Exploiting the staggered establishment of public data open platforms (PDOPs) across different cities of China, we study whether and how improved public data availability affects firms’ stock price crash risk (SPCR). We find that the establishment of PDOPs significantly decrease local firms’...

We examine the interaction between market volatility, liquidity shocks, and stock returns in 41 countries over the period 1990–2015. We find liquidity is an important channel through which market volatility affects stock returns in international markets and we show this is distinct from the...