We propose a new measure of time-varying tail risk that is directly estimable from the cross section of returns. We exploit firm-level price crashes every month to identify common fluctuations in tail risk across stocks. Our tail measure is significantly correlated with tail risk measures...

Purpose: The literature on Supply Chain Resilience faces a steep and significant interest in recent years owing to the pandemic and disruptions in global trade. As the literature amplifies due, this paper aims to provide transparency about the intersection of Supply Chain Resilience and...