[1] Chiu, W. C., Pena, J. I., & Wang, C. W. Industry characteristics and financial risk
contagion. Journal of Banking & Finance,50(2015), 411-427.
[2] Diebold, F. X., & Yilmaz, K. Better to give than to receive: Predictive directional measurement of volatility spillovers. International Journal of forecasting,28(1)(2012), 57-66.
[3] Kroszner, R. S., Laeven, L., & Klingebiel, D. Banking crises, financial dependence, and
growth. Journal of financial Economics,84(1)(2007), 187-228.
[4] Hoberg, G., & Phillips, G. Real and financial industry booms and busts. The Journal of
Finance,65(1)(2010), 45-86.
[5] Hou, K., & Robinson, D. T. Industry concentration and average stock returns.The Journal
of Finance,61(4) (2006), 1927-1956.
[6] Valta, P. Competition and the cost of debt. Journal of Financial Economics,105(3)(2012),
661-682.
[7] Houston, J. F., & Stiroh, K. J. Three decades of financial sector risk. FRB of New York
Staff Report(2006), (248).
[8] Wang, Z. Dynamics and causality in industry-specific volatility. Journal of Banking & Finance34(7) (2010), 1688-1699.
[9] Cheong, C. S., Olshansky, A., & Zurbruegg, R. The influence of real estate risk on
market volatility. Journal of Property Investment & Finance(2011).
[10] Baur, D. G. Financial contagion and the real economy. Journal of banking & finance,36(10)(2012), 2680-2692.
[11] Campello, M., Graham, J. R., & Harvey, C. R. The real effects of financial constraints:
Evidence from a financial crisis. Journal of financial Economics,97(3)(2010), 470-487.
[12] Bae, K. H., Karolyi, G. A., & Stulz, R. M. A new approach to measuring financial
contagion. The Review of Financial Studies,16(3)(2003), 717-763.
[13] Hartman, P., Straetmans, S., & Vries, C. D. Asset market linkages in crisis periods.
Review of Economics and Statistics,86(1)(2004), 313-326.
[14] Christiansen, C., & Ranaldo, A. Extreme coexceedances in new EU member states’ stock
markets. Journal of banking & finance,33(6)(2009), 1048-1057.
[15] Beine, M., Cosma, A., & Vermeulen, R. The dark side of global integration: Increasing
tail dependence. Journal of Banking & Finance,34(1)(2010), 184-192.
[16] Fry, R., Martin, V. L., & Tang, C. A new class of tests of contagion with applications.
Journal of Business & Economic Statistics,28(3)(2010), 423-437.
[17] Jing, Z., Liu, Z., Qi, L., & Zhang, X. Spillover effects of banking systemic risk on firms
in China: A financial cycle analysis. International Review of Financial Analysis,82(2022),
102171.
[18] Rajan, R., & Zingales, L. Financial development and growth. American Economic Review,88(3)(1998), 559-586.
[19] Ortiz-Molina, H., & Phillips, G. M. Real asset illiquidity and the cost of capital. Journal
of Financial and Quantitative Analysis,49(1)(2014), 1-32.
[20] Fama, E. F., & French, K. R. Size and booktomarket factors in earnings and returns. The
journal of finance,50(1)(1995), 131-155.
[21] Chen, N. F., & Zhang, F. Risk and return of value stocks. The Journal of Business,71(4)
(1998), 501-535.
[22] Fallah Shams, M., & Banisharif, A. Investigating the Financial Risk Spillover in Banks
Accepted in Tehran Stock Exchange Market through MGARCH Approach. Financial Research
Journal,23(1)(2021), 87-107.
[23] Keshavarz, G., & Noftakhar Daryaee, K. Returns and Volatility Spillover Effects on
the Estimated VaR of Gold and Exchange Rate Portfolio. Journal of Economic Research
(Tahghighat- E- Eghtesadi),53(1)(2018), 117-152.
[24] Seraj, M., Tehrani, R., & Fallahpour, S. Evaluation of the Effect of Contagion Risk on
the Macroeconomic Performance of Iran and Identifying Too-Connected-To-Fail (TCTF)
Banks. The Journal of Economic Studies and Policies,7(1)(2020), 153-175.
[25] Ansari Samani, H., and Heydarpoor, H. Investigation the financial risk contagion between
Iran and selected financial partners. Journal of Econometric Modelling,4 (1)(2019), 93-119.
[26] Bazrayi, M., Ghavidel, S., & Emamverdi, G. Identification of Contagion Path of currency
Crises in Industries of Tehran Stock Exchange. Economical Modeling,15(53)(2021), 73-96.
[27] Pastor, L’., & Pietro, V. ´ Stock valuation and learning about profitability. The Journal of
Finance,58(5)(2003), 1749-1789.
[28] Bradley, M., Jarrell, G. A., & Kim, E. H. On the existence of an optimal capital structure: Theory and evidence. The journal of Finance,39(3) (1984), 857-878.
[29] MacKay, P., & Phillips, G. M. How does industry affect firm financial structure?. The
review of financial studies,18(4) (2005), 1433-1466.
[30] Beck, T., & Levine, R. Industry growth and capital allocation: does having a market-or
bank-based system matter?. Journal of financial economics,64(2)(2002), 147-180.
[31] Beck, T., & Levine, R. (2004). Stock markets, banks, and growth: Panel evidence. Journal
of Banking & Finance,28(3), 423-442.
[32] Beck, T., Levine, R., & Loayza, N. Finance and the Sources of Growth. Journal of financial
economics,58(1-2)(2000), 261-300.
[33] Cetorelli, N., & Gambera, M. Banking market structure, financial dependence and growth:
International evidence from industry data. The Journal of Finance,56(2) (2001), 617-648.
[34] Chava, S., & Purnanandam, A. The effect of banking crisis on bank-dependent borrowers.
Journal of financial economics,99(1) (2011), 116-135.
[35] Claessens, S., & Laeven, L. . Financial dependence, banking sector competition, and economic growth. Journal of the European Economic Association,3(1) (2005), 179-207.
[36] Cole, R. A., Moshirian, F., & Wu, Q. Bank stock returns and economic growth. Journal
of Banking & Finance,32(6) (2008), 995-1007.
[37] Dell’Ariccia, G., Detragiache, E., & Rajan, R. The real effect of banking crises. Journal
of Financial Intermediation,17(1) (2008), 89-112.
[38] Ghosal, V., & Loungani, P. . Product market competition and the impact of price uncertainty on investment: Some evidence from US manufacturing industries. The Journal of
industrial economics (1996), 217-228.
[39] Hoggarth, G., Reis, R., & Saporta, V. Costs of banking system instability: some empirical
evidence. Journal of Banking & Finance,26(5) (2002), 825-855.
[40] Levine, R. Finance and growth: theory and evidence. Handbook of economic growth,1 (2005),
865-934.
[41] Liu, Y. A., & Pan, M. S. Mean and volatility spillover effects in the US and Pacific-Basin
stock markets. Multinational Finance Journal,1(1) (1997), 47-62.
[42] Merton, R. C. On the pricing of corporate debt: The risk structure of interest rates. The
Journal of finance,29(2) (1974), 449-470.
[43] Santos, S. J., & Tenreyro, S. (2006). The log of gravity.
[44] Vives, X. Competition in the changing world of banking. Oxford review of economic policy,17(4)(2001), 535-547.