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1.
Canadian Foreign Policy Journal ; JOUR: 1-6,
Article in English | Web of Science | ID: covidwho-2107026

ABSTRACT

For most of the last 75 years, Canada has been a supplier of fossil fuels to the world. More recently, growing concerns about the impacts of climate change have created challenges to a continuation of this role. Developments such as the COVID pandemic and the Russian invasion of Ukraine have made even more evident the tensions confronting energy systems around the world. The situation in Canada is no exception. Within this context, the contributors to this Special Issue explore a range of issues linked to energy, security, and the climate as well as factors that connect these three factors. The future role - if any - of fossil fuels in meeting Canadian and world energy needs is addressed as are the possible implications of a growing reliance on renewable forms of energy. The authors present a range of assessments and perspectives, anchored in an appreciation of the situation in Canada, our country's evolving role in global energy relations, and its participation in international efforts to address climate change.

2.
Technological Forecasting and Social Change ; JOUR: 122174,
Article in English | ScienceDirect | ID: covidwho-2106039

ABSTRACT

This paper explores the dynamic connectedness between Defi assets and sector stock markets focused around the COVID-19 pandemic crisis. For that aim, this research applies the TVP-VAR model, and it also computes the optimal weights and hedge ratios for the Defi assets–sector equity portfolios using the DCC-GARCH model. Our main findings reveal that static connectedness is slightly economy- and sector-dependent. Regarding the dynamic connectedness, as expected, the total spillover index changes over time, showing a cruel impact of the global pandemic declaration. Net spillover indices show relevant differences between the Defi assets and certain sectors (net receivers) and sectors such as industrials, materials and information technology (time-varying net transmitters). Finally, the optimal hedge ratios reveal similar levels of coverage in all the periods analyzed, with slight upturns in the cost of such coverage in the crisis period caused by COVID-19.

3.
Journal of Digital Economy ; JOUR
Article in English | ScienceDirect | ID: covidwho-2105321

ABSTRACT

The digital economy is pervasive, all-encompassing, and a pan-industrial revolution. This paper pioneers constructing a digital economy concern index by extracting the web search volumes of keywords through crawler technology and analyzes the dynamic causal relationship with the Chinese stock markets via time-varying Granger tests. The results reveal that digital economy attention has a significant predictive effect on stock prices in a time-varying pattern and that the causal spillover varies across industry segments, with higher success rates and longer duration of causal detection under recursive algorithms. Moreover, the causal impact of digital economy attention on stock prices is generally limited in sluggish market states, mainly reflected during the COVID-19 pandemic and again after the epidemic had passed for some time with significant causality. This paper provides new evidence and analytical perspectives on the performance of the digital economy in financial markets, informing the digital transformation of various industries and investment decisions of investors.

4.
Emerging Markets Review ; JOUR: 100971,
Article in English | ScienceDirect | ID: covidwho-2104857

ABSTRACT

This paper employs the Tail Event NETwork (TENET) to identify financial markets with greater potential risk, and simultaneously investigate the interdependence between them. We find strong time-varying connectedness across 23 emerging markets during the main crisis episodes, including the most recent COVID-19 pandemic, using data from January 1995 to May 2021. The network analysis revealed that emerging European markets are top risk transmitters, whereas emerging Asian markets are top risk receivers. China showed disconnection from the network, reflecting its diversification potential for investors. Our findings offer several policy and regulatory implications.

5.
Nauchnye I Tekhnicheskie Biblioteki-Scientific and Technical Libraries ; JOUR(9): 69-83,
Article in Russian | Web of Science | ID: covidwho-2100988

ABSTRACT

The authors speculate on the essence of electronic collection studies as the key component of library e-science. They offer and substantiate the definitions of electronic document and electronic document in library collection. The ways to acquire e-documents to the libraries are discussed. One of the goals of e-collection studies is to adapt traditional concepts for electronic documents acquired by modern libraries;to describe key processes of e-collection development and use, namely cataloguing, systematization, efficient arrangement in the library virtual space, e-document relegation from the collections, etc. The book market (including the market of audio books) transformations in the context of digitalization and corresponding provisions of e-collection studies are characterized, with the special attention given to the COVID-19 experiences. The role of e-documents within the mixed library and information infrastructure is reviewed: the need for theoretical insights into the problem is emphasized. The authors conclude that e-documents should be studied within the framework of electronic collection studies, the component of library e-science.

