This study is epicentral to analyze the impact of the Russia–Ukraine war on the financial markets, specifically focusing on the connectedness and spillover dynamics of FinTech, Environmental, Social, and Governance (ESG), renewable energy, gold, and Morgan Stanley Capital International (MSCI) indices in developed and emerging countries. Data are collected from Thomson Reuters, ranging from May 8, 2020, to May 11, 2022, and a time‐varying parameter vector autoregression (TVP‐VAR) and the dynamic conditional correlation (DCC) generalized autoregressive conditional heteroskedasticity (GARCH) t‐Copula (DCC‐GARCH t‐Copula) are used to analyze the data. The results show that FinTech, ESG, and MSCI are net transmitters in developed countries, whereas gold and renewable energy are net receivers pre‐ and during war periods. ESG and MSCI are net transmitters in emerging countries, while FinTech, renewable energy, and gold become net receivers in both periods. The hedging ratio sheds light on the costs and weights of efficient pair investments that might change in the context of each region and under the combined scenario. The study has important implications for merchant bankers, policymakers, investors, hedgers, and risk managers.

Purpose: Understanding and mitigating stock price crash risk is vital for investors and regulators to ensure financial market stability. This study aims to unveil significant research trends and opportunities.Design/methodology/approach: This study adopts the bibliometric and systematic review approach to analyse 485 Scopus-indexed articles through citation, keyword co-occurrence, bibliographic coupling, and publication analyses and delve into the depth of crash risk literature.Findings: This bibliometric review reveals not only a surge in crash risk publications over the last decade but also delineates several emerging thematic threads within this domain. We identify seven distinct themes that have gained prominence in recent literature: bad news hoarding, board characteristics, capital market factors, corporate policies, ownership impact, corporate governance, and external environmental influences on crash risk. This thematic analysis provides a comprehensive overview of the evolving landscape of crash risk research and underscores the multifaceted nature of factors contributing to market instability.Practical implications: This study makes a substantial contribution by furnishing a thorough examination of existing studies, pinpointing areas where knowledge is lacking, and shedding light on emerging trends and debates within the crash risk literature.Originality/value: This study identifies current research trajectories and propels future exploration into agency perspectives, audit quality, and corporate disclosures within crash risk literature.