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1%% International Review of Financial Analysis — submission manuscript2%% Elsevier elsarticle class, author-year (harvard) references.3\documentclass[preprint,12pt,authoryear]{elsarticle}45\usepackage{amsmath,amssymb}6\usepackage{booktabs}7\usepackage{threeparttable}8\usepackage{adjustbox}9\usepackage{caption}10\captionsetup{font=small,labelfont=bf}11\usepackage[hidelinks]{hyperref}12\graphicspath{{figures/}}13\biboptions{round}1415\IfFileExists{results_macros.tex}{\input{results_macros.tex}}{}1617\journal{International Review of Financial Analysis}1819\begin{document}2021\begin{frontmatter}2223\title{Faster, Wider, More Fragile? The Evolution of Intraday Shock24Propagation in U.S. Equity Markets, 1992--2026}2526\author[uqo]{Simon-Pierre Boucher\corref{cor1}}27\ead{simon-pierre.boucher@uqo.ca}28\cortext[cor1]{Corresponding author.}29\affiliation[uqo]{organization={D\'epartement des sciences administratives,30 Universit\'e du Qu\'ebec en Outaouais},31 addressline={Pavillon Alexandre-Tach\'e, 283 boulevard Alexandre-Tach\'e},32 city={Gatineau},33 postcode={J9A 1L8},34 state={Qu\'ebec},35 country={Canada}}3637\begin{abstract}38We study how intraday shocks travel across U.S.\ equities using39\DataRowsBn{} billion one-minute bars covering the full listed and delisted40cross-section from 1992 to 2026. Three findings emerge. First, isolated41idiosyncratic shocks barely spread: across \NEventsRealMM{} million42$\pm6\sigma$ one-minute events, the abnormal share of other securities with43an extreme standardized return, measured against matched within-stock44placebos, lies between zero and about \StratShareOfBase\% of its base rate at45horizons of 1 to 120 minutes, in every decade. Second, transmission is46concentrated and has intensified: the shocked stock's twenty closest47lagged-correlation neighbors respond (+\NetDiffFive$\times10^{-4}$ in the48probability of an extreme move at five minutes), and this network channel49roughly tripled between the 1990s and the 2020s while market-wide spillover50stayed bounded near zero---a rise that partly reflects sharper identification51of the network as the Epps effect receded. Third, common information is52impounded far faster (one-minute pairwise correlation \EppsNinetySixOne{} in531996 versus \EppsFifteenOne{} in 2015), ordinary extreme minutes became an54order of magnitude rarer after decimalization, and severe co-jump55minutes---more than a tenth of the universe moving together---are roughly56ten times more frequent in 2008 and 2020 than in calm years. Modern markets57absorb the idiosyncratic, transmit it narrowly along statistical linkages,58and synchronize on the systemic.59\end{abstract}6061\begin{keyword}62Intraday shock propagation \sep market fragility \sep high-frequency data \sep63contagion \sep co-jumps \sep Epps effect \sep market microstructure64\JEL G10 \sep G12 \sep G1465\end{keyword}6667\end{frontmatter}6869\input{sections/01_introduction}70\input{sections/02_literature}71\input{sections/03_data}72\input{sections/04_measurement}73\input{sections/05_empirical_design}74\input{sections/06_results}75\input{sections/07_mechanisms}76\input{sections/08_robustness}77\input{sections/09_conclusion}78\clearpage7980\section*{CRediT authorship contribution statement}81\textbf{Simon-Pierre Boucher:} Conceptualization, Methodology, Software,82Validation, Formal analysis, Investigation, Data curation, Writing -- original83draft, Writing -- review \& editing, Visualization.8485\section*{Declaration of competing interest}86The author declares no known competing financial interests or personal87relationships that could have appeared to influence the work reported in this88paper.8990\section*{Data availability}91The underlying market data were originally sourced from Finnhub.io92(\url{https://finnhub.io}). The aggregated monthly archive used in this study93is publicly accessible but carries no explicit licence; the minute data are94therefore not redistributed. The exact pinned snapshot identifier and95checksums, the full replication code, the event-level estimates, and all96machine-readable results accompany the paper.9798\section*{Acknowledgments}99All errors are the author's own.100101\bibliographystyle{elsarticle-harv}102\bibliography{bibliography/references}103104\end{document}105