{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,1,16]],"date-time":"2026-01-16T12:30:02Z","timestamp":1768566602403,"version":"3.49.0"},"reference-count":89,"publisher":"MDPI AG","issue":"4","license":[{"start":{"date-parts":[[2025,3,27]],"date-time":"2025-03-27T00:00:00Z","timestamp":1743033600000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"funder":[{"DOI":"10.13039\/501100002858","name":"China Postdoctoral Science Foundation","doi-asserted-by":"publisher","award":["2024M762372"],"award-info":[{"award-number":["2024M762372"]}],"id":[{"id":"10.13039\/501100002858","id-type":"DOI","asserted-by":"publisher"}]},{"DOI":"10.13039\/501100002858","name":"China Postdoctoral Science Foundation","doi-asserted-by":"publisher","award":["24C0146"],"award-info":[{"award-number":["24C0146"]}],"id":[{"id":"10.13039\/501100002858","id-type":"DOI","asserted-by":"publisher"}]},{"DOI":"10.13039\/501100002858","name":"China Postdoctoral Science Foundation","doi-asserted-by":"publisher","award":["2024SKHX046"],"award-info":[{"award-number":["2024SKHX046"]}],"id":[{"id":"10.13039\/501100002858","id-type":"DOI","asserted-by":"publisher"}]},{"name":"Scientific Research Fund of Hunan Provincial Education Department","award":["2024M762372"],"award-info":[{"award-number":["2024M762372"]}]},{"name":"Scientific Research Fund of Hunan Provincial Education Department","award":["24C0146"],"award-info":[{"award-number":["24C0146"]}]},{"name":"Scientific Research Fund of Hunan Provincial Education Department","award":["2024SKHX046"],"award-info":[{"award-number":["2024SKHX046"]}]},{"name":"Laboratory of Computation and Analytics of Complex Management Systems Open Foundation","award":["2024M762372"],"award-info":[{"award-number":["2024M762372"]}]},{"name":"Laboratory of Computation and Analytics of Complex Management Systems Open Foundation","award":["24C0146"],"award-info":[{"award-number":["24C0146"]}]},{"name":"Laboratory of Computation and Analytics of Complex Management Systems Open Foundation","award":["2024SKHX046"],"award-info":[{"award-number":["2024SKHX046"]}]}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Entropy"],"abstract":"<jats:p>Using a sample of S&amp;P 500 stocks, this paper examines the investor sentiment spillover network between firms and assesses how the sentiment connectedness in the network impacts stock price crash risk. We demonstrate that firms with higher sentiment connectedness are more likely to crash as they spread more irrational sentiment signals and are more sensitive to investor behaviors. Notably, we find that the effect of investor sentiment on crash risk mainly stems from sentiment connectedness among firms rather than firms\u2019 individual sentiment, especially when market sentiment is surging or declining. These findings remain robust after controlling for other determinants of crash risk, including stock price synchronicity, accounting conservatism, and internal corporate governance strength. Our results underscore the importance of sentiment connectedness among firms and provide valuable insights for risk management among investors and regulatory authorities involved in monitoring risk.<\/jats:p>","DOI":"10.3390\/e27040345","type":"journal-article","created":{"date-parts":[[2025,3,28]],"date-time":"2025-03-28T04:36:48Z","timestamp":1743136608000},"page":"345","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":3,"title":["Too Sensitive to Fail: The Impact of Sentiment Connectedness on Stock Price Crash Risk"],"prefix":"10.3390","volume":"27","author":[{"given":"Jie","family":"Cao","sequence":"first","affiliation":[{"name":"School of Economics and Management, Changsha University of Science and Technology, Changsha 410076, China"}]},{"given":"Guoqing","family":"He","sequence":"additional","affiliation":[{"name":"School of Mathematics and Statistics, Changsha University of Science and Technology, Changsha 410076, China"}]},{"given":"Yaping","family":"Jiao","sequence":"additional","affiliation":[{"name":"School of Mathematics and Statistics, Changsha University of Science and Technology, Changsha 410076, China"}]}],"member":"1968","published-online":{"date-parts":[[2025,3,27]]},"reference":[{"key":"ref_1","unstructured":"Bank for International Settlements (2022). 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