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1.
Journal of Asset Management ; JOUR
Article in English | Web of Science | ID: covidwho-2106632

ABSTRACT

Documenting the interlinkages among assets that are widely used to hedge against inflation is crucial for investors, as the necessity to protect the investment portfolio is stronger under inflationary conditions. For this purpose, we investigate the volatility spillovers between treasury inflation-protected securities (TIPS) and a battery of other assets perceived as inflation hedges, including bonds, gold, real estate, oil and equities. The applied methodology comprehends the time-varying parameter vector autoregressive (TVP-VAR) extension of the Diebold and Yilmaz (Int J Forecast 28:57-66, 2012, 10.1016/j. ijforecast.2011.02.006) approach for the period 1/1/2010-3/31/2022. Our results indicate that the assets under consideration are moderately interconnected and subjected to several exogenous shocks, such as the US-China trade war, the COVID-19 pandemic and the Russia-Ukraine war. Furthermore, we assess the hedging effectiveness of TIPS against each asset by estimating hedge ratios and optimal portfolios weights, before and after the spread of COVID-19 pandemic, by using conditional variance estimations (DCC-GARCH). The empirical findings show that the short position in the volatility of TIPS is proved to be an excellent hedge for all the sampled assets, with the exception of short-term Treasury bonds, and their hedging ability was improved during COVID-19.

2.
Canadian Public Policy ; JOUR
Article in English | Web of Science | ID: covidwho-2082479

ABSTRACT

The disastrous effects of the coronavirus disease 2019 pandemic have demonstrated the need for comprehensive reform of the policy, regulatory, and financing regimes of long-term care in Canada, including strengthening the non-profit component of the care system. In this article, we assess the implications of the evolution of Ontario's long-term-care policy on non-profit providers. We analyze the revenue trends and financial health of charitable long-term-care homes (LTCHs) from 2004 to 2017. Although the general pattern is one of revenue stability for non-profit LTCHs, their financial robustness has become more constrained over time as a result of greater reliance on government funding and declining philanthropy.

3.
J Cell Sci ; 135(21)2022 11 01.
Article in English | MEDLINE | ID: covidwho-2079610

ABSTRACT

T follicular helper (Tfh) cells regulate humoral responses and present a marked phenotypic and functional diversity. Type 1 Tfh (Tfh1) cells were recently identified and associated with disease severity in infection and autoimmune diseases. The cellular and molecular requirements to induce human Tfh1 differentiation are not known. Here, using single-cell RNA sequencing (scRNAseq) and protein validation, we report that human blood CD1c+ dendritic cells (DCs) activated by GM-CSF (also known as CSF2) drive the differentiation of naive CD4+ T cells into Tfh1 cells. These Tfh1 cells displayed typical Tfh molecular features, including high levels of PD-1 (encoded by PDCD1), CXCR5 and ICOS. They co-expressed BCL6 and TBET (encoded by TBX21), and secreted large amounts of IL-21 and IFN-γ (encoded by IFNG). Mechanistically, GM-CSF triggered the emergence of two DC sub-populations defined by their expression of CD40 and ICOS ligand (ICOS-L), presenting distinct phenotypes, morphologies, transcriptomic signatures and functions. CD40High ICOS-LLow DCs efficiently induced Tfh1 differentiation in a CD40-dependent manner. In patients with mild COVID-19 or latent Mycobacterium tuberculosis infection, Tfh1 cells were positively correlated with a CD40High ICOS-LLow DC signature in scRNAseq of peripheral blood mononuclear cells or blood transcriptomics, respectively. Our study uncovered a novel CD40-dependent Tfh1 axis with potential physiopathological relevance to infection. This article has an associated First Person interview with the first author of the paper.


