Journal of Risk and Financial Management (2026). DOI: 10.3390/jrfm19080558"> Daily log returns for the Dow Jones Industrial Average, S&P 500, FTSE 100 and DAX. The figure shows periods of elevated volatility around the Global Financial Crisis and the COVID-19 market shock. Credit: Journal of Risk and Financial Management (2026). DOI: 10.3390/jrfm19080558

Research shows that crises do more than cause financial market volatility and falling share prices—they lead to markets becoming far more interconnected.

Published in the Journal of Risk and Financial Management , the study by Dr.…