We investigate whether the presence of major corporate customers affects firm stock price crash risk. Using data on a large sample of U.S. firms, we find that firms with a more concentrated customer base have a higher stock price crash risk. Further, we show an amplified effect of customer...

Stock return comovement analysis is important to financial analysts, decision makers, and academic researchers, in many financial implications, such as, portfolio management, style investing, and market risk detecting. This paper examines firms' social media, in particular, microblogging...