TeX 53.6%
Python 46.2%
1\documentclass[12pt]{article}2\usepackage[margin=1.1in]{geometry}3\usepackage[hidelinks]{hyperref}4\usepackage{setspace}5\onehalfspacing6\begin{document}7\thispagestyle{empty}89\begin{center}10\vspace*{1em}11{\LARGE\bfseries Faster, Wider, More Fragile?}\\[8pt]12{\Large\bfseries The Evolution of Intraday Shock Propagation\\[2pt]13in U.S. Equity Markets, 1992--2026}\\[3em]1415{\large\bfseries Simon-Pierre Boucher}\footnote{Corresponding author.16E-mail: \href{mailto:simon-pierre.boucher@uqo.ca}{simon-pierre.boucher@uqo.ca}.}\\[1em]17Professeur\\18D\'epartement des sciences administratives\\19Universit\'e du Qu\'ebec en Outaouais\\20Pavillon Alexandre-Tach\'e\\21283, boulevard Alexandre-Tach\'e\\22Gatineau (Qu\'ebec), Canada, J9A 1L8\\[2.5em]2324\today25\end{center}2627\vfill28\noindent\textbf{Keywords:} Intraday shock propagation; market fragility;29high-frequency data; contagion; co-jumps; Epps effect; market microstructure.\\[4pt]30\noindent\textbf{JEL classification:} G10; G12; G14.3132\clearpage33\thispagestyle{empty}3435\section*{CRediT authorship contribution statement}3637\noindent\textbf{Simon-Pierre Boucher:} \textit{Conceptualization} --- posed38the research question, formulated the central hypothesis on the asymmetric39evolution of shock absorption and transmission, and designed the overall40research program; \textit{Methodology} --- developed the shock-identification41framework (leave-one-out residualization with strictly lagged loadings and42robust seasonal standardization), the matched-placebo43difference-in-differences estimand, the network-differential design, and the44day-block bootstrap inference; \textit{Software} --- wrote the full analysis45pipeline, from checksum-verified data acquisition through event detection,46estimation, and automated table and figure generation; \textit{Validation}47--- designed and executed the multi-stage data audit (calendar, timezone,48integrity, corporate actions, survivorship) and the falsification battery49(pre-event tests, placebo networks, announcement-window and tick-regime50exclusions); \textit{Formal analysis} --- carried out all estimations and51robustness analyses; \textit{Investigation} --- conducted the event-level52study of 1.85 million idiosyncratic shocks and the systemic co-jump analysis;53\textit{Data curation} --- constructed the cleaned minute panel, the54ticker-spell identity map, the lagged trading universes, and the55corporate-action screens, with complete manifests and checksums;56\textit{Writing -- original draft} --- wrote the manuscript;57\textit{Writing -- review \& editing} --- revised the manuscript;58\textit{Visualization} --- designed and produced all figures.5960\section*{Declaration of competing interest}6162The author declares that he has no known competing financial interests or63personal relationships that could have appeared to influence the work64reported in this paper.6566\section*{Funding}6768This research did not receive any specific grant from funding agencies in the69public, commercial, or not-for-profit sectors.7071\section*{Data availability}7273The underlying market data were originally sourced from Finnhub.io74(\url{https://finnhub.io}). The aggregated monthly archive used in this study75is publicly accessible; the exact byte-level snapshot is pinned and76checksum-verified. Complete replication materials---code, configuration,77manifests, machine-readable results, and figure source data---accompany the78paper and permit regeneration of every number in the manuscript from the raw79data.8081\section*{Declarations}8283The manuscript is the author's original work, has not been published84previously, and is not under consideration by any other journal. All results85reported are generated programmatically from the accompanying replication86package; no result has been selectively omitted.87\end{document}88