Comparison of the Performances for CAPM and Fama-French models During COVID-19

Since the outbreak of COVID-19, it has caused a startling stun to both society and economy in numerous nations, where different industries suffered unequally. This paper reviews the various performance of the Capital Asset Pricing Model (CAPM), and the Fama-French three-factor model and the five-factor model in different regions and industries. To metric the performance, various statistics models and scaling are applied including Pearson correlation, linear regression, R2 scores, t-test, etc. Specifically, this paper demonstrates the different performances of the CAPM model on the US and Egyptian stock markets, whereas using generalized method of moments in a panel data analysis to evaluate the performance in the U.S. market and the paired sample t-test and Wilcoxon signed-rank to evaluate the performance in the Egyptian market. The Fama-French three-factor model and five-factor model are both based on the U.S. market and analyze the model's performance (measured by significant level) in the U.S. market in general and in individual sectors, respectively. Whereas, in terms of three-factors model, the OLS estimation and relapse expected excess return are used onto the variables and multiple linear regression method was used to study the significance of factors in three sub-industries. Regarding to five-factors model, a multivariate regression with covariates and OLS estimation are the method for evaluation. These results shed light for deeply understanding the model and recognizing the impact on the security market of the COVID-19. © 2023 SPIE.

Hotel employee resilience during a crisis: conceptual and scale development

This research aims to address the lack of research on hotel employee resilience during a crisis (HERC) and the absence of a measurement scale to assess it. A mixed-method approach was used to conceptualize HERC, identify its dimensions, and build a measurement scale. In Study 1, an online survey of 69 employees from upscale hotels was conducted, revealing a five-factor HERC model comprising resistance, adaptability, cooperation, restoration, and thriving. Study 2 developed preliminary measurement items for HERC, which were refined through exploratory factor analysis (EFA). Study 3 conducted another round of surveys and used a confirmatory factor analysis (CFA) to verify the factors generated from the second study. This research provides a comprehensive five-factor model of employee resilience during a crisis and a corresponding measurement scale, offering a theoretical foundation for hotel managers to develop effective strategies to manage crises. © 2023 Informa UK Limited, trading as Taylor & Francis Group.

How can hesitation in hotel live-streaming payment be overcome?: Examine the role of entrepreneurial performance and viewers' personality traits

After the outbreak of COVID-19, E-commerce lives streaming (ELS) has become popular as a marketing tool to reduce spatial restrictions and control the spread. However, there are concerns about the hesitance to pay after purchasing through ELS. This study examined the psychological factors from a consumer's perspective on reluctance to pay at the end of a hotel reservation through ELS. The conceptual framework of the study integrates the concepts of the stimulus-organism-response (SOR) framework in conjunction with the Five-Factor Model (Big Five). Data were collected from 401 online questionnaires collected by users with no more than three months of ELS experience and causal relationships were analyzed using the partial least squares structural equation modeling (PLS-SEM) technique. The study found that promotion (PROM), Content Quality (CTQ) and Content Valence (CTV) played a crucial role in driving viewer interest in booking through hotel live-streaming (HLS). Viewers with the Extraversion personality type (EXT) show interest in booking accommodations through the hotel e-commerce live streaming platform. Financial and privacy concerns influence the assessment of payment options. In addition, finances and dissatisfaction are essential factors that encourage viewers to hesitate to pay after booking. This study is crucial for applying ELS in the tourism and hospitality industry to create new travel experiences post-COVID-19.

