The asymmetric effect of COVID-19 on investor sentiment: evidence from NARDL model

Purpose: This study aims to investigate the asymmetric impact of daily announcements regarding COVID-19 on investor sentiment in the stock market. Design/methodology/approach: This study uses a Non-Linear Autoregressive Distribution Lag (NARDL) model that relies on positive and negative partial sum decompositions of the Coronavirus indicators. Five investor sentiments had been used and the analysis is conducted on the full sample period from 24th February 2020 to 25th March 2021. Findings: The results show that new cases have a greater impact on investor sentiment compared to daily announcements of new deaths related to COVID-19. In addition to revealing a significant impact of new COVID-19 new cases and new death announcements on a daily basis on investor sentiment over the short- and long-term, this paper also highlights the nonlinearity and asymmetry of this relationship in the short and long run. Investors' sentiments are more affected by negative news regarding Covid 19 than positive news. Originality/value: Financial markets have been severely affected by COVID-19 pandemic. This study is the first to measure the extent of reaction of investors to positive and negative announcements of COVID-19. Interestingly, this study examines the asymmetric effect of daily announcements on new cases and new deaths by COVID-19 on investor sentiments and derive many implications for portfolio managers. © 2022, Emerald Publishing Limited.

Combatting Resistance to Change during the COVID 19 Pandemic with Design Thinking Approach: Making a Case for the Public Sector

Human mind thrives on distraction for a change. Yet, counterintuitively, any alteration from the regular or routine baffles mankind and is perceived by default as a problem that automates resistance. Conventionally defined problems generate conventional solutions which usually don't last. Contrarily, a problem defined by those most affected by it or by living the experience of the affected ones, yields richer insights providing far lasting solutions. The early 2020 quarantines and social distancing practices globally, in response to the spread of COVID-19 resulted in the major disruption of workflow worldwide across public and private sectors with the digitalized operations. To solve the problem resulting due to this scenario, the current study used a design thinking approach for innovative and lasting solutions with wide applicability. The human-centric core of this design investigates resistance to change due to the COVID-19 pandemic by understanding human mindsets, needs, and limitations. Engaging a purpose-led participatory research design, the qualitative data on why people resist change is collected using ethnographic tools with focus groups of employees from the Ministry of Education and the Ministry of Health. The quantitative data is collected including other public sectors using a survey. With a sample size of 34 participants who volunteered to take part in the study in a short span of time, the paper culminates in proposing solutions that can be prototyped for testing and refined before being generalized and acceptable for wider implementation. The design thinking approach adopted, thus aims to establish transition guidelines for managing future organizational change with minimal resistance. © 2021 IEEE.