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.

Relationship between COVID-19 and the Performance of Pharmaceutical Industry

The aim of the study was to determine how covid-19 affects the pharmaceutical stock market. The monthly data was used in this study span two years, from 2020 to 2022. For the study the independent variables were taken are daily new cases and daily deaths, market to book value and their effect on the market return of pharmaceutical industry. The results showed that the COVID-19 outbreak has had a significant impact on the sector's stock performance. Investors believe healthcare and pharmaceutical companies will benefit from this pandemic as they invest in research and development to prepare for the current epidemic and all subsequent pandemics. The results of this survey showed that investors will continue to invest in healthcare and pharmaceutical companies over time. [ FROM AUTHOR] Copyright of Journal of Pharmaceutical Negative Results is the property of ResearchTrentz and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full . (Copyright applies to all s.)

Clean Energy Action Index Efficiency: An Analysis in Global Uncertainty Contexts

Climate change, the scarcity of fossil fuels, advances in clean energy, and volatility of crude oil prices have led to the recognition of clean energy as a viable alternative to dirty energy. This paper investigates the multifractal scaling behavior and efficiency of green finance markets, as well as traditional markets such as gold, crude oil, and natural gas between 1 January 2018, and 9 March 2023. To test the serial dependency (autocorrelation) and the efficient market hypothesis, in its weak form, we employed the Lo and Mackinlay test and the DFA method. The empirical findings showed that returns data series exhibit signs of (in)efficiency. Additionally, there is a negative autocorrelation among the crude oil market, the Clean Energy Fuels Index, the Global Clean Energy Index, the gold market, and the natural gas market. Arbitration strategies can be used to obtain abnormal returns, but caution should be exercised as prices may increase above their actual market value and reduce the profitability of trading. This work contributes to the body of knowledge on sustainable finance by teaching investors how to use predictive strategies on the future values of their investments.

The impact of governmental COVID‐19 measures on manufacturers' stock market valuations: The role of labor intensity and operational slack

This study investigates the impact of the Chinese government's Level I emergency response policy on manufacturers' stock market values. We empirically examine the roles of human resource dependence (labor intensity) and operational slack within the context of supply chain resilience. Through an event study of 1357 Chinese manufacturing companies, we find that the government's emergency response policy triggered statistically significant positive abnormal returns for manufacturers. However, we also find that there exists a negative impact on abnormal returns for manufacturers that are labor‐intensive, giving rise to arguments based in resource dependence theory. In addition, the results indicate the positive role played by operational slack (e.g., financial and inventory slack) in helping manufacturers maintain operations and business continuity, effectively mitigating risks and adding to the manufacturers' resilience. With these findings, we contribute to operations and supply chain management by calling attention to the importance of human resource redundancy while at the same time identifying financial slack and inventory as supply chain resilience strategies that were able to mitigate pandemic‐related risks.

MODELLING PROFITABILITY FOR STOCKS ON ZAGREB STOCK EXCHANGE

In a market economy, one of main goals for every company is to maximize the wealth of the shareholders, which is a result of maximizing the market value of the company. There are various profitability measures for company, butfrom ownership perspective most used measure of profitability is Return on equity (ROE) ratio. This ratio relates to the earnings left over for equity investors after debt service costs for company has been deducted from total capital invested in the asset. Numerous studies have been conducted with numerous factors examined to determine factors that have impact on business performance. In this paper, the authors intention was to explore studies so far done on profitability of companies and to find an area that hadn't been yet examined, and to give substantiation ofprofitability determinants grounded on dynamic panel data. For this purpose, this paper explored variables that have impact on profitability of companies whose shares were most traded on Zagreb stock exchange (one of criteria for share to be included in market index). Variables included in research are: Net Financial Debt (NFD)/ EBITDA ratio, yearly revenue percent change, Enterprise Value (EV)/ EBITDA ratio, dividend yield, operating margin ratio, debt to equity ratio and current liquidity ratio. Analysis was done on data of companies included in the official stock index of the Zagreb stock exchange, Crobex from 2010 to 2019 (before Covid-19 pandemic). The data was taken from the Thomson Reuters database where all data for selected companies necessary for this paper were collected.