Subject(s)
COVID-19 , T Follicular Helper Cells , Humans , Granulocyte-Macrophage Colony-Stimulating Factor/pharmacology , Leukocytes, Mononuclear , Dendritic Cells
4.
Journal of Islamic Accounting and Business Research ; 2022.
Article in English | Web of Science | ID: covidwho-2070234

ABSTRACT

Purpose The purpose of the study is to adopt Morlet's wavelet method to examine the differences in the level of volatility (i.e. riskiness) between the conventional and Shari'ah indexes during the COVID-19 pandemic (February 4 to June 19, 2020) on selected Association of South East Asian Nation (ASEAN) and Gulf Cooperation Council (GCC) countries. As a comparison, the equivalent time period of relative tranquillity is used;February 4 to June 19, 2019. Design/methodology/approach Morlet's wavelet method is used in analyzing the volatility levels for both the conventional and Shari'ah indexes before and during the COVID-19 pandemic for the selected ASEAN and GCC countries. Findings This study has several findings;first, the markets in the ASEAN region appear to be more volatile during the pandemic than in the GCC region. Second, most of the Shari'ah indexes were more volatile during the COVID-19 pandemic than their conventional counterparts. Nevertheless, the GCC index pairs appear to show more similarities between both the Shari'ah and conventional index. Practical implications The findings from this study indicate that investors, government, regulators and all other stakeholders should stay vigilant during a pandemic or health threat period as it has become a pertinent source of volatility spillovers. As such, investors should devise optimal asset allocation strategies, portfolio diversification and portfolio rebalancing measures, taking into consideration not only financial adversity but also public health gravity as a potential source of turbulent markets. Originality/value This study uses the wavelet method to examine the volatility level of both the Shari'ah and conventional indexes during the COVID-19 pandemic and its equivalent time frame in 2019. It has further added to the Islamic literature by comparing the volatility between selected ASEAN and GCC countries. The wavelet method is most appropriate for short-duration studies as it captures both the time and frequency domains of the time-series behavior.

5.
2021 World Engineering Education Forum/Global Engineering Deans Council (Weef/Gedc) ; : 397-404, 2021.
Article in English | Web of Science | ID: covidwho-2068308

ABSTRACT

The Engineering 4 Us All (e4usa) curriculum was designed to introduce engineering to students who had little or no understanding of engineering;the design is meant to be inclusive and to engage in an examination and exploration of 'engineering'. The intent is to emphasize the idea of being able to think like an engineer in any chosen profession, rather than simply to develop more engineers or to teach engineering skills. The focus is not on 'how to become an engineer' but 'what is engineering' and 'who is an engineer', including engineering design, ethics, communication, societal implications, and the concepts of engineering as problem solving and embracing failure as a learning opportunity. This paper describes the e4usa curriculum and discusses the focus, uniquely designed to democratize and diversity engineering. It will discuss, in particular, the emphasis on discovery of engineering, its relationship to societal considerations, and incorporation of elements such as ethics in engineering design, and development of an engineering identity. This paper addresses the following research questions regarding the course and associated professional development: center dot How does the e4usa course differ from other precollege engineering curricula? center dot How did the pilot year e4usa teachers adapt and deliver the curriculum during the COVID-I9 disruption? center dot What effect did COV7D-19 have on the potential effectiveness of the professional development? Methods include interviews with teachers prior to and after professional development sessions, a series of focus groups with teachers, and examination of teacher reflections, utilizing Situated Learning Theory as a lens. Teachers indicated that the professional development opportunity was very successful. Preliminary data showed that teachers expressed issues with adaptations, student motivation, digital equity, successes, and teacher future plans due to COVID. Allowing them to experience the course from the viewpoint of the student led to feelings of empathy. It was clear that teachers' limited experience in online delivery and dwindling attendance were significant factors. This paper will be of interest to anyone interested in developing or implementing an existing K-12 engineering-focused curriculum. In addition, programs utilizing an unconventional approach, as this program explored a previously unexplored area, can gain insight into potential challenges and successes of this type of model deviating from a more typical traditional approach.

6.
Finance Research Letters ; : 103395, 2022.
Article in English | ScienceDirect | ID: covidwho-2061180

ABSTRACT

Our investigation of 46 conventional and 22 Islamic banks from the Gulf Cooperation Council (GCC) countries during 2008-2021 reveals that sectoral diversification effects on stability are nonlinear and different for the two bank types. While Islamic banks’ stability is worsened only by moderate levels of diversification, conventional banks’ stability is enhanced by high levels and impaired by low levels of diversification. Furthermore, diversification acted as a stabilizer during the global financial crisis but exacerbated the adverse effects of the Covid-19 pandemic. Although regulators usually call for bank diversification, our results imply that it can be a double-edged sword.

