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q-fin.MF2026
Stress Amplified Resilience: ESG and Joint Fragility in Equity Markets
Minxuan Hu, Jiayu Yi, Ziheng Chen +2
Market stress rarely harms investors through one channel alone. Losses, volatility spikes, and deteriorating tradability often arrive together. We examine whether ESG is associated…
q-fin.MF2026
ESG as Priced Crash Insurance: State-Dependent Tail Risk and Deconfounding Evidence
Jiayu Yi, Minxuan Hu, Wenxi Sun +1
This research establishes ESG as a state dependent insurance mechanism against equity crashes by addressing the decoupling of unconditional alpha from tail risk resilience. By vali…