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3.
PLoS One ; 17(2): e0259869, 2022.
Article in English | MEDLINE | ID: covidwho-1690763

ABSTRACT

The purpose of our study is to figure out the transitions of the cryptocurrency market due to the outbreak of COVID-19 through network analysis, and we studied the complexity of the market from different perspectives. To construct a cryptocurrency network, we first apply a mutual information method to the daily log return values of 102 digital currencies from January 1, 2019, to December 31, 2020, and also apply a correlation coefficient method for comparison. Based on these two methods, we construct networks by applying the minimum spanning tree and the planar maximally filtered graph. Furthermore, we study the statistical and topological properties of these networks. Numerical results demonstrate that the degree distribution follows the power-law and the graphs after the COVID-19 outbreak have noticeable differences in network measurements compared to before. Moreover, the results of graphs constructed by each method are different in topological and statistical properties and the network's behavior. In particular, during the post-COVID-19 period, it can be seen that Ethereum and Qtum are the most influential cryptocurrencies in both methods. Our results provide insight and expectations for investors in terms of sharing information about cryptocurrencies amid the uncertainty posed by the COVID-19 pandemic.


Subject(s)
COVID-19/epidemiology , Investments/trends , Models, Economic , COVID-19/economics , Humans , Information Dissemination , Investments/statistics & numerical data , Pandemics/economics , Uncertainty
4.
PLoS One ; 17(1): e0261835, 2022.
Article in English | MEDLINE | ID: covidwho-1622345

ABSTRACT

This study investigates the reaction of stock markets to the Covid-19 pandemic and the Global Financial Crisis of 2008 (GFC) and compares their influence in terms of risk exposures. The empirical investigation is conducted using the modified ICSS test, DCC-GARCH, and Diebold-Yilmaz connectedness analysis to examine financial contagion and volatility spillovers. To further reveal the impact of these two crises, the statistical features of tranquil and crisis periods under different time intervals are also compared. The test results show that although the outbreak's origin was in China, the US stock market is the source of financial contagion and volatility spillovers during the pandemic, just as it was during the GFC. The propagation of shocks is considerably higher between developed economies compared to emerging markets. Additionally, the results show that the COVID-19 pandemic induced a more severe contagious effect and risk transmission than the GFC. The study provides an extensive examination of the COVID-19 pandemic and the GFC in terms of financial contagion and volatility spillovers. The results suggest the presence of strong co-movements of world stock markets with the US equity market, especially in periods of financial turmoil.


Subject(s)
COVID-19 , Investments , COVID-19/economics , China , Commerce/economics , Humans , Investments/economics , Pandemics/economics , United States
5.
Environ Sci Pollut Res Int ; 29(19): 28226-28240, 2022 Apr.
Article in English | MEDLINE | ID: covidwho-1611469

ABSTRACT

This study examined the influence of tail risks on global financial markets, which aids in better understanding of the emergence of COVID-19. This study looks at the global and Vietnamese stock markets impacted by the COVID-19 pandemic to identify systemic emergencies. Risk dependent value (CoVaR) and Delta link VaR are two important tail-related risk indicators used in Conditional Bivariate Dynamic Correlation (DCC) (CoVaR). The empirical findings demonstrate that when COVID-19's worldwide spread widens, the volatility transmission of systemic risks across the global stock market and multiple exchanges shifts and becomes more relevant over time. At the time of COVID-19, the world industrial market was larger than the Vietnamese stock market, and the Vietnamese stock market posed a lesser danger to the global market. A closer examination of the link between the Vietnam value-at-risk (VaR) range index sample and the world stock index indicates a significant degree of downside risk integration in key monetary systems, particularly during the COVID-19 era. Our study findings may help regulators, politicians, and portfolio risk managers in Vietnam and worldwide during the unique moment of uncertainty created by the COVID-19 epidemic.


Subject(s)
COVID-19 , COVID-19/epidemiology , Humans , Investments , Pandemics , Uncertainty , Vietnam/epidemiology
7.
Lancet Infect Dis ; 21(8): e222-e233, 2021 08.
Article in English | MEDLINE | ID: covidwho-1595466

ABSTRACT

For the past 20 years, the notion of bioterror has been a source of considerable fear and panic worldwide. In response to the terror attacks of 2001 in the USA, extensive research funding was awarded to investigate bioterror-related pathogens. The global scientific legacy of this funding has extended into the present day, highlighted by the ongoing COVID-19 pandemic. Unsurprisingly, the surge in biodefence-related research and preparedness has been met with considerable apprehension and opposition. Here, we briefly outline the history of modern bioterror threats and biodefence research, describe the scientific legacy of biodefence research by highlighting advances pertaining to specific bacterial and viral pathogens, and summarise the future of biodefence research and its relevance today. We sought to address the sizeable question: have the past 20 years of investment into biodefence research and preparedness been worth it? The legacy of modern biodefence funding includes advancements in biosecurity, biosurveillence, diagnostics, medical countermeasures, and vaccines. In summary, we feel that these advances justify the substantial biodefence funding trend of the past two decades and set a precedent for future funding.