7.
Finance Research Letters ; : 103389, 2022.
Article in English | ScienceDirect | ID: covidwho-2061179

ABSTRACT

We investigate connectedness between energy cryptocurrencies and common asset classes, including oil, using TVP-VAR modeling, evidencing that energy cryptocurrencies, as diversifiers, normally have strong connections with bitcoin and nothing else. However, their connectedness to other assets changes rapidly during shocks such as COVID-19 and the start of the Russian-Ukraine war. Connectedness spiked in April 2020, when WTI oil prices fell to negative pricing. Economic policy uncertainty, Twitter-based uncertainty, and infectious disease-related uncertainty all have significant impact on the system's total connectedness. Energy cryptocurrencies, while normally diversifiers, are highly sensitive to shocks and changes in uncertainty.

8.
"Studia Universitatis ""Vasile Goldis"" Arad. Seria stiinte economice." ; 32(4):81-108, 2022.
Article in English | ProQuest Central | ID: covidwho-2054861

ABSTRACT

[...]this study focuses on the relationship between revenue generation and economic growth in Nigeria. [...]the study recommends economic diversification through strategic programs aimed at enhancing growth rather than remaining a mono-economy. According to Nzotta (2007), the tax system constitutes one of the very effective and efficient ways of generating internal revenue for the government. According to Alade (2017), government revenue sources comprise privatization proceeds, taxes, interest received, sale proceeds of goods, the commission received, and rent received among others.

9.
21st IFIP WG 6.11 Conference on e-Business, e-Services, and e-Society, I3E 2022 ; 13454 LNCS:167-179, 2022.
Article in English | Scopus | ID: covidwho-2048112

ABSTRACT

Many employers have trialed virtual internships over the past two years. Employer-led virtual internships (e-internships) have a long history that predates the Covid-19 pandemic. Previous research has already demonstrated the importance of how employers design their internships, and how they subsequently support, train and mentor interns for internship success. Fifty-one virtual interns completed a survey in 2020 about their virtual internships experience with employers in various countries. The survey examined predictors of internship satisfaction and usefulness. Multiple regression showed that information accuracy, perceived support (e.g., resources, access to help) and usefulness (in terms of knowledge advancement and consolidation) all significantly and positively predicted internship satisfaction. Social influence and perceived support also increased the ratings of perceived usefulness among virtual interns. The relationship between perceived support given by employers and internship satisfaction was partially mediated by perceived usefulness of the internship. This highlights the importance of employer-led provisions and the extent to the design of internships influence virtual interns’ subsequent evaluations. The study concludes with a discussion of practical implications and reflections on the need to differentiate and study the various virtual internship types that have appeared to analyze which one will add value and which types might be less beneficial or even exploitative of talent wishing to gain more experience via virtual internships. © 2022, IFIP International Federation for Information Processing.

10.
Journal of Capital Markets Studies ; 6(2):166-184, 2022.
Article in English | ProQuest Central | ID: covidwho-2037727

ABSTRACT

Purpose>This paper aims at examining the co-movement dependent regime and causality relationships between conventional and Islamic returns for emerging, frontier and developed markets from November 2008 to August 2020.Design/methodology/approach>First, the authors used the Markov-switching autoregression (MS–AR) model to capture the regime-switching behavior in the stock market returns. Second, the authors applied the Markov-switching regression and vector autoregression (MS-VAR) models in order to study, respectively, the co-movement and causality relationship between returns of conventional and Islamic indexes across market states.Findings>Results show the presence of two different regimes for the three studied markets, namely, stability and crisis periods. Also, the authors found evidence of a co-movement relationship between the conventional and Islamic indexes for the three studied markets whatever the regime. For the Granger causality, it is proved only for emerging and developed markets and only during the stability regime. Finally, the authors conclude that Islamic indexes can act as diversifiers, or safe-haven assets are not strongly supported.Originality/value>This paper is the first study that examines the co-movement and the causal relationship between conventional and Islamic indexes not only across different financial markets' regimes but also during the COVID-19 period. The findings may help investors in making educated decisions about whether or not to add Islamic indexes to their portfolios especially during the recent outbreak.

