Fama EF, French KR (2015) A five-factor asset pricing model. J Financ Econ 116(1):1\u201322","journal-title":"J Financ Econ"},{"issue":"2","key":"755_CR27","doi-asserted-by":"publisher","first-page":"288","DOI":"10.1016\/j.jfineco.2011.12.001","volume":"104","author":"RF Stambaugh","year":"2012","unstructured":"Stambaugh RF, Yu J, Yuan Y (2012) The short of it: Investor sentiment and anomalies. J Financ Econ 104(2):288\u2013302","journal-title":"J Financ Econ"},{"key":"755_CR28","doi-asserted-by":"crossref","unstructured":"Baaijens T, G\u00fcven \u00c7, N\u00e1poles G (2024) Harnessing Firm Similarities with Graph Neural Networks for Superior Stock Predictions","DOI":"10.1007\/978-3-031-82427-2_19"},{"key":"755_CR29","doi-asserted-by":"crossref","unstructured":"Arya AN, Xu YL, Stankovic L, Mandic DP (2023) Hierarchical graph learning for stock market prediction via a domain-aware graph pooling operator. In: ICASSP 2023-2023 IEEE International Conference on Acoustics, Speech and Signal Processing (ICASSP), pp. 1\u20135 . IEEE","DOI":"10.1109\/ICASSP49357.2023.10095381"},{"issue":"4","key":"755_CR30","doi-asserted-by":"publisher","first-page":"1785","DOI":"10.1111\/jofi.12684","volume":"73","author":"B Herskovic","year":"2018","unstructured":"Herskovic B (2018) Networks in production: Asset pricing implications. J Financ 73(4):1785\u20131818","journal-title":"J Financ"},{"key":"755_CR31","doi-asserted-by":"crossref","unstructured":"Chen Y, Wei Z, Huang X (2018) Incorporating corporation relationship via graph convolutional neural networks for stock price prediction. In: Proceedings of the 27th ACM International Conference on Information and Knowledge Management, pp. 1655\u20131658","DOI":"10.1145\/3269206.3269269"},{"issue":"11","key":"755_CR32","doi-asserted-by":"publisher","first-page":"8462","DOI":"10.1002\/int.22950","volume":"37","author":"J Huang","year":"2022","unstructured":"Huang J, Xing R, Li Q (2022) Asset pricing via deep graph learning to incorporate heterogeneous predictors. Int J Intell Syst 37(11):8462\u20138489","journal-title":"Int J Intell Syst"},{"issue":"3","key":"755_CR33","first-page":"628","volume":"51","author":"JM-T Wu","year":"2021","unstructured":"Wu JM-T, Li Z, Srivastava G, Tasi M-H, Lin JC-W (2021) A graph-based convolutional neural network stock price prediction with leading indicators. Software: Practice Experience 51(3):628\u2013644","journal-title":"Software: Practice Experience"},{"key":"755_CR34","doi-asserted-by":"crossref","unstructured":"Chen Z, Zheng LN, Lu C, Yuan J, Zhu D (2023) Chatgpt informed graph neural network for stock movement prediction. arXiv preprint arXiv:2306.03763","DOI":"10.2139\/ssrn.4464002"},{"key":"755_CR35","unstructured":"Turner E (2021) Graph auto-encoders for financial clustering. arXiv preprint arXiv:2111.13519"},{"key":"755_CR36","doi-asserted-by":"publisher","DOI":"10.1016\/j.knosys.2022.108842","volume":"248","author":"S Li","year":"2022","unstructured":"Li S, Wu J, Jiang X, Xu K (2022) Chart gcn: Learning chart information with a graph convolutional network for stock movement prediction. Knowl-Based Syst 248:108842","journal-title":"Knowl-Based Syst"},{"issue":"1","key":"755_CR37","doi-asserted-by":"publisher","first-page":"134","DOI":"10.1198\/073500102753410444","volume":"20","author":"FX Diebold","year":"2002","unstructured":"Diebold