Examining Leadership Traits to Succeed in a VUCA-Induced Environment in Eskom

Leading through a crisis and volatile environment requires very different and unique leadership traits. This research sought to understand if the leaders at a state-owned (SoE) utility in South Africa, Eskom, are equipped with the required traits to succeed in a volatile, uncertain, complex, ambiguous (VUCA) induced crisis environment like the Covid-19 pandemic and if there is an alignment between how leaders perceive how well they can perform their tasks with their employees' perceptions of their ability to do the task in this environment. Ineffective leadership response to such an environment and crisis due to leaders lacking the essential traits can cost the SoE direly in financial terms, market value, service delivery, brand equity, and employee attrition. Thus, establishing the key leadership traits that leaders at Eskom lack for leading in VUCA and crisis environments would assist Eskom in identifying the appropriate upskilling for their leaders. Using a quantitative research design, the study surveyed a total of 65 senior managers and 45 employees at Eskom, an SoE in South Africa, using an online survey platform. The study found that the senior managers at Eskom are equipped to some degree with the appropriate traits required to succeed in a VUCA environment. They could not perform all 32 tasks well as per the SCAILES framework but do display key traits that align to 6 constructs of the framework: strategic, complex, adaptive, learning, emergence, and systems.

The Impact of Covid-19 Pandemic on Value Migration Processes in the Real Estate Sector

The COVID-19 pandemic period brings huge uncertainty, especially for the real estate sector. On the one hand, restrictions on the mobility of a population, decline in travel demands, popularization of remote work and education models caused doubts among investors questioning the future of the sector and the functions of real estate. On the other hand, the large supply of cash after the first waves of the pandemic and the upcoming increase in inflation resulted in many investors boldly investing cash in real estate, considering them as assets of stable value. This research aims to analyze the processes of value migration among real estate companies listed on the Warsaw Stock Exchange during this turbulent process. We analyzed the changes in the main drivers of value and the migration rates of the real estate sector based on data for 2018, 2019, 2020 and Q3 2021. The first period of the pandemic is the time of the collapse of the main profitability factors, sales and profitability of sales decline in the entire sector. However, the financial pillars of the analyzed companies are stable and we are not seeing signs of liquidity problems or a significant increase in debt. The second year of the pandemic is a significant reflection of most of the drivers of value, often to levels higher than those observed before the pandemic. Investors seem to remain insensitive to turbulent changes in accounting measures of effectiveness. We observe the relative stability of market measures. The processes of the migration of values from and to the sector do not show significant changes when comparing the periods before and during the pandemic. We observe various intensities of the studied phenomena in various groups of the real estate segment. © 2023 Michał J. Kowalski1 et al., published by Sciendo.

Labor Market Returns to MBAs From Less‐Selective Universities: Evidence From a Field Experiment During COVID‐19

Master's degree enrollment and debt have increased substantially in recent years, raising important questions about the labor market value of these credentials. Using a field experiment featuring 9,480 job applications submitted during the early months of the COVID‐19 pandemic, I examine employers' responses to job candidates with a Master of Business Administration (MBA), which represents one‐quarter of all master's degrees in the United States. I focus on MBAs from three types of less‐selective institutions that collectively enroll the vast majority of master's students: for‐profit, online, and regional universities. Despite the substantial time and expense required for these degrees, job candidates with MBAs from all three types of institutions received positive responses from employers at the same rate as candidates who only had a bachelor's degree—even for positions that listed a preference for a master's degree. Additionally, applicants with names suggesting they were Black men received 30 percent fewer positive responses than otherwise equivalent applicants whose names suggested they were White men or women, providing further evidence of racial discrimination in hiring practices.

Collusive behaviour, risk and performance of tourism firms

This paper aims to enrich social network and managerial powers theories by examining the effects of board-CEO friendship ties in tourism firms. Specifically, we focus on the association between the board-CEO social network ties (e.g. serving external boards together or sharing memberships at social organisations) and performance and risk-taking behaviour among tourism firms. The findings show that friendship ties between CEO and board members result in higher risk-taking, lower profitability and market values. In addition, professional ties (i.e. current and past employment) significantly impact tourism firms’ outcomes, whereas non-professional ties (i.e. education and other social organisations) do not. The findings prevail after controlling for the Covid-19 pandemic. However, friendship ties lead to better information sharing, resulting in more effective decision-making by board members. © The Author(s) 2022.

