Latest research · Issue 009
Published Data through
Too Big to Fail Became Too Complex to Fail
Systemic importance is not one ranking.
Independent market research
Market noise fades.
Structure remains.
When diversification weakens and signals compress, understanding structure becomes critical.
Read latest researchAbout LB Research
Research focused on the structure beneath markets
LB Research examines common-factor behaviour, changing cross-market relationships and the propagation of shocks. The research helps professional investors assess concentration, diversification and systemic risk.
Public research
Latest Insights
Published findings on cross-market behaviour, with data sources, methodology and limitations available in each study.
Research insight · Issue 008
Published Data through
When commodity shocks stop staying local
Commodity stress becomes systemic when shocks cross commodity groups.
Explore LB AnalystIn development
View all insightsResearch Framework
From evidence to interpretation.
Each study connects a defined research question to a transparent method, robustness checks and a qualified interpretation.
Define
Map the structure
Define the cross-market relationship being studied, the data used and the period covered.
Test
Test across regimes
Check whether the result holds across market states, time horizons and alternative specifications.
Interpret
Frame the implication
Explain the relevance for concentration, diversification or shock transmission, alongside the limits of the evidence.
What we examine
Research Capabilities
Three questions connect the research to portfolio concentration, diversification and the transmission of risk.
Common factor
How much market behaviour is explained by a common factor?
Examine whether markets are moving independently or becoming dominated by shared behaviour, and what that means for risk concentration.
Read published researchCross-market relationships
How do relationships between markets change?
Study shifts in cross-market relationships and the conditions in which diversification may weaken.
Read published researchShock transmission
How does market structure affect shock propagation?
Test how the structure in place before a shock relates to its subsequent transmission through the wider market.
Read published researchResearch updates
Receive new research when it is ready.
Occasional publication notices and concise research updates. No high-frequency commentary.
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Frequently Asked Questions
What does LB Research publish?
Independent research on systemic risk, market structure, cross-asset relationships, concentration, liquidity and changing regimes.
Who is the research for?
The work is intended for professional investors and research-led organisations that value clear evidence, careful framing, and readable conclusions.
How frequently will new work appear?
Short-form research is published on LinkedIn each Tuesday and Thursday. Expanded public research appears when the evidence supports a useful contribution.
Can LB Research take on bespoke work?
A limited number of focused research partnerships may be considered where the question fits LB Research’s structural and cross-asset remit.
Discuss a research partnership