FX, Mariano RS (2002) Comparing predictive accuracy. J Business Econ Statistics 20(1):134\u2013144","journal-title":"J Business Econ Statistics"},{"key":"755_CR38","doi-asserted-by":"crossref","unstructured":"Grau I, N\u00e1poles G (2024) Sparseness-optimized feature importance. In: World Conference on Explainable Artificial Intelligence, pp. 393\u2013415 . Springer","DOI":"10.1007\/978-3-031-63797-1_20"},{"key":"755_CR39","unstructured":"French KR (2023) Data Library. https:\/\/mba.tuck.dartmouth.edu\/pages\/faculty\/ken.french\/data_library.html. Accessed: 2023-02-20"},{"issue":"3","key":"755_CR40","doi-asserted-by":"publisher","first-page":"289","DOI":"10.2308\/TAR-9608042309","volume":"71","author":"RG Sloan","year":"1996","unstructured":"Sloan RG (1996) Do stock prices fully reflect information in accruals and cash flows about future earnings? Account Rev 71(3):289\u2013315","journal-title":"Account Rev"},{"issue":"6","key":"755_CR41","doi-asserted-by":"publisher","first-page":"2971","DOI":"10.1111\/j.1540-6261.2008.01418.x","volume":"63","author":"MJ Cooper","year":"2008","unstructured":"Cooper MJ, Gulen H, Schill MJ (2008) Average returns, bm, and share issuance. J Financ 63(6):2971\u20132995","journal-title":"J Financ"},{"key":"755_CR42","unstructured":"Stattman D (1980) The relationship between return and market value of common stocks. J Business, 97\u2013112"},{"issue":"1\u20132","key":"755_CR43","first-page":"3","volume":"42","author":"K Daniel","year":"2006","unstructured":"Daniel K, Titman S (2006) Market pricing of accruals quality. J Account Econ 42(1\u20132):3\u201333","journal-title":"J Account Econ"},{"issue":"2","key":"755_CR44","first-page":"905","volume":"53","author":"MJ Brennan","year":"1998","unstructured":"Brennan MJ, Chordia T, Subrahmanyam A (1998) Trading volume and cross-autocorrelations in stock returns. J Financ 53(2):905\u2013939","journal-title":"J Financ"},{"issue":"1","key":"755_CR45","doi-asserted-by":"publisher","first-page":"297","DOI":"10.1016\/j.jacceco.2004.10.002","volume":"38","author":"D Hirshleifer","year":"2004","unstructured":"Hirshleifer D, Hou K, Teoh SH, Zhang Y (2004) Do investors overvalue firms with bloated balance sheets? J Account Econ 38(1):297\u2013331","journal-title":"J Account Econ"},{"issue":"1","key":"755_CR46","doi-asserted-by":"publisher","first-page":"1","DOI":"10.1016\/j.jfineco.2013.01.003","volume":"108","author":"R Novy-Marx","year":"2013","unstructured":"Novy-Marx R (2013) The other side of value: The gross profitability premium. J Financ Econ 108(1):1\u201328","journal-title":"J Financ Econ"},{"issue":"4","key":"755_CR47","doi-asserted-by":"publisher","first-page":"1249","DOI":"10.1111\/0022-1082.00146","volume":"54","author":"M Grinblatt","year":"1999","unstructured":"Grinblatt M, Moskowitz TJ (1999) Do industries explain momentum? J Financ 54(4):1249\u20131290","journal-title":"J Financ"},{"issue":"6","key":"755_CR48","doi-asserted-by":"publisher","first-page":"2825","DOI":"10.1093\/rfs\/hhm058","volume":"21","author":"E Lyandres","year":"2008","unstructured":"Lyandres E, Sun L, Zhang L (2008) The new issues puzzle: Testing the investment-based explanation. Rev Financ Stud 21(6):2825\u20132855","journal-title":"Rev Financ Stud"},{"issue":"4","key":"755_CR49","doi-asserted-by":"publisher","first-page":"677","DOI":"10.1017\/S0022109000003173","volume":"39","author":"S