An Analysis of the Housing Market Dynamics in the Italian Municipalities

The Covid-19 pandemic has caused numerous variations in the global economies with repercussions in all sectors. Once the emergency phase has finished, the entire worldwide population has changed its lifestyle and has had to adapt to live with the pandemic. In particular, the several modifications that have occurred in the job market and in schools and universities have determined a necessary reorganization of domestic spaces. The present study represents the first phase of a wider research aimed at verifying the transformation in the Italian residential market demand resulted by the Covid-19. The analysis carried out in this work has been performed at the municipal level, by considering the data published by the National Institute of Statistics collected for the 15th General Census of the population and housing in 2011. The dataset collected has been processed through an advanced econometric technique in order to identify the functional relationships between the residential average unit market value and the main architectural, socio-demographic and territorial factors. Further developments of this research will concern the application of the same methodological approach proposed to data detected by the National Institute of Statistics for the 16th Census scheduled for 2021. © 2022, The Author(s), under exclusive license to Springer Nature Switzerland AG.

How Covid-19 Pandemic Has Affected the Market Value According to Multi-parametric Methods

This research paper aims to discuss the changes that the Covid-19 pandemic has brought to the demand in the real estate market in Padova. Two databases are compared: database A dates back to a pre-Covid scenario, while database B represents the actual situation. A multi-parametric approach, based on the use of Artificial Neural Networks, is used to create a forecasting algorithm to predict the market value of the properties as a function of their characteristics. This multi-parametric perspective allows isolating each attribute's singular influence on the price. Comparing the two databases makes it possible to see how the demand preferences have changed during the pandemic. Some characteristics are now more appreciated than before, such as the external spaces, while others are less appreciated, such as the location. These changes in preferences can be attributed to the new lifestyle, habits and working schedule that the pandemic has led to. © 2022, The Author(s), under exclusive license to Springer Nature Switzerland AG.

E-business, Information Systems Management and Sustainable Strategy Development in the Digital Era

Topics covered include various aspects of e-business, the role of social media, approaches to sustainability, gamification in business, threat modelling, and the evolving role of information technology (IT) strategy, all discussed in specific contexts (industries, enterprises, etc.). [...]advances in technology in recent decades have been intertwined with the growing adoption of sustainability principles in industry, with digital transformation now linked by many authors to the move towards more sustainable business operations and the circular economy. The overall result of the study demonstrates the positive influence of MAR application in enhancing consumers’ purchasing intention, and the authors conclude that “MAR has emerged as a technology that made an innovative and entertaining way of information acquisition possible by superimposing an extra layer of virtual information on top of the perception of the real world in real-time. The authors suggest that value-based frameworks could usefully be deployed to assess the impact of gamification “for a more comprehensive understanding of gamification broadly, and enterprise gamification more specifically” and that “a value perspective to gamification acceptance can benefit explaining gamification’s growing proliferation, academic and practitioner interest, and market value”.

Performance Evaluation of Green Furniture Brands in the Marketing 4.0 Period: An Integrated MCDM Approach

This study aims to develop a framework that enables green marketing practices to regulate the performance evaluation criteria (GFBPC) of consumers and green furniture brands in the Marketing 4.0 period and to prioritize green furniture brands. The first stage was the literature review and decision-making group;it included GFBPC and the selection of three green furniture brands with the highest market value in Turkey. We then applied AHP to determine and prioritize benchmark weights, and TOPSIS to rank the performances of selected brands by GFBPC. We performed SA to test the accuracy of the findings. The results revealed that the Co-creation of Value and Pricing criteria have the highest value, and “Brand Y” is the best. Among the evaluation contributions of the study are a new understanding of green furniture performance criteria, and an integrated framework for new application methods for green marketing. With the Marketing 4.0 period, it is among the first of its kind to offer sustainable solutions to evaluate green marketing practices and increase the performance of green furniture brands in this regard. The results can help furniture industry stakeholders understand ways to compete in the green market and sustainable development.

