Figure 3

Cosine similarity functions for GM, IBM, PFE, AAPL, and YHOO. Panels (a) and (b) show auto cosine similarity functions and cross cosine similarity functions, respectively. The dashed lines represent the result obtained using the randomized data (i.e., the timing of news arrival is randomized). The solid line in (a) is a reference line representing a power law with an exponent of −0.35.