Subject(s)
Biomedical Research/economics , Bioterrorism/prevention & control , Financial Support , Humans , Investments , Risk Assessment , Vaccines/immunology
8.
PLoS One ; 16(12): e0261615, 2021.
Article in English | MEDLINE | ID: covidwho-1592216

ABSTRACT

One of the most pressing challenges facing food systems in Africa is ensuring availability of a healthy and sustainable diet to 2.4 billion people by 2050. The continent has struggled with development challenges, particularly chronic food insecurity and pervasive poverty. In Africa's food systems, fish and other aquatic foods play a multifaceted role in generating income, and providing a critical source of essential micronutrients. To date, there are no estimates of investment and potential returns for domestic fish production in Africa. To contribute to policy debates about the future of fish in Africa, we applied the International Model for Policy Analysis of Agriculture Commodities and Trade (IMPACT) to explore two Pan-African scenarios for fish sector growth: a business-as-usual (BAU) scenario and a high-growth scenario for capture fisheries and aquaculture with accompanying strong gross domestic product growth (HIGH). Post-model analysis was used to estimate employment and aquaculture investment requirements for the sector in Africa. Africa's fish sector is estimated to support 20.7 million jobs in 2030, and 21.6 million by 2050 under the BAU. Approximately 2.6 people will be employed indirectly along fisheries and aquaculture value chains for every person directly employed in the fish production stage. Under the HIGH scenario, total employment in Africa's fish food system will reach 58.0 million jobs, representing 2.4% of total projected population in Africa by 2050. Aquaculture production value is estimated to achieve US$ 3.3 billion and US$ 20.4 billion per year under the BAU and HIGH scenarios by 2050, respectively. Farm-gate investment costs for the three key inputs (fish feeds, farm labor, and fish seed) to achieve the aquaculture volumes projected by 2050 are estimated at US$ 1.8 billion per year under the BAU and US$ 11.6 billion per year under the HIGH scenario. Sustained investments are critical to sustain capture fisheries and support aquaculture growth for food system transformation towards healthier diets.


Subject(s)
Fisheries/economics , Africa , Commerce/economics , Commerce/legislation & jurisprudence , Employment , Fisheries/legislation & jurisprudence , Humans , Investments , Models, Economic
9.
J Appl Psychol ; 106(12): 1785-1804, 2021 Dec.
Article in English | MEDLINE | ID: covidwho-1591692

ABSTRACT

We examine how firms' prepandemic investments in human capital influence their use of workforce reductions and layoffs (hereafter, workforce reductions) as a response to financial pressures during the coronavirus disease (COVID-19) pandemic. We contend that workforce reductions must be examined in the context of firms' broader financial and resource orchestration environments. First, we suggest that firms' relative exposure to pandemic financial pressures (PFPs) will determine their need to cut costs during the pandemic. Second, we argue that a firm's prior investments in employees' human capital will reduce the attractiveness of workforce reductions as a cost-cutting response to PFPs, as human capital investment (HCI) increases the value of employees' knowledge, skills, and abilities and motivation, thus inducing firms to seek alternative measures to reduce costs. We then argue that the attenuating influence of HCI on the effect of PFPs on workforce reductions will be stronger when HCI is matched with greater investments in physical capital, as employees' human capital will create more value-and will translate to a bigger loss following employee departures-in such circumstances. We demonstrate support for our hypotheses in a sample of 1,364 U.S. banks using data from quarterly Federal Deposit Insurance Corporation (FDIC) reports, news articles, and Worker Adjustment and Retraining Notifications (WARN) Act filings through the fourth quarter of 2020. We discuss implications for our understanding of the impact of the COVID-19 pandemic on organizations and employees and for research on resource orchestration and human capital. (PsycInfo Database Record (c) 2021 APA, all rights reserved).


