ABSTRACT
To test for arbitrage opportunities and market efficiency in the Hong Kong money, stock, and real estate markets, we find that the money market stochastically dominates both the stock and real estate markets. Furthermore, the real estate market dominates the stock market, the money market dominates nearly all the efficient frontier portfolios, none of the efficient portfolios dominates the money market, and the money market also dominates the equal-weighting portfolio. This infers that in some cases investors could achieve higher expected ex-ante utility by investing in an individual asset rather than a portfolio. Our conclusions drawn from the pre-COVID-19 period are the same as those drawn from the entire period and the conclusions drawn from the COVID-19 period are the same as those drawn from the entire period except that the money market only stochastically dominates some of the efficient frontier portfolios. Our findings question diversification benefits in the Hong Kong capital market during our sample period, including both the pre-COVID-19 and COVID-19 periods.
ABSTRACT
The spreading COVID-19 outbreak has wreaked havoc on the world's financial system that raises an urgent need for the re-evaluation of the gold as safe haven for their money because of the unprecedented challenges faced by markets during this period. Therefore, the current study investigates whether different asset class volatility indices affect desirability of gold as a safe-haven commodity during COVID-19 pandemic. Long run and the short run relationship of gold prices with gold price volatility, oil price volatility, silver price volatility and COVID-19 (measured by the number of deaths due to COVID) has been analyzed in the current study by applying ARDL Bound testing cointegration and non linear ARDL approach on daily time series data ranging from January 2020 to Dec 2021. Findings of the study suggest that in the long run, oil price volatility and gold price volatility positively affect the gold prices, whereas the effect of silver price volatility on gold prices is negative in the long run. However in the short run, all the three indices negatively impact the gold prices. In contrast, the impact of COVID-19 is positive both in the short run and in the long run that proves the validity of gold as safe haven asset in the time of the deadly pandemic. The findings of this study have significant implications and offer investors with some indications to hedge their investments by considering the gold's ability of safe haven during this era of pandemic.
ABSTRACT
This paper studies the connection between social media addiction and mental disorder from the existing investigation among undergraduate students. A comprehensive document search was conducted by using six electronic databases, including PubMed, Scopus, ScienceDirect, Web of Science, JSTOR ProQuest Education to identify articles published before November 21st, 2019. All collected papers focused on studying social media addiction and psychosis. Two reviewers individualistically evaluated the quality of the study by using the Joanna Briggs Institute 's approach. Five articles were filtered out through the screening process and included in the review. The high prevalence of social addiction among college students (9.7% ~ 41%) has been clarified. The association between social media addiction and mental disorders is positive for student health. This article contributes to raising awareness and finding solutions to these risk problems. The study also confirms the connection between online shopping addiction and eating disorders among social addicts. We also discuss the causes and harms of social media addiction.
ABSTRACT
In this paper, we propose a latent pandemic space modeling approach for analyzing coronavirus disease 2019 (COVID-19) pandemic data. We developed a pandemic space concept that locates different regions so that their connections can be quantified according to the distances between them. A main feature of the pandemic space is to allow visualization of the pandemic status over time through the connectedness between regions. We applied the latent pandemic space model to dynamic pandemic networks constructed using data of confirmed cases of COVID-19 in 164 countries. We observed the ways in which pandemic risk evolves by tracing changes in the locations of countries within the pandemic space. Empirical results gained through this pandemic space analysis can be used to quantify the effectiveness of lockdowns, travel restrictions, and other measures in regard to reducing transmission risk across countries.