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The purpose of this paper is to examine FaceReader as a tool to compare the olfactory preferences of two selected countries. This paper examines the olfactory preferences of customers in the bakery department of a grocery store in the Slovak and the Spanish market.

The aim of this study is to examine subconscious/unconscious preferences in the selection of aromas suitable for the bakery department in the Slovak and the Spanish market. In this case, it is not a classical qualitative sensory testing of the perception of fragrances. The aim is to identify the associations of scents related to the selected sales department through images of the selected aromas. A special platform is used to obtain subconscious/unconscious feedback, which allows online collection of implicit feedback using the software FaceReader 7.

The authors noticed the different moods of the two groups of respondents when they answered the question about what they associate with the smell of bakery products. The Spanish respondents were slightly pleasantly disposed, while the Slovak respondents were slightly unpleasantly disposed. The smell of bakery products evoked more memories and emotions in the Spanish respondents than in the Slovak respondents, which can be explained by the higher pleasant mood. The main contribution of this work lies in the new opportunities to obtain feedback that can be used in marketing research and that rely not only on explicit but also implicit data. The extension of the methodological apparatus to implicit feedback presupposes some form of control of the data collected by the questionnaire. The use of biometric tools can represent an efficient alternative in terms of time and money to the use of neuroimaging tools in the selection/research of aromas for specific stores/departments.

It must be noted that the sample is small, and adequate conclusions cannot be made about entire population. Based on empirical findings and pandemic-related limitations, the authors plan to conduct similar research with real aroma samples and with even larger sample of tested respondents, considering weather, season, olfactory sensitivity (anosmia, hyposmia and normosmia) and participant fatigue (beginning and end of the week).

Today, marketers are facing the greatest challenge of how to attract consumers’ attention. Every individual has a different perception of the shopping environment based on his own experience, beliefs and attitudes. This is why new marketing techniques and approaches are becoming increasingly popular in the marketing environment.

El objetivo de esta investigación es examinar FaceReader como una herramienta para comparar las preferencias olfativas entre dos países. Concretamente, examinamos las preferencias olfativas de los clientes en el departamento de panadería de un supermercado en el mercado eslovaco y español.

El objetivo de este estudio es examinar las preferencias subconscientes/inconscientes en la selección de aromas adecuados para el departamento de panadería en el mercado eslovaco y español. En este caso, no se trata de una prueba sensorial cualitativa clásica de la percepción de fragancias. El objetivo es identificar las asociaciones de olores relacionados con el departamento de ventas seleccionado a través de imágenes de los aromas seleccionados. Se utiliza una plataforma especial para obtener comentarios subconscientes/inconscientes, que permite la recopilación en línea de comentarios implícitos utilizando el software FaceReader 7.

Observamos diferentes estados de ánimo de los dos grupos de encuestados cuando respondieron a la pregunta sobre qué asociaban con el olor de los productos de panadería. Los encuestados españoles estaban ligeramente más predispuestos hacia aromas más agradables, mientras que los encuestados eslovacos estaban ligeramente más predispuestos hacia aromas menos agradables. El olor de los productos de panadería evocó más recuerdos y emociones en los encuestados españoles que en los eslovacos, lo que puede explicarse por el estado de ánimo. La principal contribución de este trabajo radica en las nuevas oportunidades para obtener comentarios que pueden ser utilizados en investigaciones de marketing y que no solo se basan en datos explícitos, sino también implícitos. La ampliación del aparato metodológico para obtener comentarios implícitos presupone algún tipo de control de los datos recopilados mediante el cuestionario. El uso de herramientas biométricas puede representar una alternativa eficiente en términos de tiempo y dinero al uso de herramientas de neuroimagen en la selección/investigación de aromas para tiendas/departamentos específicos.

Debe tenerse en cuenta que la muestra utilizada es pequeña y no se pueden extrapolar conclusiones para toda la población. Basándonos en los resultados empíricos y con las limitaciones relacionadas con la pandemia, planeamos realizar una investigación similar con muestras de aroma reales y con una muestra aún más grande de encuestados, considerando el clima, la temporada, la sensibilidad olfativa (anosmia, hiposmia, normosmia) y la fatiga de los participantes (inicio y fin de semana).

Hoy en día, los profesionales del marketing se enfrentan al gran desafío de cómo atraer la atención de los consumidores. Cada individuo tiene una percepción diferente del entorno de compra basada en su propia experiencia, creencias y actitudes. Es por eso que las nuevas técnicas y enfoques de marketing se están volviendo cada vez más populares en el entorno del marketing.

