Resilience to the financial crisis in customer-supplier networks
借鉴资本资产定价模型（CAPM）的贝塔系数，构建客户贝塔和供应商贝塔，研究上下游联系对公司应对2008-2009年金融危机韧性的影响，发现客户贝塔越高，公司韧性越强。
Inspired by the Capital Asset Pricing Model (CAPM) beta, we construct customer and supplier betas to separately investigate potentially different properties of downstream and upstream linkages. With the adjacency matrix acting as a ‘filter’ to extract each company's return covariances with its trading partners, the cross-sectional dependence contained in the customer-supplier network is summarized by our betas. We explore how these two betas are related to a company's resilience to the financial crisis of 2008–2009. We observe that a higher customer beta is generally associated with more resilience during the crisis. Therefore, investors could construct the customer beta to gain insights into the relative negative impact of a potential crisis on a stock's performance.