Occurrence and distribution pattern of fungal endophytes in different tissues of halophytic plants across saline depressions are poorly studied. We investigated the endophytic fungal communities inhabiting roots, stems and leaves of Hordeum maritimum collected in a soil salinity gradient, i.e. non-saline, slightly saline and saline, using a culture-dependent approach. A total of 20 taxa belonging to Ascomycota phylum were identified by ITS rRNA gene sequence. Pyronema domesticum and Alternaria spp. were the most frequently isolated. Roots host higher diversity and were more frequently colonized by endophytes than aboveground organs. Endophytic composition of all organs surveyed differed according to salinity gradient. Contrary to expectations, the colonization rate of roots increased with soil salinity, indicating that under salt stress the endophyte-plant association is promoted. All the isolates exhibited in vitro saline tolerance, especially those belonging to genera Xylaria, Chalastospora, Alternaria and Pyronema. Fungal tolerance to NaCl under in vitro conditions appears to be more dependent on the isolates than on the sites of their isolation, suggesting that under natural conditions other factors, beyond soil salinity, should be taken into account. These findings highlight the importance of fungal endophytes in the protection and/or adaptation of both interacting species (plant-fungus) to salt stress under natural conditions.

This study aims to investigate the effect of financial risks on the stock market crashes occurrence from 1999 to 2020. Using the windows method, we detect two stock market crises in the Tunisian stock market. Based on the probit model, we find evidence that low stock return risk, low EUR/TND exchange rate risk, high interest rate risk, high credit risk and high liquidity risk increase the occurrence probability of stock market crashes. Our results suggest that the decrease in volatility, particularly in equity and exchange market, the increase in volatility in interest rate, the credit rating downgrades issued by Moody’s and the low liquidity market contribute to crashes in the Tunisian stock market. In summary, financial risks, which are the market risks, the credit risk and the liquidity risk could be leading indicators of crashes in the Tunisian stock market. Keywords: Stock market crashes; Liquidity risk; Credit risk; Market risks.

Purpose: This paper is conducted to investigate the response of market liquidity, market volatility and exchange rate volatility to stock market crises shocks. Methodology: First, the CMAX approach is used to detect stock market crises. Then, the Vector Auto Regression (VAR) approach is applyed to study the transmission effect of stock market crises shocks on market liquidity, market volatility and exchange rate volatility. Results: According to the empirical study based on evidence from Tunisia, we obtain the following results: The impulse response analysis underlines that there is a deterioration in market liquidity and market volatility in the months after the occurrence of stock market crises. In contrast, the response of EUR/TND exchange rate volatility to stock market crises shocks is not significant during the whole period. In addition, the variance decomposition results highlight that market liquidity and Tunindex index volatility are more sensitive to stock market crises shocks. However, stock market crises shocks explain a smaller portion of the EUR/TND exchange rate volatility. Unique contribution to theory, policy and practice: This research contributes to this debate by investigating the impact of stock market crises shocks on liquidity market, volatility of stock returns and exchange rate volatility. A better understanding of these topics has become the key to investors, academics and policymakers.

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