Do Investor Overconfidence and Loss Aversion Drive Saudi Firm Market Performance? The Moderating Effect of Corporate Governance

sThis study investigated the impact of investor psychological bias on a firm’s market value. In detail, we examined the effect of investor overconfidence (optimism) and loss aversion (pessimism) on firm market value. We also aimed to investigate the moderating effect of corporate governance on the relationship between investor behavior biases and firm market value. This study used a sample of 143 firms listed on the Saudi Stock Exchange over the period from 2012 to 2021. The results suggest that investor overconfidence affects a firm’s value positively. On the other hand, loss aversion is negatively associated with the firm’s market value. Furthermore, we find that corporate governance (measured by board size and board independence) enhances the positive association between overconfidence and firm market value. In contrast, we find that corporate governance seems to marginally mitigate the negative effect of loss aversion.

Must I tweet? If you musk

[...]Musk – that is to say, Elon Musk, the boss of car-maker Tesla. In 2020, Musk tweeted that the “Tesla stock price too high” which promptly wiped $14bn from the market value of Tesla. The share price had peaked at $77 one year earlier but had subsequently fallen by roughly one-third – much in line with other tech stocks and widely attributed to the emergence from COVID-related restrictions that had resulted in a deluge of social media communication by people stuck at home with nothing better to do.

National Archives at Seattle Facility

In 2020 the National Archives at Seattle Facility came within a hairsbreadth of being sold to a developer, with the contents slated to be sent to National Archives sites thousands of miles away. The attempt could happen again. Where was/is NARA?

A STOCK PORTFOLIO STRATEGY IN THE MIDST OF THE COVID-19: CASE OF INDONESIA

Stock price movements are interesting to discuss, because from these price movements investors will get capital gains. Problems arose, however, when Covid-19 hit the world, especially in Indonesia. The purpose of this study, then, is to determine whether there is a relationship and difference in return and risk between Economic Value Added (EVA) and Market Value added (MVA) portfolios in the Indonesian stock market. The sample used is 24 stocks with daily stock return data for the 2015-2020 period. The results of the study found something new, namely that there was a relationship and difference between returns and risks in the EVA and MVA portfolios in Indonesia. In addition, the research succeeded in forming EVA and MVA portfolios that exceeded market returns in Indonesia. The best strategy that investors can apply in investing is to use an active strategy, especially during conditions, such as the Covid-19 pandemic, which have an impact on high market fluctuation.

How does government microblog affect tourism market value? The perspective of signaling theory

The emotion of social media users has been found to impact market value, but the mechanism of emotion transmission needs to be further explored. Based on the signaling theory, this study formulates the hypothesis that government microblog affects tourism market value by affecting consumers' emotion. A total of 10020 pieces of observation data on four famous Chinese scenic spots are analyzed with text analysis technique, and the correlations between government microblog emotion, comment emotion, and market value are confirmed. Besides, the moderating roles played by the COVID-19 epidemic and tourism attention are verified, and the crowding-out effect of tourism attention on comment emotion is validated. This study provides new understandings of signal transmission as well as practical suggestions for promoting the development of tourism through government social media in the context of COVID-19.

Benefits of Business Intelligence Systems and Multiple National Cultures During Covid-19

Infobesity presents a challenge in the information age, necessitating business intelligence systems for conducting business. The information age is also characterized by organizations spread across culturally different countries, which gain performance benefits from multiple national cultures. We study the effect of Business Intelligence Systems and Multiple National Cultures within the context of the Covid-19 pandemic that resulted in the erosion of market value of firms. We propose that though firms that used Business Intelligence Systems or benefitted from Multiple National Cultures exhibited better performance, the concurrent occurrence of these two phenomena resulted in a weakened effect on performance. Our econometric analysis of Fortune 500 firms finds strong support for our theory. Wemake significant contributions to the e-Business literature within the information systems discipline and to broader inter-disciplinary management research.