6.
Sustainability Accounting, Management and Policy Journal ; JOUR
Article in English | Web of Science | ID: covidwho-2097582

ABSTRACT

Purpose The purpose of this study is to examine the dynamic connectedness and volatility spillovers between commodities and corporations exhibiting the best environmental, social and governance (ESG) practices. In addition, the authors determine the optimal hedge ratios and portfolio weights for ESG and commodity investors and portfolio managers. Design/methodology/approach This study uses the novel frequency connectedness framework to point out volatility spillover between ESG indices covering the USA, developed and emerging markets and commodity indices, including energy (crude oil, natural gas and heating oil), industrial metals (aluminum, copper, zinc, nickel and lead) and precious metals (gold and silver) by using daily data between January 3, 2011 and May 26, 2021, covering significant socio-economic developments and the COVID-19 outbreak. Findings The results of this study suggest a total connectedness index at a mediocre level, mainly driven by the shocks creating uncertainty in the short term. And the results indicate that all ESG indices are net volatility transmitters, and all commodity indices other than crude oil and copper are net volatility receivers. Practical implications The results imply statistically significant hedging and portfolio diversification opportunities to investors and portfolio managers across the asset classes, proven by the hedging effectiveness analyses. Social implications This study provides implications for policymakers focusing on the risk of contagion among the commodity and ESG markets during turbulent periods to ensure international financial stability. Originality/value This study contributes to the existing literature by differentiating ESG portfolios as the USA, developed and developing markets and examining dynamic connectedness and volatility spillovers between ESG portfolios and commodities with a different technique. This study also contributes by considering COVID-19 outbreak.

7.
Annals of Financial Economics ; JOUR
Article in English | Web of Science | ID: covidwho-2098020

ABSTRACT

During the COVID-19 pandemic, Baker et al. (2020) [The unprecedented stock market reaction to COVID-19. The Review of Asset Pricing Studies, 10, 742-758.] proposed the infectious disease equity market volatility (ID-EMV) index, which tracks US equity market volatility caused by infectious diseases. We extended the literature by using this newly developed ID-EMV index to examine its asymmetric effect on the share market returns of the G7 countries, which include the United Kingdom, Italy, Japan, Germany, France, Canada, and the United States of America. Moreover, we used novel techniques like the quantile-on-quantile regression test, quantile cointegration test, and quantile unit root test. The quantile cointegration test indicates that the infectious disease EMV index is cointegrated with G7 stock returns. Moreover, the quantile-on-quantile regression technique reveals that the infectious disease index positively affects stock returns during bullish states of the stock markets. In contrast, it negatively affects stock returns during bearish states of the stock market returns. The negative effect of the bearish states implies that investors may discourage investments during the downturns of the economy, whereas they need to boost their investments during economic booms.

8.
Resources Policy ; JOUR: 103094,
Article in English | ScienceDirect | ID: covidwho-2095958

ABSTRACT

We examine the dynamic relationship between clean energy stock markets and energy commodity markets in China from a time-frequency perspective. The daily dataset spans from March 27th, 2018, to July 29th, 2022, and is utilized in this study. We find that the clean stock markets are the main contributors and recipients in this dynamic system in the short run, while the solid net contributor role of commodities is detected in the long run. In addition, in most cases, short-term spillovers can dominate the long-run ones. However, during the COVID-19 pandemic, long-term spillovers can dominate short-run spillovers. In particular, it can be seen that in the short run, energy commodities can be easily influenced by clean energy stocks. In the long run, traditional energy assets are less affected. Finally, we show that COVID-19 can increase the hedging effectiveness of the portfolio design. We conclude with policy implications for energy and resources policymakers.

9.
Pacific-Basin Finance Journal ; JOUR:101883, 76.
Article in English | ScienceDirect | ID: covidwho-2095871

ABSTRACT

We examine whether conventional monetary policy moderated the impact of the COVID-19 pandemic on stock markets. Using daily historical data on emerging economies, we show that the pandemic has an adverse impact on stock markets by reducing stock returns. We then show that, in the presence of conventional monetary policy, the adverse impact does not disappear. We probe into the robustness of these findings by considering, among others, alternative COVID-19 indicators, fixed effects, cointegrating dynamics, stock market characteristics, and monetary policy frameworks, and find them to be robust. An implication is that conventional monetary policy alone may not be an effective tool during the pandemic and that policymakers should coordinate conventional monetary policy with other policies to restore stock markets to their pre-crisis level.

