Tests of Global Flights to Safety With US Financial Firm Bankruptcy Announcements
研究美国大型金融机构破产公告是否引发投资者转向低风险资产（如美元、国债、黄金），并发现该效应在本地投资者情绪下降时更显著，且通过全球信息传染渠道传导。
ABSTRACT This paper investigates whether bankruptcy announcements by large US financial institutions can induce flights to safety, leading investors to seek safer investments. To test this relationship, we employ a short‐horizon event study methodology and show that low‐risk investments—such as the US dollar, sovereign bonds and gold—exhibit significant appreciation following such announcements. This result is more pronounced when the local country‐level investor sentiment declines in the postannouncement period. We also analyze the transmission mechanism through which bankruptcy announcements cause flights to safety and empirically identify a global information contagion channel via negative shocks to the cash flows of stocks.