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However, most existing research overlooks the influence of portfolio similarity among various types of financial institutions on this risk. Therefore, we construct the network of portfolio similarity correlations among different types of financial institutions, based on measurements of portfolio similarity. Utilizing the expanded fire sale contagion model, we offer a comprehensive assessment of systemic risk for Chinese financial institutions. Initially, we introduce indicators for systemic risk, systemic importance, and systemic vulnerability. Subsequently, we examine the cross-sectional and time-series characteristics of these institutions\u2019 systemic importance and vulnerability within the context of the portfolio similarity correlation network. Our empirical findings reveal a high degree of portfolio similarity between banks and insurance companies, contrasted with lower similarity between banks and securities firms. Moreover, when considering the portfolio similarity correlation network, both the systemic importance and vulnerability of Chinese banks and insurance companies surpass those of securities firms in both cross-sectional and temporal dimensions. Notably, our analysis further illustrates that a financial institution\u2019s systemic importance and vulnerability are strongly and positively associated with the magnitude of portfolio similarity between that institution and others.<\/jats:p>","DOI":"10.1140\/epjds\/s13688-024-00449-2","type":"journal-article","created":{"date-parts":[[2024,1,31]],"date-time":"2024-01-31T08:03:33Z","timestamp":1706688213000},"update-policy":"https:\/\/doi.org\/10.1007\/springer_crossmark_policy","source":"Crossref","is-referenced-by-count":4,"title":["Identifying the systemic importance and systemic vulnerability of financial institutions based on portfolio similarity correlation network"],"prefix":"10.1140","volume":"13","author":[{"given":"Manjin","family":"Shao","sequence":"first","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0000-0003-1720-1944","authenticated-orcid":false,"given":"Hong","family":"Fan","sequence":"additional","affiliation":[],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"297","published-online":{"date-parts":[[2024,1,31]]},"reference":[{"key":"449_CR1","doi-asserted-by":"publisher","first-page":"49","DOI":"10.1093\/jeea\/jvy038","volume":"18","author":"V Grimm","year":"2020","unstructured":"Grimm V, Mengel F (2020) Experiments on belief formation in networks. 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