Exploring digital natives' mobile addiction syndrome in Taiwan: psychological issues and beyond

PurposeThis study seeks to explore digital natives' mobile usage behaviors and, in turn, develop an analytic framework that helps articulate the underlying components of mobile addiction syndrome (MAS), its severity levels and mobile usage purposes.Design/methodology/approachThe investigation adopts a survey method and a case study. The results of the former are based on 411 random classroom observations and 205 questionnaire responses, and the insights of the latter are derived from 24 interviews and daily observations.FindingsThe findings validate five distinctive signs that constitute MAS and their significant correlations with each of the Big Five personality traits. Classroom observations confirm the prevalence of addiction tendency among digital natives in the research context. Seven levels of MAS and six different mobile usage purposes further manifest themselves from case analysis. There appears to be a sharp contrast between the addicted and non-addicted groups in their mobile purposes and behavioral patterns. Additionally, family relationships seem influential in shaping non-addictive mobile usage behaviors.Research limitations/implicationsPsychological perspectives on MAS may be important but insufficient. Empirical investigation on a global scale, especially with distinctive cross-cultural comparisons, will be highly encouraged. How MAS evolves over time should also serve as future research interests.Practical implicationsTeaching pedagogy of college education might need certain adjustments to intrigue digital natives' learning interests. Future managers might also need to adopt better performance measurements for digital natives who barely separate work from personal matters in their mobile devices.Social implicationsParents and healthcare institutions may need to develop response mechanism to tackle this global issue at home and in society. The long-term effects of the COVID-19 pandemic on MAS might also deserve global attention.Originality/valueThe analytic framework developed provides an original mechanism that can be valuable in identifying MAS severity and associated behavioral patterns.

The validity of five broad generic dimensions of performance in South Africa

Orientation: Disconnected scholarly work on the theoretical and empirical structure of individual work performance negatively impacts predictive studies in human resource management. Greater standardisation in the conceptualisation and measurement of performance is required to enhance the scientific rigour with which research is conducted in human resource management in South Africa. Research purpose: The present study aimed to conceptualise and empirically validate the structural validity of five broad generic dimensions of individual work performance, based on 20 narrow dimensions of performance. Motivation for the study: A generic model and standardised measurement of individual work performance, measuring performance at the appropriate level of breadth and depth, may help human resource professionals to make accurate decisions about important work-based criteria and their related predictors. A validated generic model of performance could further increase the replicability of science around performance measurement in South Africa. Research approach/design and method: A cross-sectional design was implemented by asking 448 managers across several organisations to rate the performance of their subordinates on the Individual Work Performance Review (IWPR). The quantitative data were analysed by means of hierarchical confirmatory factor analyses. Main findings: An inspection of the discriminant validity of the 20 narrow performance dimensions supported the multidimensionality of performance to a fair degree. The bifactor statistical indices, in turn, suggested that the five broad factors explained a significant amount of common variance amongst the manifest variables and could therefore be interpreted as more unidimensional. Practical/managerial implications: Practitioners can interpret the broader performance dimensions in the IWPR as total scores, especially when high-stakes decisions are made about promoting or rewarding employees. The interpretation of the narrow performance dimensions might be more useful in low-stakes development situations. Cross-scale interpretations are encouraged to enable a holistic understanding of employees’ performance, as the narrow performance dimensions covary.

Investing style and sensitivity analysis in U.S. stock market during Covid-19 based on multi-factor model

According to the unimaginable influence of Covid-19 and the essential of capital asset pricing in the market, this article analyzes the TV industry of the US stock market before and during the epidemic based on the Fama-French five-factor model. Fama-French five-factor model comprehensively considers the impact of market risk premium (Mkt-RF), market value scale factor, (SMB), book-to-market value ratio factor (HML), profit factor (RMW) and investment factor (CMA) on this industry. Meanwhile, it can conduct a comprehensive evaluation of the impact of Covid-19 on the TV industry. The data in this article was selected from Kenneth R. French's databases and used multiple linear regression to obtain the results. The performance of factors is different due to the outbreak of Covid-19. By analyzing the result, it found that Mkt-RF, SMB are not significant in the model, but HML, RMW, CMA have changed from insignificant to significant. It indicates that during the Covid-19, investors are recommended to pay more attention to the firms with high book-to-market ratios, stable profitability, and aggressive investment style in the USA TV industry. Therefore, research on the stock market of the TV industry plays an important role in the steady development of the economy, the creation of social wealth, and the improvement of people's living standards. © 2021 IEEE.

