ABSTRACT
By regarding the Chinese financial and economic sectors as a system, this article studies the stock volatility spillover in the system and explores its effects on the overall performance of the macroeconomy in China. The recent outbreak of COVID-19, U.S.-China trade friction, and three historical financial turbulences are involved to distinguish the changes in the spillover in these distinct crises, which has seldom been unveiled in the literature. By considering that the stock volatility spillover may vary over distinct timescales, the spillovers are disclosed through innovatively constructing the multi-scale spillover networks, followed by connectedness computation, based on variational mode decomposition (VMD) and generalized vector autoregression (GVAR) process. Our empirical analysis first demonstrates the different levels of increases in the total sectoral volatility spillover and changes in the roles of the sectors in the system under the aforementioned crises. Besides, the increases in the sectoral spillover in the long-term are verified to negatively impact the macroeconomy and can thereby act as warning signals.
ABSTRACT
Understanding the resilience capabilities of restaurant operations and the determinants affecting these capabilities is critical to helping restaurants overcome the hardships owing to the coronavirus disease (COVID-19) pandemic. This article adopts a textual analytics approach to scientifically measure consumption trends and identify the shock to restaurant sales using online customer review data from Dianping.com (an O2O platform in China). Moreover, the article proposes a theoretical model of business resilience for the restaurant industry in the context of the pandemic. Then, an empirical investigation on how the determinants in our theoretical framework affect the resilience of restaurant business operations using the panel logit model is conducted. Our findings indicate that the pandemic has severely disrupted the full-service restaurants as compared to the quick-service restaurants. We identify four determinants of resilience, namely social capital (i.e., restaurant rating), physical capital (i.e., contactless service), economic capital (i.e., chain operation), and natural capital (e.g., location), which are significantly associated with the resilience of restaurant business during the pandemic. These four determinants play different roles in the resilience of full-service and quick-service restaurants. The findings of this study have theoretical contribution and generate some important managerial implications for helping the restaurant industry recover from disruptions brought by the COVID-19 pandemic. IEEE
ABSTRACT
Introduction: To contain the COVID-19 pandemic, vaccination is deemed as a promising approach. A French pharmacovigilance survey identified five cases of trigeminal neuralgia (TN) following vaccination with AZD1222 (Vaxzevria®, AstraZeneca) [1]. Furthermore, a case report mentioned such an adverse reaction with tozinameran (Comirnaty®, Pfizer-BioNTech) [2]. TN is characterized by recurrent, unilateral, and brief electric shock-like pain in one or more trigeminal divisions [3]. TN is triggered by innocuous stimuli. We aimed to investigate the potential signal of TN related to COVID-19 vaccines. Material and methods: We queried VigiBase® (World Health Organization pharmacovigilance database) for all reports of "Trigeminal Neuralgia" (MedDRA Preferred Term) associated with "COVID-19 vaccine" (Active Ingredient), from 1967 to December 29, 2021 [4]. Disproportionality analysis relied on the Reporting Odds Ratio (ROR) with its 95% Confidence Interval (CI), and the Information Component (IC). A positive IC025 is statistically needed to confirm the detection of a signal [5]. Results: In VigiBase®, we gathered 1,283 cases of COVID-19 vaccine-related TN. Most reports involved women (998, 77.8%), with a median age of 52 years, and 510 (39.8%) were deemed serious. Tozinameran was mostly reported with 782 (61.0%) cases, followed by AZD1222 (264, 20.6%), elasomeran (Spikevax® Moderna, 185, 14.4%), and JNJ-78436735 (Janssen® Johnson & Johnson, 37, 2.9%). The association of COVID-19 vaccines and TN revealed significant disproportionality, with an IC025>0 and a ROR of 3.1 (95% CI 2.9-3.3). Tozinameran showed the strongest ROR (3.6;95% CI 3.3-3.8), followed by AZD1222 (2.3;95% CI 2.0-2.6), elasomeran (2.0;95% CI 1.7-2.3), and JNJ-78436735 (1.8 95% CI 1.3-2.5), each with IC025>0. Discussion/Conclusion: COVID-19 vaccines and TN showed relevant disproportionality. Albeit this reaction may rely on an immune-mediated inflammation, causality can only remain hypothetical in this pharmacovigilance study. Nonetheless, this finding may suggest a signal, strengthening reports mentioned by literature and French pharmacovigilance. A TN occurring after COVID-19 vaccination should alert the clinician.
ABSTRACT
By regarding the Chinese financial and economic sectors as a system, this article studies the stock volatility spillover in the system and explores its effects on the overall performance of the macroeconomy in China. The recent outbreak of COVID-19, U.S.-China trade friction, and three historical financial turbulences are involved to distinguish the changes in the spillover in these distinct crises, which has seldom been unveiled in the literature. By considering that the stock volatility spillover may vary over distinct timescales, the spillovers are disclosed through innovatively constructing the multi-scale spillover networks, followed by connectedness computation, based on variational mode decomposition (VMD) and generalized vector autoregression (GVAR) process. Our empirical analysis first demonstrates the different levels of increases in the total sectoral volatility spillover and changes in the roles of the sectors in the system under the aforementioned crises. Besides, the increases in the sectoral spillover in the long-term are verified to negatively impact the macroeconomy and can thereby act as warning signals. IEEE