Digital transformation has become a key initiative for firms’ sustainable development. Based on the annual reports of A-share listed companies, we use LDA model to construct a novel measure of firm digital transformation and examine its effect on the risk of stock price crash. We find that...

This study investigates the lead–lag relationships of volatility among European stock markets. Using weakly realized variance measures, we examine volatility spillover dynamics between the UK and other major stock markets in Europe, thereby identifying a long-run leading role for the UK market...