This　study　investigates　the　impact　of　modern　health　pandemics　on　the　firm＇s　stock　price　crash　risk.　Further,　the　study　explores　this　problem　using　a　comprehensive　cross-country　sample　of　265,983　firm-year　observations,　collected　from　39　countries　during　the　five　modern　health　crises:　SARS　(2003),　H1N1　(2009),　MERS　(2012),　Ebola　(2014),　and　Zika　(2016).　Empirically,　this　study　observes　that　the　outbreak　of　pandemic　crises　curbs　the　crash　risk　of　stock　price.　The　more　stable　country　is　protected　by　the　regulatory　system,　and　the　decrease　in　crash　risk　is　smaller　during　the　pandemic.　The　conclusions　will　enable　the　investors　to　trade　with　greater　rationality　and　objectivity　during　the　current　pandemic　situation　caused　by　COVID-19.　In　addition,　these　conclusions　make　regulators　confident　that　establishing　a　sound　regulatory　and　legal　system　and　maintaining　national　stability　effectively　reduce　the　impact　of　a　sudden　public　crisis　on　the　capital　market.　(c)　2022　Economic　Society　of　Australia,　Queensland.　Published　by　Elsevier　B.V.　All　rights　reserved.