11.
IUP Journal of Accounting Research & Audit Practices ; 21(3):77-94, 2022.
Article in English | ProQuest Central | ID: covidwho-2034172

ABSTRACT

The paper investigates the connection and interdependence of the Indian stock, commodity derivatives, and foreign exchange markets, as well as the responsiveness of these market linkages during the turbulence caused by Covid-19. The daily closing prices of BSE S&P Sensex, Nifty futures, crude oil prices, exchange rates USD, and commodity derivatives exchange indices MCX Comdex, and NCDEX Agri Index have been used. The VAR model results confirm long-term relationships among the financial, commodity derivatives, and foreign exchange markets and infer that equilibrium prevails in these markets. Further, it confirms that the interdependence of stock and commodity markets reacts to the flow of information to reach a long-run equilibrium. Granger causality confirms bidirectional causality;both stocks, commodity derivatives, and foreign exchange rates influence each other through the flow of information. This study concludes that when markets are moving towards equilibrium, bidirectional portfolio optimization and hedging will not yield benefits through diversification investments in these markets.

12.
Sustainability ; 14(17):10541, 2022.
Article in English | ProQuest Central | ID: covidwho-2024177

ABSTRACT

Understanding the co-movement and lag–lead relations among indices is integral to financial decision making. These parameters show the reactiveness of the market towards new information. Understanding them helps to minimize risk and facilitates optimal portfolio diversification. By employing the wavelet coherence econometric model, the authors of this study analyzed the intricate relations among the Bond and Ṣukūk indices using global data belonging to the United States (US), the United Kingdom (UK), Middle East and North Africa (MENA), and Gulf Cooperation Council (GCC) countries. The findings indicated the presence of strong but similar implications of the initial shock of COVID-19 deaths on both Islamic and conventional markets’ volatilities, especially in long-term investment bands (64–128 days). The results oppose the general belief that Islamic finance is more sustainable and less volatile to crises than its traditional counterparts. Moreover, the authors of this study report diverse relationships among bond and Ṣukūk indices throughout the sample periods. We consistently found low correlations in short-term investment bands (4–16), leading to optimal diversification opportunities. However, high correlations were reported due to COVID-19 in the long-term investment bands (128–256), leading to low diversification opportunities for long-term investors.

13.
Mathematical Problems in Engineering ; 2022, 2022.
Article in English | ProQuest Central | ID: covidwho-2020552

ABSTRACT

The information flow between BRIC and relevant volatilities constitutes a complex network, which needs comprehensive analysis. We provide a rigorous investigation of information flow among stock markets of BRIC and the US VIX in a frequency-domain paradigm. Henceforward, the variation mode decomposition-based entropy approach is employed for the examination of diverse investment horizons and market conditions. First, we find that under stressed market conditions (lower quantiles), significant negative information flow exists between the BRIC constituents and the BRIC composite index. Also, under benign market conditions, we reveal similar dynamics as found at the lower quantiles, which enhances diversification. However, during market booms, we document more positive information flow between the assets and relevant to the redeployment of portfolios. Second, at low probability events representing market stress, we document potential negative information flow amid the stock markets and the US VIX for most investment horizons. Notwithstanding, the US VIX has the potential of transmitting positive information to the stock markets. However, at high market performance, we find more positive information flow amid the BRIC markets and VIX, generally implying long-term efficiency. Investors, portfolio managers, risk managers, and policy-makers should be wary of the heterogeneous and adaptive behaviour of BRIC stock markets with the VIX.

