Stock market is susceptible to various external shocks for its tight dependence on economic fundamentals, financial speculation, and fragile emotions in massive traders, making it a very risky market for investors. In this paper, we aim to identify whether commonly recognized safe‐haven assets, that is, bitcoin, gold, and commodities, can provide investors with effective hedging utility in international stock markets, especially during periods of extreme market turbulence. By using the spillover index method based on the TVP‐VAR model, we find that firstly, bitcoin, gold, and commodities can only offer weak hedging effects on stock markets. Furthermore, their abilities to act as a safe haven are ranked as: commodities > gold > bitcoin. Secondly, in general, we have observed the increasing hedging ability of these safe‐haven assets in times of extreme market turmoil. Thirdly, among international stock and safe‐haven asset markets, the world and the developed stock markets act as the net spillover transmitters, while bitcoin, gold, and commodities are the net recipients. Lastly, the total spillover effects are time‐varying and increase significantly after the outbreak of extreme events.

Purpose: In the process of making agricultural production decisions in rural households, severe weather conditions, either extreme cold or heat, may squeeze the labor input in the agricultural sector, leading to a reallocation of labor between the agricultural and non-agricultural sectors. By applying a dataset with a wide latitude range, this study empirically confirms the influence of extreme temperatures on the agricultural labor reallocation, reveal the mechanism of farmers’ adaptive behavioral decision and therefore enriches the research on the impact of climate change on rural labor markets and livelihood strategies.Design/methodology/approach: This study utilizes data from Chinese meteorological stations and two waves of China Household Income Project to examine the impact and behavioral mechanism of extreme temperatures on rural labor reallocation.Findings: (1) Extremely high and low temperatures had led to a reallocation of labor force from agricultural activities to non-farm employment, with a more pronounced effect from extreme high temperature events. (2) Extreme temperatures influence famers’ decision in abandoning farmland and reducing investment in agricultural machinery, thus creating an interconnected impact on labor mobility. (3) The reallocation effect of rural labor induced by extreme temperatures is particularly evident for males, persons that perceives economic hardship or labor in economically active areas.Originality/value: By applying a dataset with a wide latitude range, this study empirically confirms the influence of extreme temperatures on the agricultural labor reallocation, and reveals the mechanism of farmers’ adaptive behavioral decision and therefore enriches the research on the impact of climate change on rural labor markets and livelihood strategies.