We show 90 equity-commodity market correlations around the world have fluctuated about their respective broken trends since the early 1990s. Each of past eight major financial crises has precipitated breaks in the levels/slopes of some correlation trends, and each correlation trend has been...

We examine return and volatility spillovers between China and world oil markets. This topic is of great importance because China is the world's second-largest oil importer and has exhibited substantial growth in oil consumption. Extending Diebold and Yilmaz's (2012) method of catching spillover...

This study shows that less readable 10-K reports are associated with higher stock price crash risk. The results are consistent with the argument that managers can successfully hide adverse information by writing complex financial reports, which leads to stock price crashes when the hidden bad...

This study examines the relation between asset-backed securitizations and future stock price crash risk in nonfinancial firms. We argue that the off-balance sheet treatment of securitizations facilitates managers’ bad news hiding, leading to higher crash risk. Using a large sample of U.S....