14.
Environ Sci Pollut Res Int ; 2022 Aug 31.
Article in English | MEDLINE | ID: covidwho-2014382

ABSTRACT

The present study is a novel attempt to unravel the connectedness of the green bond with energy, crypto, and carbon markets using the S&P green bond index (RSPGB). We consider MAC global solar energy index (RMGS) and ISE global wind energy index (RIGW) as proxies of the energy market and use bitcoin and the European energy exchange carbon index (REEX) for the cryptocurrency and carbon market. Employing the Diebold and Yilmaz (2012), Baruník and Krehlík (2018), and wavelet coherence econometric techniques, we find that the energy market (RMGS) has the highest connectedness derived from other asset classes, and bitcoin (RBTC) has the least connectedness. Concurrently, we find that the risk transmission is heterogeneous in different scales as the short period has less connectedness than the medium and long run. We conclude that the overall diversification opportunity among green bonds, energy stock, bitcoin, and the carbon market is more in the short-run than in the medium and long-run. In summary, our findings on the green bond market will provide investors, portfolio managers, and policymakers with critical insight into ensuring a sustainable financial market.

15.
J Int Bus Stud ; 53(8): 1603-1640, 2022.
Article in English | MEDLINE | ID: covidwho-2008353

ABSTRACT

The COVID-19 pandemic has led to economic and health crises ("twin crises") worldwide. Using a sample of firms from 73 countries over the period January to December 2020, we examine stock price reactions of multinational corporations (MNCs) and purely domestic companies (DCs) to the crisis. We find that, on average, MNCs suffer a significantly larger decline in firm value relative to DCs during the stock market crisis caused by the pandemic with notable heterogeneity in this underperformance across both industry and region. The evidence of MNC underperformance is robust to using abnormal returns, an alternative crisis window, a matched sample that accounts for differences in characteristics between MNCs and DCs, alternative model specifications, and alternative proxies for multinationality. Further analysis on the effect of government responses on the valuation gap suggests that stringent government responses exacerbate MNCs' underperformance. Finally, we show that a stronger financial system mitigates negative crisis returns, especially under stringent government responses, while real factors, such as the firm's supply chain, investments in human capital, research and development, exacerbate negative crisis returns. Our findings have important implications for managers of MNCs and government policymakers alike and contribute to studies on the international diversification-performance relation by demonstrating a dark side of globalization during a tail-risk event.


La pandémie de COVID-19 a entraîné la double crise économique et sanitaire (Twin crises) dans le monde entier. À l'aide d'un échantillon d'entreprises de 73 pays sur la période de janvier à décembre 2020, nous examinons les réactions des cours boursiers des entreprises multinationales (Multinational Corporations - MNCs) et domestiques (Domestic Companies - DCs) à la crise. Nous constatons qu'en moyenne, les MNCs subissent une baisse de la valeur de l'entreprise beaucoup plus importante que les DCs pendant la crise boursière provoquée par la pandémie, et que cette sous-performance des MNCs se caractérise par une hétérogénéité notable à travers les secteurs et les régions. Cette sous-performance des MNCs est également confirmée par nos tests de robustesse utilisant les rendements anormaux, une fenêtre de crise alternative, un échantillon apparié tenant compte des différences en matière de caractéristiques entre les MNCs et les DCs, des spécifications de modèle alternatives, ainsi que diverses mesures de l'internationalisation. Une analyse plus poussée de l'impact des mesures gouvernementales sur l'écart de valorisation suggère que les mesures gouvernementales strictes aggravent la sous-performance des MNCs. Enfin, nous démontrons qu'un système financier plus solide atténue les retours négatifs de la crise, en particulier en cas de réponses gouvernementales strictes, tandis que les facteurs réels, tels que la chaîne d'approvisionnement de l'entreprise, les investissements dans le capital humain, la recherche et le développement, les intensifient. Nos résultats apportent des implications importantes aux managers des MNCs et aux responsables politiques gouvernementaux, et contribuent aux recherches portées sur la relation diversification internationale-performance en démontrant le côté sombre de la globalisation durant un événement à risque extrême.