Subject(s)
COVID-19 , Pandemics , Financial Stress , Humans , Investments , SARS-CoV-2 , Workforce
10.
Environ Sci Pollut Res Int ; 29(18): 26322-26335, 2022 Apr.
Article in English | MEDLINE | ID: covidwho-1544550

ABSTRACT

This paper investigates the effect of different categories of essential COVID-19 data from 2020 to 2021 towards stock price dynamics and options markets. It applied the hypothetical method in which investors develop depression based on the understanding suggested by various green finance divisions. Furthermore, additional elements like panic, sentiment, and social networking sites may impact the attitude, size, and direction of green finance, subsequently impacting the security prices. We created new emotion proxies based on five groups of information, namely COVID-19, marketplace, lockdown, banking sector, and government relief using Google search data. The results show that (1) if the proportional number of traders' conduct exceeds the stock market, the effect of sentimentality indexes on jump volatility is expected to change; (2) the volatility index component jump radically increases with the COVID-19 index, city and market lockdown index, and banking index; and (3) expanding the COVID-19 index gives rise to the stock market index. Moreover, all indexes decreased in jump volatility but only after 5 days. These findings comply with the hypotheses proposed by our model.


Subject(s)
COVID-19 , Investments , Communicable Disease Control , Government , Humans
12.
Int J Environ Res Public Health ; 18(21)2021 11 03.
Article in English | MEDLINE | ID: covidwho-1512299

ABSTRACT

R&D investment is the source of technological innovation of pharmaceutical enterprises, but it will be restricted by the funding level, especially in the context of major public health emergencies occurring more frequently, therefore exploring the impact of monetary policy uncertainty on the R&D investment smoothing behavior of pharmaceutical manufacturing enterprises has important theoretical and practical value. Based on the relevant data of Chinese pharmaceutical manufacturing enterprises from 2012 to 2018, this paper studies the impact of monetary policy uncertainty on R&D investment smoothing behavior of pharmaceutical enterprises, and investigates whether there is a threshold effect. First, our results demonstrate that the empirical test results of this article support the hypothesis of R&D investment smoothing behavior of pharmaceutical manufacturing enterprises. Second, there is a negative correlation between monetary policy uncertainty and R&D investment smoothing behavior, and the shorter the period is, the higher the financing constraints of pharmaceutical enterprises are, and the more obvious the negative correlation is. Third, financing constraints have a single threshold effect on the R&D investment smoothing behavior of pharmaceutical manufacturing enterprises, with a threshold of -13.7693. Moreover, this conclusion can better promote the virtuous circle of the real economy of financial and pharmaceutical manufacturing enterprises. It is recommended that pharmaceutical manufacturing enterprises establish and improve the enterprise R&D reserve system, reduce the risk of R&D investment, play the role of R&D smoothing, and realize the sustainable development of enterprise R&D.


Subject(s)
Investments , Pharmaceutical Preparations , China , Empirical Research , Sustainable Development , Uncertainty
13.
PLoS One ; 16(11): e0259308, 2021.
Article in English | MEDLINE | ID: covidwho-1505876

ABSTRACT

The risk spillover among financial markets has been noticeably investigated in a burgeoning number of literature. Given those doctrines, we scrutinize the impact persistence of volatility spillover and illiquidity spillover of Chinese commodity markets in this paper. Based on the sample from 2010 to 2020, we reveal that there is a cross-market spillover of volatility and illiquidity in China and also, interactions between volatility and illiquidity in different financial markets are pronounced. More importantly, we demonstrate that different commodity markets have different responsiveness to stock market shocks, which embeds their market characteristics. Specifically, we discover that the majority of the traders in gold market might be hedger and therefore gold market is more sensitive to stock market illiquidity shock and thus the shock impact in persistent. On the other hand, agricultural markets like corn and soybean markets might be dominated by investors and thus those markets respond to the stock market volatility shocks and the shock impact in persistent over 10 periods given the first period of risk shock happening. In fact, different Chinese commodity markets' responsiveness towards Chinese stock market risk shocks indicates the stock market risk impact persistence in Chinese commodity markets. This result can help policymakers to understand the policy propagation effect according to this risk spillover channel and risk impact persistence mechanism in China.