10.
Q Rev Econ Finance ; 2022 Oct 27.
Article in English | MEDLINE | ID: covidwho-2086661

ABSTRACT

This paper investigates the potential hedging and safe-haven properties of several alternative investment assets, including gold, Bitcoin, oil, and the oil price volatility index (OVX), against the risks of the Saudi stock market and its constituent sectors in different phases of the COVID-19 pandemic. Using daily data, we employ the bivariate dynamic conditional correlation-generalized autoregressive conditional heteroskedasticity (DCC-GARCH) technique to model volatilities and conditional correlations. Our findings show that all investigated alternative investment assets had a time-varying hedging role in the Saudi stock market, which became expensive during the early stages of the COVID-19 pandemic. Our results also show that the optimal weights for gold were substantially higher than those of other assets, reaching a peak during the pandemic, implying that investors consider gold a flight-to-safety asset. Additionally, we find that gold and OVX were strong hedges and could have served as weak safe havens for investors during the early stages of the COVID-19 pandemic, while the remaining assets generally lacked these properties and could be merely used as diversifiers. Our empirical findings offer several key implications for policymakers and portfolio managers in Saudi Arabia that may be applicable to similar markets. In particular, we show that OVX-based products can serve as a promising hedging asset for stock markets in oil-exporting countries.

11.
Pathogenic Coronaviruses of Humans and Animals ; CHAP: 53-124,
Article in English | ScienceDirect | ID: covidwho-2083144

ABSTRACT

In 2002, a severe-to-fatal respiratory disease began in China and was named severe acute respiratory syndrome (SARS). The causative agent was soon found to be a coronavirus and was named SARS-coronavirus (SARS-CoV). Infection was traced to contact with live palm civet cats or raccoon dogs in live animal food markets (“wet markets”) and later, person-to-person. Visiting these markets or restaurants housing these animals before preparing them for customer consumption were among the risk factors for infection in addition to frequent use of taxis and comorbidities. After its initial appearance, SARS spread rapidly through parts of Asia and then to countries around the world before almost completely disappearing in 2003. It caused 8096 cases and 774 deaths. SARS-CoV is a betacoronavirus linage B. The single-stranded RNA genome of coronaviruses is the largest among RNA viruses. The size of the genome, the inaccuracy of replication in most coronaviruses, and homogenous and heterogenous genetic recombination contribute to the high frequency of mutation. The viral spike (S) protein binds to angiotensin-converting enzyme 2 on the host cell before entry. Mutations in the S protein make a substantial contribution to viral transmission to additional host species and cell types in addition to viral virulence as the virus adapted to its new hosts. Interestingly, SARS-CoV isolates from the initial stages of the 2002–2003 epidemic were more virulent than those isolated later and are associated with a 29-nucleotide deletion in the S protein gene. Several insectivorous Chinese bats appear to serve as reservoir hosts for the ancestorial coronavirus. New forms of protection against infection were implemented in China and some other countries and include wearing face masks, thermal screening, and avoiding travel in taxis and public transportation. Their effectiveness in decreasing transmission and the rapid end of the epidemic is unknown.

12.
Global Business Review ; JOUR
Article in English | Web of Science | ID: covidwho-2082829

ABSTRACT

We analyse the time-varying risks associated with ESG equity investments in developed, emerging and BRIC equity markets in the wake of the COVID-19 pandemic which has once again underscored the vulnerability of the financial space to shocks. For this purpose, the nonlinear Markov regime switching model is used to analyse the time-varying beta and idiosyncratic volatility of the World ESG Leaders, Emerging Markets ESG Leaders and BRIC ESG Leaders equity portfolios provided by Morgan Stanley Capital International (MSCI). To further complement the evidence, we also refer to the global ACWI ESG Leaders index which represents both developed markets and emerging markets. The evidence suggests that the risk dynamics of the ESG equity portfolios representing the developed markets, emerging markets, BRIC markets and the global markets are distinct during the crisis and calm period. ESG equity investments have higher systematic risk exposure in emerging markets and BRIC markets during the crisis period as well as calm periods. On the other hand, ESG equity investments have higher systematic risk exposure during the crisis period only in case of developed markets. The results of the study provide insights on the time -varying risk dynamics of ESG investing and thus, facilitate informed investment decisions.

