B. Figure, 1: Regression of C(4) on a constant and C(3) , where the star notation indicates that both coefficients have been corrected so that they are difference and trend stationary, before performing the regression

S. Duval and . Lawford, Subgraphs and motifs in a dynamic airline network, 2018.
URL : https://hal.archives-ouvertes.fr/hal-02017122

V. Aguirregabiria and C. Ho, A dynamic oligopoly game of the US airline industry: Estimation and policy experiments, Journal of Econometrics, vol.168, issue.1, pp.156-173, 2012.
DOI : 10.1016/j.jeconom.2011.09.013

F. Akbas, F. Meschke, and M. B. Wintoki, Director networks and informed traders, Journal of Accounting and Economics, vol.62, issue.1, pp.1-23, 2016.
DOI : 10.1016/j.jacceco.2016.03.003

A. Banerjee, A. G. Chandrasekhar, E. Duflo, and M. O. Jackson, The Diffusion of Microfinance, Science, vol.393, issue.6684, p.1236498, 2013.
DOI : 10.1038/30918

P. Baumgarten, R. Malina, and A. Lange, The impact of hubbing concentration on flight delays within airline networks: An empirical analysis of the US domestic market, Transportation Research Part E: Logistics and Transportation Review, vol.66, pp.103-114, 2014.
DOI : 10.1016/j.tre.2014.03.007

F. Ciliberto and E. Tamer, Market structure and multiple equilibria in airline markets, Econometrica, vol.77, pp.1791-1828, 2009.

E. Cohen-cole, A. Kirilenko, and E. Patacchini, Trading networks and liquidity provision, Journal of Financial Economics, vol.113, issue.2, pp.235-251, 2014.
DOI : 10.1016/j.jfineco.2014.04.007

D. Coppersmith and S. Winograd, Matrix multiplication via arithmetic progressions, Journal of Symbolic Computation, vol.9, issue.3, pp.251-280, 1990.
DOI : 10.1016/S0747-7171(08)80013-2

M. Dai, Q. Liu, and K. Serfes, Is the Effect of Competition on Price Dispersion Non-Monotonic? Evidence from the U.S. Airline Industry, SSRN Electronic Journal, vol.96, pp.161-170, 2014.
DOI : 10.2139/ssrn.890104

R. , Graph Theory, 2017.

R. El-khatib, K. Fogel, and T. Jandik, CEO network centrality and merger performance, Journal of Financial Economics, vol.116, issue.2, pp.349-382, 2015.
DOI : 10.1016/j.jfineco.2015.01.001

R. Faris and D. Felmlee, Status Struggles, American Sociological Review, vol.43, issue.1, pp.48-73, 2011.
DOI : 10.1086/421724

R. Guimerà, S. Mossa, A. Turtschi, and L. A. Amaral, The worldwide air transportation network: Anomalous centrality, community structure, and cities' global roles, Proceedings of the National Academy of Sciences, vol.433, issue.7028, pp.7794-7799, 2005.
DOI : 10.1038/nature03288

Y. V. Hochberg, A. Ljungqvist, and Y. Lu, Whom You Know Matters: Venture Capital Networks and Investment Performance, The Journal of Finance, vol.36, issue.1, pp.251-301, 2007.
DOI : 10.2307/1909607

M. O. Jackson, Social and Economic Networks, 2008.

M. O. Jackson, Networks in the Understanding of Economic Behaviors, Journal of Economic Perspectives, vol.28, issue.4, pp.3-22, 2014.
DOI : 10.1257/jep.28.4.3

D. , Graphs, Networks and Algorithms, 2008.

J. Lin and Y. Ban, The evolving network structure of US airline system during 1990???2010, Physica A: Statistical Mechanics and its Applications, vol.410, pp.302-312, 2014.
DOI : 10.1016/j.physa.2014.05.040

O. Lordan, J. M. Sallan, and P. Simo, Study of the topology and robustness of airline route networks from the complex network approach: a survey and research agenda, Journal of Transport Geography, vol.37, pp.112-120, 2014.
DOI : 10.1016/j.jtrangeo.2014.04.015

N. Movarraei and M. M. Shikare, On the Number of Paths of Lengths 3 and 4 in a Graph, International Journal of Applied Mathematical Research, vol.3, issue.2, pp.178-189, 2014.
DOI : 10.14419/ijamr.v3i2.2409

M. E. Newman, The Structure and Function of Complex Networks, SIAM Review, vol.45, issue.2, pp.167-256, 2003.
DOI : 10.1137/S003614450342480

D. T. Robinson and T. E. Stuart, Network Effects in the Governance of Strategic Alliances, Journal of Law, Economics, and Organization, vol.23, issue.1, pp.242-273, 2004.
DOI : 10.1093/jleo/ewm010

T. Ryczkowski, A. Fronczak, and P. Fronczak, How transfer flights shape the structure of the airline network, Scientific Reports, vol.13, issue.1, p.5630, 2017.
DOI : 10.1016/j.jairtraman.2007.02.001

URL : https://www.nature.com/articles/s41598-017-06108-z.pdf

V. Strassen, Gaussian elimination is not optimal, Numerische Mathematik, vol.13, issue.4, pp.354-356, 1969.
DOI : 10.1007/BF02165411

V. and V. Williams, Multiplying matrices in O(n 2.373 ) time. Mimeo (available at: http://people. csail.mit, p.2014

T. Verma, N. A. Araújo, and H. J. Herrmann, Revealing the structure of the world airline network, Scientific Reports, vol.102, issue.1, p.5638, 2014.
DOI : 10.1103/PhysRevLett.102.018701

URL : http://www.nature.com/articles/srep05638.pdf

D. R. Wuellner, S. Roy, and R. M. Souza, Resilience and rewiring of the passenger airline networks in the United States, Physical Review E, vol.3, issue.5, p.56101, 2010.
DOI : 10.1007/BF01386390