Research on the Impact of COVID-19 on Book Industry based on Fama-French Five Factor Model

Asset pricing has been regarded as a popular subject in modern financial research. Covid-19 has imposed a remarkably severe impact on the global economy. Taking the book industry of 49 industries in the French database for analysis, the paper classifies the daily data into pre-epidemic (June 2019-February 2020) and post-epidemic (March 2020-November 2020), and calculates multiple factor coefficients via multiple linear regression. According to the research findings, the book market became sensitive to the impact of the epidemic, while value stocks and firms with stable revenues are favored. There has been no impact caused by the epidemic on the small-scale effect of the industry, with the investment profile factor consistently failing. It is suggested that investors can consider the companies with small market capitalization, high book-to-market ratios, and stable earnings during the outbreak of epidemic. © 2021 IEEE.

Effect of Car Industry in US Stock Market during COVID-19 Based on Fama-French Five-Factor Model

The pandemic has created a severe global economic recession and destroyed many industries since it broke out at the beginning of 2020. However, many car enterprises had an outstanding performance last fiscal year. This paper applied Fama-French five-factor model to analyze the effect on the car industry under the pandemic. Based on the daily five-factor data (US car industry stocks) from Kenneth R. French's database, we select the corresponding 20-month data, with the outbreak point of March 1, 2020, as the dividing line. March 1, 2020, to December 31, 2020, is post-epidemic, while May 2019 to February 2020 is pre-epidemic. After regression analysis, it finds that COVID-19 has a dramatic effect on the car industry. With the development of the electric car, investors prefer to invest in emergent electric car companies. On the other hand, the electric car industry still has some urgent technology barriers. Investors should concentrate on the technology development of electric cars instead of blindly following the investment boom. © 2021 IEEE.

Analysis of the effect on US manufacture industry during Covid-19 based on Fama-French five-factor model

It is crucial to find the fair value of financial assets for asset pricing model in relevant research and practice. With continuous improvement of the model, researchers are expected to improve the applicability and interpretation ability. Covid-19 is a rare global epidemic disease in human history, causing large-scale negative impact on the financial market. Therefore, it is necessary to study the practicability of asset pricing model, facing major and unpredictable factors. Based on the Fama French five-factor model, this paper compares the model factors of American manufacturing stocks from July 2019 to February 2020, and March 2020 to October 2020. The data mentioned in this paper are all selected from the database of Kenneth R. French's web. French, using the relevant information of American stock market to get various data. Multiple linear regression method and t-test are applied to analyze. The results showed that intercept investment. The asset pricing model changed from non-significant before the epidemic to significant;SMB coefficient is significant both before and after the epidemic, while coefficient increases after the epidemic;RMW is significant before the epidemic and is non-significant after the epidemic;MKT coefficient is significant both before and after the epidemic;CMA is non-significant both before and after the epidemic. Investors are advised to focus more on the explanatory power of MKT, SMB and HML factors on asset pricing when investing on US manufacturing stocks during the epidemic. © 2021 IEEE.

Player Personality Traits and the Effectiveness of a Persuasive Game for Disease Awareness Among the African Population

Although persuasive gamified systems have been proven to be effective at motivating behaviour change in various domains of life, there are reoccurring research questions around the effectiveness of these systems for players with various user characteristics, cultures, and across various behaviour domains. Our paper explores the effectiveness of various persuasive strategies implemented in a persuasive game for disease awareness and prevention, specifically, persuasive games for creating awareness about COVID-19 among the African audience and the impact of user personality traits on the effectiveness of the strategies. An in-the-wild study among 51 Africans reveals that the 12 persuasive strategies implemented in the game were perceived as highly effective at motivating behaviour change overall. We also uncovered that people high in Agreeableness were motivated by eight of the strategies, while people high in Neuroticism were demotivated by the Self-Monitoring strategy. Agreeableness and Conscientiousness emerged as the personality traits that predicted most of the variability in the effectiveness of the persuasive strategies implemented in the game. Based on the findings and the qualitative comments, we provide design suggestions for implementing various persuasive strategies for different personality traits in the African population. © 2022, Springer Nature Switzerland AG.

