... returns, although they limit diversification benefits. *Volatility indicators (VIX and OVX) exert nonlinear effects, with stronger influences observed during bullish markets. *Geopolitical risk does not show a statistically significant impact. *Both physical and transition climate risks consistently...

... publication and authors. The full terms of this license may be seen at http://creativecommons.org/licences/by/4.0/legalcode Stock markets Financial stress Economic policy uncertainty Geopolitical risk Risk spillovers Over the past decades, the global economy has recorded many financial...