Bibliometric Analysis of Fractal Patterns in Stock Markets: Trends and Perspectives

Iranian Journal of Accounting, Auditing and Finance

مقالات آماده انتشار، پذیرفته شده، انتشار آنلاین از تاریخ 14 آذر 1404

نوع مقاله: Review article

شناسه دیجیتال (DOI): 10.22067/ijaaf.2025.95617.1590

نویسندگان

Mohammad Javad Nourahmadi^{* 1}؛ Marziyeh Nourahmadi²

¹Department of Theoretical Economics, Faculty of economics, Allameh Tabataba'i University, Tehran, Iran

²Assistant Professor of Financial engineering, Hazrat-e Masoumeh University, Qom, Iran

چکیده

Traditional financial models fail to capture the nonlinear, self-similar patterns in stock markets, whereas the Fractal Market Hypothesis (FMH) provides a more robust framework. This study aims to map the intellectual structure and evolution of research on fractal patterns in stock markets through a comprehensive bibliometric analysis. Analyzing 1,280 documents from the Scopus database (1982–2025), we employed techniques such as co-authorship, co-word analysis, and thematic evolution using the Bibliometrix R package. Results reveal a clear evolution from foundational theories to applied, interdisciplinary research. Multifractal analysis has emerged as the dominant methodology, accounting for approximately 42% of studies post-2005. China, India, and the United States lead in research output, with a growing focus on financial crises, cryptocurrencies, and the integration of fractal models with artificial intelligence. These bibliometric insights provide empirical support for the FMH's relevance in explaining market complexity and its adaptability to modern financial phenomena. Thematic evolution analysis reveals persistent knowledge gaps, particularly in comparative studies between emerging and developed markets, the dynamic impact of systemic shocks on fractal structures, and the practical implementation of fractal-based trading strategies. These findings offer clear directions for future research and underscore the interdisciplinary potential of fractal approaches in modern finance.

کلیدواژه‌ها

Fractal patterns؛ stock market؛ bibliometric analysis؛ multifractality؛ market efficiency