The spillover effects between financial sectors and real economy in different risk levels are
of concern for investors and regulatory authorities. Firstly, based on the sector returns of …

The extreme risks of banks not only cause losses to themselves but also bring external risks
to other financial institutions. Current research mainly focuses on the one-way risk spillover …

In this study, we analyze the upside and downside risk connectedness among international
stock markets. We characterize the connectedness among international stock returns using …

Sustainable development is a practical path to optimize industrial structures and enhance
investment efficiency. Investigating risk contagion within ESG industries is a crucial step …

In this study, we demonstrate that high short-term gains on the A-share market may lead to
significant losses in the future and potentially cause a market catastrophe. To study the …