Subject(s)
Agriculture/economics , Commerce/economics , Investments/economics , Marketing/economics , Metals/supply & distribution , Policy , China , Humans , Models, Statistical , Risk Factors
14.
Risk Anal ; 42(1): 177-205, 2022 01.
Article in English | MEDLINE | ID: covidwho-1488265

ABSTRACT

Facing the urgent demand of medical devices for COVID-19 treatment, many automakers have recently begun manufacturing ventilators, even though they are inefficient in production and uninformed of demand variability. To help them, some incumbent ventilator manufacturers have chosen to share knowledge, such as production techniques and demand information. Clearly, the incumbent ventilator manufacturers are fulfilling social responsibility, but is their knowledge sharing rewarding, especially when the automakers are entrant rivals? If possible, are win-win situations in the sense of social responsibility and firms' profitability identifiable? In this work, we develop a game-theoretic model in which an incumbent and an entrant ventilator manufacturer engage in two-dimensional competition in production investment and sales volume. We examine the incumbent manufacturer's profitability with and without knowledge sharing by formulating the tradeoffs among supply expansion, intensified competition, and the entrant's production efficiency improvement and demand variance reduction. We identify both "win-win" and "lose-lose" situations for the two competing manufacturers. Specifically, we find that free knowledge could be harmful for the entrant manufacturer, but the incumbent manufacturer benefits from knowledge sharing when market competition is intense, or when market competition is mild but the production investment efficiency varies.


Subject(s)
Antiviral Agents/pharmacology , COVID-19/drug therapy , Health Knowledge, Attitudes, Practice , Investments/organization & administration , Models, Theoretical , SARS-CoV-2 , COVID-19/epidemiology , Humans , Pandemics
16.
PLoS Med ; 18(7): e1003699, 2021 07.
Article in English | MEDLINE | ID: covidwho-1457769

ABSTRACT

Modern medicine makes it possible for many people to live with multiple chronic diseases for decades, but this has enormous social, financial, and environmental consequences. Preclinical, epidemiological, and clinical trial data have shown that many of the most common chronic diseases are largely preventable with nutritional and lifestyle interventions that are targeting well-characterized signaling pathways and the symbiotic relationship with our microbiome. Most of the research priorities and spending for health are focused on finding new molecular targets for the development of biotech and pharmaceutical products. Very little is invested in mechanism-based preventive science, medicine, and education. We believe that overly enthusiastic expectations regarding the benefits of pharmacological research for disease treatment have the potential to impact and distort not only medical research and practice but also environmental health and sustainable economic growth. Transitioning from a primarily disease-centered medical system to a balanced preventive and personalized treatment healthcare system is key to reduce social disparities in health and achieve financially sustainable, universal health coverage for all. In this Perspective article, we discuss a range of science-based strategies, policies, and structural reforms to design an entire new disease prevention-centered science, educational, and healthcare system that maximizes both human and environmental health.


Subject(s)
Chronic Disease/prevention & control , Health Promotion , Interdisciplinary Research , Life Style , Delivery of Health Care , Environmental Pollution , Farms , Humans , Investments , Science/economics
17.
Front Public Health ; 9: 727047, 2021.
Article in English | MEDLINE | ID: covidwho-1441160

ABSTRACT

The worldwide spread of COVID-19 dramatically influences the world economic landscape. In this paper, we have quantitatively investigated the time-frequency co-movement impact of COVID-19 on U.S. and China stock market since early 2020 in terms of daily observation from National Association of Securities Dealers Automated Quotations Index (NDX), Dow Jones Industrial Average (DJIA), Standard & Poor's 500 Index (SPX), Shanghai Securities Composite Index (SSEC), Shenzhen Securities Component Index (SZI), in favor of spatiotemporal interactions over investor sentiment index, and propose to explore the divisibility and the predictability to the volatility of stock market during the development of COVID-19. We integrate evidence yielded from wavelet coherence and phase difference to suggest the responses of stock market indexes to the COVID-19 epidemic in a long-term band, which could be roughly divided into three distinguished phases, namely, 30-75, 110-150, and 220-280 business days for China, and 80-125 and 160-175 after 290 business days for the U.S. At the first phase, the reason for the extreme volatility of stock market mainly attributed to the sudden emergence of the COVID-19 epidemic due to the pessimistic expectations from investors; China and U.S. stock market shared strongly negative correlation with the growing number of COVID-19 cases. At the second phase, the revitalization of stock market shared strong simultaneous moves but exhibited opposite responses to the COVID-19 impact on China and U.S. stock market; the former retained a significant negative correlation, while the latter turned to positively correlated throughout the period. At the third phase, the progress in vaccine development and economic stimulus began to impose forces to stock market; the vulnerability to COVID-19 diminished to some extent as the investor sentiment indexes rebounded. Finally, we attempted to initially establish a coarse-grained representation to stock market indexes and investor sentiment indexes, which demonstrated the homogenous spacial distribution in the vectorgraph after normalization and quantization, implying the strong consistency when filtering the frequent small fluctuations during the evolution of the COVID-19 pandemic, which might help insights into the prediction of possible status transition in stock market performance under the public health issues, potentially performing as the quantitative references in reasonably deducing the economic influences.


