Liquidity effects of COVID-19 in the European tourism industry

We examine the influence of COVID-19 on liquidity of the tourism industry in the UK, Europe and Spain. In the short run, the pandemic causes significant negative stock market reaction in the tourism industry. In the long run, the tourism industry recovers from the fall in returns due to the pandemic. Liquidity significantly decreases due to COVID-19, for the UK, European and Spanish tourism markets, even when we encapsulate the influence of stock prices, trading volume and volatility. Our findings suggest that European equity markets have declined in efficiency due to the pandemic in the tourism industry. Our empirical analysis has important implications for policy makers. Tourism recovery strategies from the pandemic are required with immediate effect in order to restore the valuation of the tourism companies, given that the negative stock price reaction and lack of liquidity significantly reduces market value of the tourism firms across Europe. In order for the tourism industry to fully recover from COVID-19, investors need to have the confidence to buy large volumes of tourism company stocks, which will increase the price and liquidity, leading to a substantial increase in market capitalization.

Academic Framing of Computational Representations in the Virtual Classroom during Covid-19

Keywords: Agenda;Framing;Social representations;Expectations;Computer Introduction The development of research projects often requires the competition of computers, software and data analysis techniques, but the acceptance, appropriation and intensive use of them presents limitations in terms of utility and risk expectations [1]. Some explanatory models of human capital formation suggest that the formation of talent or intellectual capital in intangible assets of organizations is due to habitus [3]. [...]the predictive models of the social representations of these determinants have not been observed in the explanation of the relations with the intensive use of technologies, devices and electronic networks. [...]the objective of the present work was to establish the academic link relative to the social representations of computer computers, considering the dimensions of the organizational, educational and cognitive models. Methodology A documentary, retrospective and exploratory study was carried out with a selection of sources indexed to international repositories Table 1, considering the indexing period from 2019 to 2021, as well as the search by allusive keywords for negative (stigma, risk, rejection) and positive (utility, acceptance, appropriation) (Table 1) Content analysis and opinion matrices were used, considering the inclusion of findings, ratings and comparisons of coded data such as;-1 for negative dimensions (stigma, risk and rejection) and +1 for positive dimensions (utility, acceptance and appropriation) The qualitative data analysis package was used, considering equation (1) in which the contingency relations and the proportions of probabilities of taking risks in permissible thresholds of human capital formation stand out The contrast of the null hypotheses was made from the estimation of these parameters.

ASYMMETRIC MULTIFRACTAL CROSS-CORRELATION DYNAMICS BETWEEN FIAT CURRENCIES AND CRYPTOCURRENCIES

This paper performs the asymmetric multifractal cross-correlation analysis to examine the COVID-19 effects on three relevant high-frequency fiat currencies, namely euro (EUR), yen (YEN) and the Great Britain pound (GBP), and two cryptocurrencies with the highest market capitalization and traded volume (Bitcoin and Ethereum) considering two periods (Pre-COVID-19 and during COVID-19). For both periods, we find that all pairs of these financial assets are characterized by overall persistent cross-correlation behavior (αxy(0) > 0.5). Moreover, COVID-19 promoted an increase in the multifractal spectrum's width, which implies an increase in the complexity for all pairs considered here. We also studied the Generalized Cross-correlation Exponent, which allows us to verify that there is no asymmetric behavior between Bitcoin and fiat currencies and between Ethereum and fiat currencies. We conclude that investing simultaneously in major fiat currencies and leading cryptocurrencies can reduce the portfolio risk, leading to improvement in the investment results.

'TIME LOST' AT ZAGREB STOCK EXHANGE (ZSE): CROBEX INDEX CASE

Zagreb Stock Exchange (ZSE) represents relatively small emerging-market, founded in early 90's as main Croatian stock market. Its main index CROBEX (Croatian Bourse Index) was firstly introduced on 1.9.1997. and it is calculated on daily basis since then, with starting value of one thousand (1.000) points. It is a price index, consisting of 15-25 shares that are included according to its free float market capitalization and revised biannually - every March and September. CROBEX all time high value (A TH) was recorded on January 4, 2008 with 5.292,14 points (closed at 5.279,14). Global financial crises in 2008 caused CROBEX to rapidly decline from +5.000 points to values -1.500, where it averaged through following years with rare exception of breaking psychological barrier of 2.000 points. CROBEX main growth was mainly achieved in period 2004-2008, and this paper aims to show its downfall, and disability to properly recover ever since. Thus is of relevant importance since stock market indices not only show the main movements of a certain stock market, but also represent good indicators of economic trends in general.

Measuring Pollution Control and Environmental Sustainable Development in China Based on Parallel DEA Method

The purpose of this study is to explore the impact of pollution control on industrial production efficiency in 31 provinces and cities in the Yellow River and Non-Yellow River basins in China from 2013 to 2017, using the methods of the directional distance function (hereinafter referred to as DDF) and the technology gap ratio (hereinafter referred to as TGR) in parallel, while taking the industrial production sector (labor force, total capital formation, energy consumption and industrial water consumption) and the pollution control sector (wastewater treatment funds and waste gas treatment funds) as input variables. Undesirable outputs (total wastewater discharge, lead, SO2 and smoke and dust in wastewater) and an ideal output variable (industrial output value) are taken as output variables. It is found that the total efficiency of DDF in the Non-Yellow River Basin is 0.9793, which is slightly better than 0.9688 in the Yellow River Basin. Among the 17 provinces and cities with a total efficiency of 1, only Shandong and Sichuan are located in the Yellow River Basin. The TGR values of 31 provinces, cities and administrative regions are less than 1, and the average TGR value of the Yellow River Basin is 0.3825, which is lower than the average TGR value of the Non-Yellow River Basin of 0.5234. We can start by improving the allocation of manpower and capital, implementing the use of pollution prevention and control funds, improving the technical level of industrial production, improving pollutant emission, and increasing output value to improve overall efficiency performance. This study uses the parallel method, taking the industrial production department and the pollution control department as inputs, to objectively evaluate the changes in industrial production efficiency and technology gap in the Yellow River and Non-Yellow River basins, which is conducive to mastering the situation of pollution control and industrial production efficiency, and provides the reference for SDG-6- and SDG-9-related policy making.