Generation Z and intention to use the digital library: does personality matter?

Purpose>This study aims to evaluate the role of personality in digital library systems (DLS) adoption intention among Generation Z (Gen-Z) students. The study uses the unified theory of acceptance and use of technology-2 and the five-factor model to investigate personality’s influence on Gen-Z’s DLS adoption intention.Design/methodology/approach>The study is a descriptive causal investigation based on primary data collected through a self-administered survey using pre-validated tools. The study uses structural equation modeling to investigate personality dimensions’ direct and moderating effect on the dependent, independent variables and their relation.Findings>The study results indicate that personality has no significant influence on Gen-Z’s DLS adoption, suggesting the ubiquity and inevitability of technology in current times. Also, only performance expectancy had a considerable impact on DLS adoption among Gen-Z going to college – a deviation from past studies where multiple independent variables have influenced DLS adoption when examined from different technology adoption model angles.Research limitations/implications>The current research is done on Gen-Z, and thus the results are ideographic to the cohort.Practical implications>The results of the study can be used to effectively design and communicate technology-enabled information solutions among the Cohort.Social implications>The results of the study help better understand the factors affecting the technology adoption intentions of Gen-Z. Such understanding can help in better design and implementation of technology-enabled solutions for the cohort, maximizing such system adoption and its effective and efficient utilization.Originality/value>The study explores the impact of personality on DLS adoption intentions, hitherto unexplored. The research also focuses on Gen-Z – a cohort born in a technology-enabled world whose attitude and preferences towards technology might differ. The study’s findings will help understand the influence of personality on DLS adoption among the Gen-Z and can be used to design, promote and evaluate such systems.

Scholarship of Teaching and Learning-A way to identify inclusion opportunities and exclusion risks in digital learning scenarios

Technical aspects are brought into focus thinking of inclusion opportunities and exclusion risks in digital learning scenarios. However, focussing on technical limitations is not sufficient. This contribution describes another important field of inclusion, namely psychological personality traits. In a longitudinal study at the Hochschule Bonn-Rhein-Sieg (H-BRS), University of Applied Sciences, we accompanied a civil law lecture of a bachelor's degree programme, which had been digitalized because of COVID-19, with empirical Scholarship of Teaching and Learning methods for two semesters. N=55 students from the first measured semester and N=35 from the second one rated different digital teaching methods used in the developed digital learning scenario. Their personality traits according to the five-factor model were measured by using a validated psychometric short-scale (BFI-10). Moderate to large empirical effects of the students' personality traits on the assessments of different digital teaching methods, used in the digital learning scenario, could be observed. Neuroticism values influences the perceptions of the course difficulty and the preference for using an instant messenger as a central communication platform, where students can interact with fellows and lecturers in a way the students are used to in their daily life. High conscientiousness predicts a more regular execution of the weekly tasks given throughout the semester, while higher values in extraversion are associated with a preference for synchronous video conference sessions and active webcams. Higher agreeableness is associated with rating the learning atmosphere as more constructive while low values are associated with perceiving more negative consequences due to the reduced contact to fellows based on COVID-19 restrictions. Correlations between the dimension openness and any ratings of digital teaching methods could not be observed. With this insight into our students' personality traits, we were able to match the digital teaching methods used in our digital learning scenario to the psychological needs of our students, which resulted in a higher inclusion level and a reduction of exclusion risks. © 2021 IEEE.