La pandemia del COVID-19 ha llevado a crisis económicas y sanitarias ("crisis gemelas") en todo el mundo. Utilizando una muestra de empresas de 73 países durante el período comprendido entre enero y diciembre de 2020, examinamos las reacciones del precio de las acciones de las empresas multinacionales (EMN) y de las empresas puramente nacionales (ED) ante la crisis. Encontramos que, en promedio, las empresas multinacionales sufren un descenso del valor de la empresa significativamente mayor que las empresas puramente nacionales durante la crisis bursátil causada por la pandemia, con una notable heterogeneidad en este bajo desempeño tanto por industria como por región. La evidencia del bajo desempeño de las empresas multinacionales es robusta cuando se utilizan rendimientos anormales, una ventana de crisis alternativa, una muestra emparejada que da cuenta de las diferencias en las características entre las empresas multinacionales y las empresas puramente nacionales, especificaciones de modelos alternativos y proxies para multinacionalidad. Análisis adicionales sobre el efecto de las respuestas gubernamentales en la brecha de valoración sugieren que las respuestas gubernamentales estrictas exacerban el bajo rendimiento de las empresas multinacionales. Por último, mostramos que un sistema financiero más fuerte mitiga los rendimientos negativos de la crisis, especialmente bajo respuestas gubernamentales estrictas, mientras que los factores reales, como la cadena de suministro de la empresa, las inversiones en capital humano, la investigación y el desarrollo, exacerban los rendimientos negativos de la crisis. Nuestros hallazgos tienen importantes implicaciones tanto para los directivos de las empresas multinacionales como para los formuladores de las políticas gubernamentales y contribuyen a los estudios sobre la relación entre diversificación internacional y rendimiento al demostrar un lado oscuro de la globalización durante un evento de riesgo de cola.


A pandemia do COVID-19 gerou crises econômicas e de saúde ("crises gêmeas") em todo o mundo. Usando uma amostra de empresas de 73 países no período de janeiro a dezembro de 2020, examinamos reações dos preços de ações de corporações multinacionais (MNCs) e empresas puramente domésticas (DCs) à crise. Descobrimos que, em média, MNCs sofrem um declínio significativamente maior no valor da empresa em relação a DCs durante a crise do mercado de ações causada pela pandemia, com notável heterogeneidade nesse desempenho inferior tanto no setor quanto na região. A evidência do baixo desempenho de MNCs é robusta ao uso de retornos anormais, uma janela de crise alternativa, uma amostra pareada que leva em consideração diferenças nas características entre MNCs e DCs, especificações alternativas de modelos e proxies para multinacionalidade. Análises adicionais sobre o efeito das respostas do governo na diferença de valoração sugerem que respostas rigorosas do governo agravam o desempenho inferior de MNCs. Finalmente, mostramos que um sistema financeiro mais forte reduz retornos negativos de crise, especialmente sob respostas governamentais rigorosas, enquanto fatores reais, como a cadeia de suprimentos da empresa, investimentos em capital humano, pesquisa e desenvolvimento, agravam retornos negativos de crise. Nossas descobertas têm implicações importantes tanto para gerentes de MNCs quanto formuladores de políticas governamentais e contribuem para estudos sobre a relação entre diversificação internacional -desempenho, demonstrando um lado sombrio da globalização durante um evento de pequena probabilidade de risco.

16.
Gaming Law Review-Economics Regulation Compliance and Policy ; 2022.
Article in English | Web of Science | ID: covidwho-2004969

ABSTRACT

Macau's new gaming bill passed, signaling casino request for proposals and re-tendering approach. COVID-19 travel restrictions and lockdowns in mainland China and Macau spanning over two years have meant dramatic and ongoing casino losses. While highlighting key articles in the new legislation, this article discusses the issues of the new legislative framework helping to navigate the city to casino and economic recovery.

17.
Emerging Markets Review ; 51, 2022.
Article in English | Web of Science | ID: covidwho-1996140

ABSTRACT

Stock markets have exhibited increased returns connectedness during the COVID-19 period. We examine the returns dependence among 42 stock markets classified under various emerging and developed groupings. We apply several dependence measures to examine the returns connectedness among the markets. Our results show that stock markets from the G-7 and Emerging Frontier and Asian (EFA) region exhibit high connectedness with other international markets, while Middle East and North African (MENA) and Latin American (LA) stock markets offer high diversification opportunities through low returns connectedness. The returns coherence of Central and East European (CEE) and G-7 markets increase significantly during the COVID-19 period which supports the hypothesis of contagion. However, during the pandemic MENA stock markets (excluding Greece) and most EFA markets (excluding China, Singapore and Korea) remain less cointegrated with other international equity markets. Our results have implications for individual and institutional investors, fund managers and other financial market stakeholders.