13.
Soc Sci Med ; 311: 115360, 2022 Sep 08.
Article in English | MEDLINE | ID: covidwho-2082856

ABSTRACT

The COVID-19 epidemic has highlighted the risks of shortages resulting from dependence on medicine imports. Today's situation where a few companies in the Global North control COVID-19 vaccine production is having dire consequences on African countries' access. However, the challenges surrounding local production of medical products in Africa are long-standing issues dating back to independence. Using Ghana as a case study, this paper looks primarily at how the dependence on medicine imports can be understood as the result of policies implemented since independence, as well as the changes that the Ghanaian State has undergone in reaction to international events and the evolution of the structure of global pharmaceutical capital. It examines the policies associated with the Ghanaian State's project to promote local pharmaceutical production, from independence to the present, and the role that non-state actors such as pharmaceutical companies have played. Based on an historical political economy approach, it highlights how the roles of the State and its forms of intervention have evolved over time, from planning (right after independence), to implementing (during the global crisis of the 1970s-1980s), and finally to regulating (from the 1990-2000s onward). This paper draws on 14 months of PhD research fieldwork (2014-2018). It consists of interviews (n = 50) with Ghanaian actors in the pharmaceutical sector, observations in a pharmaceutical plant in Accra, and research into archives at the Public Records and Archives Administration Department (PRAAD) of the Ministry of Industry.

14.
SSRN;
Preprint in English | SSRN | ID: ppcovidwho-346188

ABSTRACT

This paper provides novel evidence of the mental health effects of the Covid-19 outbreak. Between April 2020 and April 2022, we run four waves of a large representative survey in Spain, which we benchmark against a decade of pre-pandemic data. We document a large and sudden deterioration of mental health at the beginning of the pandemic, as the share of people reporting being depressed increased from 16\% before the pandemic to 46% in April 2020. This effect is persistent over time, which translates into important and irreversible consequences, such as a surge in suicides. The effect is more pronounced for women, younger individuals and those with unstable incomes. Finally, using mediation analysis, event studies and machine learning techniques, we document the role of the labor market as an important driver of these effects, as women and the young are more exposed to unstable income sources.

15.
SSRN;
Preprint in English | SSRN | ID: ppcovidwho-346165

ABSTRACT

This study seeks to quantify the financial connections between China and Africa. China’s increasing investments in Africa have inevitably strengthened the relationship between China and the majority of African countries over the past decade. We find consistent effects of the Shanghai Industrial Index on African stock markets together with some evidence that these relationships strengthened following the onset of the coronavirus pandemic. Markov-Switching analysis affirms these connections while also identifying intensifying effects as we move from periods of low market volatility to periods of high volatility. The African stock markets included in the sample encompass Egypt, Kenya, Morocco, Nigeria, South Africa, Tanzania, Uganda, and Zambia.

16.
SSRN;
Preprint in English | SSRN | ID: ppcovidwho-346158

ABSTRACT

This paper investigates how gender disparities affect the time to default of both group and individual micro-finance loans. We also document and control for the effect of the Covid-19 pandemic on micro-finance loan borrower’s time to repay capacity. We use two large proprietary samples of bank micro-loan-level data granted to group and individual borrowers from August 2017 to August 2021. Our unconditional estimates show that gender disparities matter economically only for group loans as the median of the female borrower’s time to default can occur almost the equivalent of three consecutive past due payments earlier. We show that this result persists when we control for micro, industry and macroeconomic factors. We report that the Covid-19 materialized as a spike effect that evolved afterward to a reduction in aggregate default rates. Our results have important policy implications for financial authorities.

17.
SSRN;
Preprint in English | SSRN | ID: ppcovidwho-346138

ABSTRACT

This study shows that the trend of declining gender gaps in labor market indicators in Latin America in previous decades did not change significantly in most countries during the COVID-19 pandemic. However, a closer look at the dynamics during the 2019–2021 period shows that (i) women were harder hit in terms of employment losses during the 2020 economic shock;(ii) despite the labor market recovery, women in 2021 often remained less likely to work than they did in 2019;nevertheless, (iii) in a subset of countries the gender gap in employment rates widened. However, relative to the value of their 2019 wages, the accumulated income losses were considerably greater for women than for men in most cases. This can create scarring effects for the future through greater vulnerability, lower incomes, and reduced probabilities of job insertion. The groups of women hit hardest by the shock were those with less than a tertiary education, those in the 14-24 year-old age group, those living in urban areas, and those working in the tertiary sector.

