In this study, we examine the effect of social capital on stock price crash risk. We find that firms headquartered in U ….S. counties with higher levels of social capital exhibit lower levels of future stock price crash risk. This finding is … causal effect of social capital on stock price crash risk. Additionally, we find that the influence of social capital on …

growth using the cross-section of signals. The uncertainty (confidence measure) about investor's growth expectations, as in … the data, is time-varying and subject to large moves. The fluctuations in confidence measure affect the distribution of … future consumption given investors' information, and consequently influence equilibrium asset prices and risk premia. In …