Measuring Growth, Development and Progress

We live in a rapidly changing, uncertain environment. The political and economic strength of countries and regions is changing based on their capabilities to become more resilient, futureoriented and knowledge-based. In this environment, basic economic indicators like growth measured by Gross Domestic Product (GDP) or Gross Fixed Capital Formation (GFCF) do not measure future readiness, resilience to change, or development in general, as they are based on past decisions. This paper argues that in order to be able to successfully adapt to the changing environment, economic and social achievements have to be measured not by growth indicators, but by development ones, which highlight real progress and convergence. Among them, intangible asset and intangible investment indicators are especially crucial, as they measure the real health of the economy and society. The key competitive factor on which progress will be based is human capital with good health, knowledge and skills. The paper proves that countries with excellent growth results lag behind in terms of development achievements, measured by the mentioned intangibles. This discrepancy may lead to a dangerous development trap situation. The paper uses statistical data of different countries to prove its suggestions.

The Impact of the COVID-19 Pandemic on the Financial and Asset Situation of Polish Infectious Diseases Hospitals

The aim of the article is to assess the impact of the COVID-19 pandemic on the financial and asset situation of infectious diseases hospitals in Poland after the first year of the pandemic, which began in late 2019. The first significant financial impacts of the pandemic were recorded in the 2020 financial statements. Fulfilling the purpose of the article, the 2020 data were referenced to 2018-2019, i.e., before the spread of the COVID-19 pandemic. The research was conducted on the basis of financial statements obtained from 79 infectious diseases hospitals. The results of the research, apart from its scientific aspect, constitute a rich knowledge base and directions for action for the managers, supervisors and owners of infectious diseases hospitals in Poland, as well as for the state bodies responsible for the proper functioning of the infectious diseases treatment system, especially in the era of the pandemic, which, according to specialists, the world will be facing for several more years. The article addresses a timely topic of interest to a wide range of stakeholders. It is one of the first surveys to attempt to analyze the impact of coronavirus on the financial and asset situation of infectious diseases hospitals in Poland after the first pandemic period, especially since not all financial statements for 2020 of medical entities have yet been approved by ownership bodies. The research sample covered 89.8% of the general population. © 2022, World Scientific and Engineering Academy and Society. All rights reserved.

Accounting and Market Risk Measures of Polish Energy Companies

Companies in the energy sector, due to their important role in the economy and the specificity of energy sources, are exposed to many types of risk, ranging from the risk associated with the company’s operations and the global economic and political situation in the world. Energy companies are usually large capital companies whose shares are listed on the stock market. The mentioned risk factors may shape the risk level of these companies. The study aims to examine the relationship between market and accounting risk measures for Polish energy companies listed on the Warsaw Stock Exchange. This paper uses market and accounting betas in the conventional and downside approach. In addition to market measures of total risk, it also examines the variability of ROA for energy companies. The study of the relationship between market risk measures and accounting risk measures was based on Pearson’s correlation coefficient, standard linear regression, and quantile regression. The relationship between market and accounting measures of total and systematic risk was identified. Moreover, quantile regressions revealed that the slope for accounting variables varies across the quantiles. Our research shows that for energy companies not listed on the capital markets, for which no market risk measures can be derived, accounting betas and downside accounting can be useful tools in risk analysis. The contribution of the article to the risk analysis of energy companies is the use of unpopular accounting beta factors and a new modification of these coefficients for downside risk.

Co relating NIFTY 50 Index Trend's impact on NSE's Sector based Indices Growth Momentum in Post COVID-19 led Indian Economy with Special reference to NIFTY Bank, NIFTY Consumer Durables, NIFTY IT and NIFTY Pharma Indices using Arithmetic Modelling

The NIFTY 50 is the flagship index on the National Stock Exchange of India Ltd. (NSE). The Index tracks the behavior of a portfolio of blue chip companies, the largest and most liquid Indian securities. It includes 50 of the approximately 1600 companies traded (listed & traded and not listed but permitted to trade) on NSE, captures approximately 65% of its float-adjusted market capitalization and is a true reflection of the Indian stock market. This study probed in to the correlation between NIFTY 50 and NIFTY Bank, NIFTY 50 and NIFTY Consumer Durables, NIFTY 50 and NIFTY IT and NIFTY 50 and NIFTY Pharma Indices

Does Investing in Renewable Energy Sources Contribute to Growth? A Preliminary Study on Greece’s National Energy and Climate Plan

As more economies are transitioning away from fossil fuels for their electricity production and towards greener alternatives, many socioeconomic implications of this shift remain actively debated. The present paper attempts to assess the economic impact of investments in renewable energy sources (RESs) for Greece and whether the broader effects of this transition can offset the negative impact that will occur due to the targeted phase-out of lignite plants by 2028, which constitute the predominant power source for Greece. Our methodological approach builds on input–output analysis and the creation of composite RES industries for the estimation of the net effects of a series of monetary shocks that correspond to Greece’s phase-out investment plan, utilizing the most recent national input–output tables and satellite structural business statistics. We focus on the structural effects of these shocks on a series of socioeconomic indicators, including GDP, employment, wages, government income (through taxes), and capital formation. The results indicate that even though lignite power production still provides a significant contribution to the Greek economy, investing in renewables presents a significant opportunity for value added and job creation.