Subject(s)
COVID-19 , Pandemics , China , Humans , Investments , SARS-CoV-2
18.
PLoS One ; 16(9): e0256879, 2021.
Article in English | MEDLINE | ID: covidwho-1403303

ABSTRACT

This paper uses event study based on the Generalized Autoregressive Conditional Heteroscedasticity (GARCH) model to study the impact of the COVID-19 outbreak on China's financial market. It finds that the pandemic had an overall significant and negative impact on the stock prices of firms listed on SSE, SZSE and ChiNext. However, such impact appeared to be heterogeneous across industries, affecting listed firms in industries such as pharmaceutical and telecommunications positively, but those in services industries such as accommodation, catering, and commercial services negatively. Apparently, a crisis for some had been an opportunity for others. In addition, this paper seeks to understand the micro mechanism behind the heterogeneity of pandemic shock from the perspective of firms' financial position. It finds that listed firms with higher debt level were hit harder, whereas those with more net cash flow had displayed higher resilience against the blow of the pandemic. However, the opposite pattern is found among those listed on ChiNext and in industries severely devastated by the pandemic. These findings have policy implications in terms of preventing systemic financial risks and facilitating recovery during pandemic-induced economic downturns. It also helps investor adjust investment strategies, hedge against risks, and secure gains when the market conditions in general are unfavorable.


Subject(s)
COVID-19/economics , COVID-19/epidemiology , Models, Economic , China/epidemiology , Financial Management , Industry , Investments
19.
Front Public Health ; 9: 661482, 2021.
Article in English | MEDLINE | ID: covidwho-1389256

ABSTRACT

This paper examines the effects of pandemic uncertainty on socially responsible investments. We use the overall corporate sustainability performance index in the Global-100 Most Sustainable Corporations in the World dataset to measure socially responsible investments. The global pandemic uncertainty is also measured by the World Pandemic Uncertainty Index. We focus on the panel dataset from 2012 to 2020, and the results show that the World Pandemic Uncertainty Index is positively related to socially responsible investments. The main findings remain significant when we utilize various panel estimation techniques.


Subject(s)
COVID-19/economics , Investments/economics , Investments/statistics & numerical data , Models, Economic , Pandemics/statistics & numerical data , Social Responsibility , Uncertainty , Humans , SARS-CoV-2
20.
PLoS One ; 16(8): e0256883, 2021.
Article in English | MEDLINE | ID: covidwho-1379844

ABSTRACT

BACKGROUND: The GeneXpert diagnostic platform from the US based company Cepheid is an automated molecular diagnostic device that performs sample preparation and pathogen detection within a single cartridge-based assay. GeneXpert devices can enable diagnosis at the district level without the need for fully equipped clinical laboratories, are simple to use, and offer rapid results. Due to these characteristics, the platform is now widely used in low- and middle-income countries for diagnosis of diseases such as TB and HIV. Assays for SARS-CoV-2 are also being rolled out. We aimed to quantify public sector investments in the development of the GeneXpert platform and Cepheid's suite of cartridge-based assays. METHODS: Public funding data were collected from the proprietor company's financial filings, grant databases, review of historical literature concerning key laboratories and researchers, and contacting key public sector entities involved in the technology's development. The value of research and development (R&D) tax credits was estimated based on financial filings. RESULTS: Total public investments in the development of the GeneXpert technology were estimated to be $252 million, including >$11 million in funding for work in public laboratories leading to the first commercial product, $56 million in grants from the National Institutes of Health, $73 million from other U.S. government departments, $67 million in R&D tax credits, $38 million in funding from non-profit and philanthropic organizations, and $9.6 million in small business 'springboard' grants. CONCLUSION: The public sector has invested over $250 million in the development of both the underlying technologies and the GeneXpert diagnostic platform and assays, and has made additional investments in rolling out the technology in countries with high burdens of TB. The key role played by the public sector in R&D and roll-out stands in contrast to the lack of public sector ability to secure affordable pricing and maintenance agreements.


Subject(s)
Investments , Molecular Diagnostic Techniques/economics , COVID-19/diagnosis , COVID-19/virology , Databases, Factual , HIV Infections/diagnosis , History, 20th Century , History, 21st Century , Humans , Molecular Diagnostic Techniques/history , SARS-CoV-2/isolation & purification , Tuberculosis/diagnosis , United States
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