18.
International Journal of Logistics Management ; 33(3):877-900, 2022.
Article in English | ProQuest Central | ID: covidwho-1985294

ABSTRACT

Purpose>The COVID-19 pandemic and the subsequent lockdown have hit the food service industry very hard. The COVID-19 outbreak has created a sharp downturn for firms in the food service industry, compelling actors across the whole food service supply chain to rethink their strategies. The purpose of this paper is to document the impact of COVID-19 on the food service supply chain, as well as to identify crisis management strategies food service firms use during the hectic early phase of the COVID-19 pandemic to survive the current and prepare for future pandemics.Design/methodology/approach>We performed a qualitative descriptive study using 21 semi-structured interviews with actors across the food service supply chain (i.e. farmers, wholesalers and food service providers). Data were collected to shed light on food service firms' decision making during the hectic early phase of the COVID-19 pandemic to uncover various crisis management strategies used.Findings>By integrating the disaster and crisis pyramid and resilience theory, four core crisis management strategies to respond to the COVID-19 pandemic are conceptualized, i.e. (1) managing resources, (2) diversifying strategically, (3) prioritizing long-term outcomes and (4) bonding socially.Originality/value>The theoretical contributions include documenting the performance impact of the COVID-19 pandemic on the food service supply chain and exploring crisis management strategies food service firms employed during the hectic early phase of the COVID-19 pandemic. Thus, functioning and survival during a pandemic, an emerging field in literature, are central to this study. Additionally, while recent research suggests that integrating crisis management and resilience literature may provide a more complete understanding of the organization–crisis relationship, these literature streams mainly developed in isolation. By integrating the literature streams of crisis management and resilience and applying these theories to the COVID-19 crisis, our study provides specific managerial guidelines.

19.
SSRN; 2022.
Preprint in English | SSRN | ID: ppcovidwho-341991

ABSTRACT

Motivated by the incessant demand for portfolio diversification, this study examines the connectedness between value and diverse types of stocks (growth, momentum, ESG, high beta, classic S&P 500, volatility). The applied methodology encompasses the time-varying parameter vector autoregressive (TVP-VAR) extension of the Diebold and Yilmaz (2012) framework for the period from 03/31/2011 to 03/31/2021. Results show moderate volatility transmissions among the sampled assets, which tend to escalate during periods of turmoil, such as the European Sovereign Debt Crisis, the plunge in oil prices and the COVID-19 outbreak. Growth and ESG stocks play an indispensable part in the transmission mechanism. Moreover, we investigate the hedging ability of value stocks within a portfolio containing other stocks, by estimating hedge ratios and optimal weights with the usage of conditional variance estimates (DCC-GARCH). The empirical findings reveal that value stocks can adequately hedge against the risk deriving from the volatility of the remaining investment instruments, especially in the case of high beta and volatility stocks. Thus, this analysis provides portfolio managers and investors with valuable insights in order for them to hedge their stock portfolios effectively.

20.
Asia & the Pacific Policy Studies ; 9(2):147-164, 2022.
Article in English | ProQuest Central | ID: covidwho-1981572

ABSTRACT

This purpose of this article is to demonstrate (1) how growing seaweed in the central Philippines is affected by multifaceted local dynamics and (2) how it is also dependent on the complementary livelihood strategies of in situ and ex situ diversification. This article explores the livelihood trajectories of 45 households that were all engaged in growing seaweed in 2015. Surveys and semi‐structured interviews were conducted with households and key informants in two municipalities. Results reveal a process of livelihood divergence. While in one municipality growing seaweed has become a relative success, virtually all households in the other municipality have had to stop growing seaweed, returned to fishing, and remained poor. The reasons for this divergence can be found in the spheres of environmental challenges, value chain governance dynamics, and local coastal governance. Three implications are put forward that could improve the inclusiveness of coastal development in the Philippines and beyond.

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