Emotional and behavioral responses to COVID-19: Explanations from three key models of personality

This review appraises evidence for the role of personality in COVID-19 related emotions and behaviors. Three key models of personality are considered: the Five-factor Model, HEXACO model, and Reinforcement Sensitivity Theory (RST). In line with personality research, more generally, most studies focus on the Five-Factor model. Key findings are that neuroticism is most associated with poor mental health, and extraversion is associated with a reluctance to socially isolate. Conscientiousness predicts compliance with safety guidelines but also with fewer prosocial behaviors, particularly stockpiling. Research within the HEXACO framework largely confirms these findings, especially for emotionality and mental health. The additional HEXACO Honesty-Humility factor is found to be associated with prosocial views and abstention from panic buying. Studies based on the Reinforcement Sensitivity Theory of personality indicate emotional conflict as people wish to stay safe while maintaining a sense of normality. Behavioral compliance is driven by activation in the Fight-Flight-Freeze System (FFFS;fear-related) and the Behavioral Inhibition System (BIS;anxiety-related). The Behavioral Approach System (BAS) is implicated in approach-driven behaviors such as avoiding infection. These findings have implications for health communications and post-pandemic support. (PsycInfo Database Record (c) 2022 APA, all rights reserved)

Research on the Impact of Covid-19 on the chemistry industry in us stock market based on the fama-french five-factor model

The capital asset pricing model (CAPM) and the Fama-French model are of great significance to the study of all aspects of the capital market, which lays the foundation of modern finance. This paper analyzes both data before Covid-19 and after Covid-19, which are daily data with the same time length in the chemistry industry. It finds that Covid-19 makes a significant impact on the chemistry industry due to its negative influence on economics. The data were adopted from Kenneth R. French's database and fitted with the Fama-French five-factor model. After data processing, the T-value used for significant testing and five corresponding coefficients is obtained using multiple linear regression. The results indicated that Covid-19 causes an anomaly because the intercept is significant after the epidemic, a decrease of market sensitivity from changes of market factor, investors' more attention to the companies that have a good ability to gain profitability by analyzing RMW, and better returns for the companies with high book-to-market ratios due to HML. Besides, SMB and CMA factors are redundant. In conclusion, the influence made by Covid-19 on the chemistry industry is significant, and the investors are recommended to pay attention to companies with robust profitability and high book-to-market. © 2021 ACM.

Analysis of the investment trend of boxes industry during the COVID-19 pandemic based on the fama-french five-factor model

In early 2020, the outbreak of the COVID-19 severely hits the global economy. With the closure of many manufacturing industries, a large number of employees have lost their jobs, residential consumption fells rapidly and many firms go bankrupt. Under such background, this paper investigates the impact of the epidemic on the Boxes industry and analyzes the changes of each factor in the Boxes industry before and after the epidemic using the Fama-French five-factor model. The results show that the coefficient of market factor decreases due to the epidemic. It indicates that the industry is less sensitive to market volatility and the size factor becomes redundant. The BM ration factor changes from redundant to significant and the coefficient is positive, which indicates that investors prefer value stocks in the Boxes industry after the epidemic. The profitability factor is always redundant and the investment style factor changes from significant to redundant, showing that the COVID-19 pandemic brings opportunities and challenges to the whole industry. It also indicates that companies with a high book-to-market ratio and stable development in the Boxes industry are more valuable for investment recommendation during the epidemic. © 2021 ACM.

Dark- and bright-side reactions to government advice about Covid-19, and a test of a method to moderate such reactions.

The aim of this paper was to study how individual differences in personality shape reactions to authorities' health advice during the COVID-19 pandemic and how such reactions can be modified. Three studies, with between 249 and 407 participants, investigated this. Study 1 used a longitudinal design, and included measures of personality (NEO-FFI3, SCATI), political orientation, age and gender as predictors of reactions toward COVID-19 advice and regulations. Studies 2 and 3 were randomised experiments testing effects of principles for behaviour modification on such reactions. In study 1, we found that being female, older, or having liberal political views, as well as neuroticism, agreeableness and conscientiousness in the higher ranges, were associated with constructive reactions. Externalising personality disorders were related to opposite reactions. In study 2, we found that the experimental instructions had a significant positive impact on such reactions. These results were replicated in study 3. Implications and limitations are discussed.