18.
Journal of Accounting in Emerging Economies ; 2022.
Article in English | Scopus | ID: covidwho-2078094

ABSTRACT

Purpose: The coronavirus disease 2019 (COVID-19) outbreak in the first quarter of 2020 has caused a severe decline in stock markets worldwide. While prior studies in developed markets found that workplace closure can negatively impact the capital market (e.g. Ozili and Arun, 2020), lesser is known about how it impacts emerging capital markets, which may have different characteristics and behaviour (Harjoto et al., 2021). Hence, this study seeks to uncover stock performance around workplace closure dates of firms incorporated in ASEAN countries and investigates the role of accounting fundamentals in mitigating workplace closure policy's effects on stock performances. Design/methodology/approach: Using an event study methodology, the authors measure the cumulative abnormal returns (CARs) around workplace closure dates. The authors then use cross-sectional analysis to analyse whether the accounting fundamentals, specifically profitability, cash flow, and leverage, are associated with the CAR. This cross-sectional study involves 1,720 firms that are incorporated in the ASEAN countries. Findings: This analysis indicates that, on average, ASEAN capital markets react negatively to workplace closure policies. The authors then find that the CARs around workplace closure dates are positively associated with the current ratios and are negatively associated with long-term debt ratios. This study’s results thus indicate that firms with a higher liquidity and a higher solvency experience a less adverse impact of the COVID-19 pandemic than other firms. The authors also find that the associations are more robust for (1) firms in industries more affected by COVID-19 and (2) firms located in countries with more severe cases. Additionally, contrary to this study’s expectation, the authors do not find meaningful associations between CARs around workplace closure dates and firms' cash flow from operation and profit respectively. This study’s results suggest that investors view prior performances related to firms' ability to generate operating cash flow and profit as less relevant to measure firm performance around the workplace closure event. Research limitations/implications: This study’s results contribute to studies examining fundamental accounting roles during the COVID-19 era, specifically in emerging economies. The findings are critical for investors in understanding the company fundamentals associated with stock price performance in emerging markets during the recent health-related crisis. Originality/value: Most studies analysing cross-sectional differences in stock returns during the COVID-19 era focus on industry-level differences and use observations from developed markets (Sinagl, 2020;Ramelli and Wagner, 2020). Studies using firm-level analysis in emerging markets are still limited. The authors expand prior studies by using firm-level analysis that spans six countries in ASEAN. © 2022, Emerald Publishing Limited.

19.
Journal of South Asian Development ; 2022.
Article in English | Web of Science | ID: covidwho-2070678

ABSTRACT

The COVID-19 pandemic has escalated processes of labour transition from industrial work to the informal economy, which have always characterized the life of the working poor. This paper explores this kind of reverse transition, that is, when the Lewisian dream of having an industrial job comes to an end, and workers are forced into a reverse migration. Specifically, the paper focuses on the post-industrial experiences of former Indian garment workers leaving the National Capital Region and moving back to Bihar. Emphasis is placed on workers' reasons for leaving the industry and their current employment and reproductive strategies. Findings are based on a sample of 50 former workers, identified in urban industrial hamlets and traced back to their place of origin. Respondents' experiences are analysed based on semi-quantitative questionnaires and life histories. Findings reveal that upon leaving the factory, workers find alternative informal employment through caste or social networks whilst using land as safety net. They suggest that farming and informal work are not alternative but rather complementary income and work strategies. By adopting a life-cycle approach to studying labour transitions across formal and informal employment domains, this analysis contributes to policy debates on decent work.

20.
International Journal of Consumer Studies ; 2022.
Article in English | Web of Science | ID: covidwho-2070516

ABSTRACT

The COVID-19 pandemic has put online shopping at the forefront of retailing;however, the issue related to shopping cart abandonment remains an eternal nemesis of e-retailers. To understand extant research on online shopping cart abandonment (OSCA), a framework-based systematic literature review was conducted with the purpose of gaining more insights into existing studies in this context. Specifically, this review examined the literature related to OSCA in terms of theory, context, characteristics, and methods to provide (i) a comprehensive review of the current state of research and (ii) constructive future research agenda in the area. Using scientific procedures, a total of 52 research articles were retrieved from Scopus and Web of Science databases published during the period 2003-2022. The results revealed that most research was founded by the stimulus-organism-response (S-O-R) model and the buyer behavior theory, focused in the context of the United States and China, and appeared to use quantitative methods. As a result, this review is expected to assist researchers in better understanding the OSCA context, thus paving the way for further research and development in the area. In addition, providing practitioners with a better panorama to address the issue by expanding the literature review and highlighting the inhibiting factors of OSCA.

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