Titman","year":"2004","unstructured":"Titman S, Wei KCJ, Xie F (2004) Capital investments and stock returns. J Financ Quantitative Anal 39(4):677\u2013700","journal-title":"J Financ Quantitative Anal"},{"issue":"2","key":"755_CR50","doi-asserted-by":"publisher","first-page":"427","DOI":"10.1016\/j.jfineco.2010.08.014","volume":"99","author":"TG Bali","year":"2011","unstructured":"Bali TG, Cakici N, Whitelaw RF (2011) Maxing out: Stocks as lotteries and the cross-section of expected returns. J Financ Econ 99(2):427\u2013446","journal-title":"J Financ Econ"},{"issue":"1","key":"755_CR51","doi-asserted-by":"publisher","first-page":"65","DOI":"10.1111\/j.1540-6261.1993.tb04702.x","volume":"48","author":"N Jegadeesh","year":"1993","unstructured":"Jegadeesh N, Titman S (1993) Returns to buying winners and selling losers: Implications for stock market efficiency. J Financ 48(1):65\u201391","journal-title":"J Financ"},{"issue":"3","key":"755_CR52","doi-asserted-by":"publisher","first-page":"491","DOI":"10.1016\/j.jfineco.2005.09.009","volume":"82","author":"EF Fama","year":"2006","unstructured":"Fama EF, French KR (2006) Profitability, investment and average returns. J Financ Econ 82(3):491\u2013518","journal-title":"J Financ Econ"},{"issue":"1","key":"755_CR53","doi-asserted-by":"crossref","first-page":"75","DOI":"10.2469\/faj.v52.n1.1963","volume":"52","author":"RA Haugen","year":"1996","unstructured":"Haugen RA, Baker NL (1996) The expected return on stocks and bonds. Financ Anal J 52(1):75\u201380","journal-title":"Financ Anal J"}],"container-title":["Applied Network Science"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/link.springer.com\/article\/10.1007\/s41109-025-00755-2","content-type":"text\/html","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/link.springer.com\/content\/pdf\/10.1007\/s41109-025-00755-2.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"text-mining"},{"URL":"https:\/\/link.springer.com\/content\/pdf\/10.1007\/s41109-025-00755-2.pdf","content-type":"application\/pdf","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2026,4,16]],"date-time":"2026-04-16T07:47:50Z","timestamp":1776325670000},"score":1,"resource":{"primary":{"URL":"https:\/\/link.springer.com\/10.1007\/s41109-025-00755-2"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2025,12,25]]},"references-count":53,"journal-issue":{"issue":"1","published-online":{"date-parts":[[2026,12]]}},"alternative-id":["755"],"URL":"https:\/\/doi.org\/10.1007\/s41109-025-00755-2","relation":{},"ISSN":["2364-8228"],"issn-type":[{"value":"2364-8228","type":"electronic"}],"subject":[],"published":{"date-parts":[[2025,12,25]]},"assertion":[{"value":"31 March 2025","order":1,"name":"received","label":"Received","group":{"name":"ArticleHistory","label":"Article History"}},{"value":"10 November 2025","order":2,"name":"accepted","label":"Accepted","group":{"name":"ArticleHistory","label":"Article History"}},{"value":"25 December 2025","order":3,"name":"first_online","label":"First Online","group":{"name":"ArticleHistory","label":"Article History"}},{"order":1,"name":"Ethics","group":{"name":"EthicsHeading","label":"Declarations"}},{"value":"The authors declare no Conflict of interest.","order":2,"name":"Ethics","group":{"name":"EthicsHeading","label":"Conflict of interest"}}],"article-number":"31"}}