本文旨在探讨FaceReader在比较斯洛伐克和西班牙两个国家的顾客嗅觉偏好方面的效用。我们以斯洛伐克和西班牙市场一家食品杂货店的面点部门顾客为研究对象, 考察其嗅觉偏好。

本研究的目标是探讨在斯洛伐克和西班牙市场选择适合面点部门的香气时潜在的/无意识的偏好。与传统的定性感官测试不同, 我们旨在通过选定香气的图像识别与选定销售部门相关的气味的联想, 并通过FaceReader 7软件在线收集隐性反馈。

我们观察到两组受访者在回答关于面点产品气味联想时的心境差异。西班牙受访者略带愉悦, 而斯洛伐克受访者略带不悦。西班牙受访者对面点产品的气味引起的记忆和情感更为丰富, 这可能是由更高愉悦心境所解释的。该研究的主要贡献在于提供了在营销研究中利用反馈的新机会, 该反馈不仅依赖于明确的数据, 还依赖于隐性数据。将方法学工具扩展到隐性反馈的前提是以某种形式对问卷收集的数据进行控制。在为特定商店/部门选择/研究香气方面, 相对于使用神经影像工具在时间和金钱方面的花费, 生物测定工具的使用可以作为高效替代。

由于本研究的样本量较小, 因此不能对整个人口做出充分的结论。基于经验发现和受到大流行病限制, 我们计划进行类似研究, 使用真实的香气样本, 并考虑更大规模的受试者样本, 同时考虑到天气、季节、嗅觉敏感度（嗅觉缺失、嗅觉减退、正常嗅觉）和参与者疲劳程度（周初和周末）对受试者的影响。

当今, 营销人员面临着吸引消费者注意的最大挑战。每个个体根据其自身经验、信仰和态度对购物环境有着不同的感知。因此, 在营销环境中, 新的营销技术和方法变得越来越受欢迎。

This study analyzes the impact of sports social media on a country regarding three international events connected to the brand Spain. It examines (1) the use and importance of various social media platforms in sports events and (2) identifies the countries generating the most social media content.

A total of 1,711,084 posts were collected for analysis, focusing on FIFA World Cup Qatar 2022, XLI Marathon Valencia Trinidad Alfonso 2022 and Davis Cup 2022, with a particular emphasis on the Spain brand. Through Atribus, diverse social media data were recovered and analyzed. Later, we recommended employing various metrics and ANOVAs to address the research questions. Additionally, we conducted a sentiment analysis.

The results show differences between (1) the use and relevance of social network platforms and events and (2) the content generated by different countries. The practical implications offer valuable insights for sports event organizers, destination managers and other stakeholders. The research implications suggest potential avenues for future research based on the observed patterns and behaviors in social media posts related to sports events and Brand Spain.

(1) Some papers have studied the role of sports events’ social media, ignoring the comparison among different social media platforms; (2) usually, previous literature has focused on a single event or sport and (3) although there is considerable research related to the strategic and operational Inés Küster Boluda Inés Küster Boluda role of social media, there is less systematic analysis related to the extent sports events use social media in general and in specific social media platforms and virtually nonexistent studies that employ index measurements.

本研究擬分析就三個與西班牙品牌有關的國際體育賽事而言，體育社交媒體對一個國家的影響。俱體而言，本研究擬探討： (一) 、各體育賽事社交媒體平台的使用和其重要性，以及 (二) 、是哪些國家生成最多的社交媒體內容。

研究人員收集共計1,711,084帖子以便進行分析;其焦點放在2022年卡塔爾世界盃 (即2022年國際足聯世界盃) ，2022年特尼利尼達阿方索馬拉松賽－瓦倫西亞 (XLI Marathon Valencia Trinidad Alfonso 2022) 和2022年台維斯盃;研究人員特別把重點放在西班牙品牌上。研究人員透過 Atribus 重新取得多種多樣的社交媒體數據，然後進行分析。之後，研究人員建議使用不同的度量和方差分析去處理各研究問題，以及進行了情感分析。

研究結果顯示了以下兩者之差異：(一) 、社交網絡平台和比賽項目的使用和關聯，以及 (二) 、不同國家生成的內容。從這個研究發現，體育賽事的籌辦者、目的地管理人員和其它利益相關者，均會獲得寶貴的實務啟示;至於就未來學術研究的路向而言，學者和研究人員或許可觀察關於體育賽事和西班牙品牌的社交媒體帖子裡顯示的模式和行為，從而找到合適的研究路徑。

本研究有以下的貢獻：(一) 、從前的研究多只探討關於體育賽事的社交媒體所扮演的角色，而忽略了要比較不同社交媒體平台的需要;(二) 、過去的文獻通常聚焦於單一的賽事或運動上;以及 (三) 、雖然探討關於社交媒體在戰略上和在操作上所扮演的角色的研究為數不少，但甚少研究、就體育賽事大體使用社交媒體的程度，或使用特定的社交媒體平台的程度進行分析和探討。再者，幾乎沒有學者或研究人員在有關的研究上使用指標測量法;就此三點而言，本研究可說填補了有關的研究空白。

This study aims to introduce a dynamic perspective of tourism resilience by analyzing tourism demand in Spain during the 2020 and 2021 summers in the context of the COVID-19 pandemic.

This study uses regression and Lasso-type methods to demonstrate a great explanatory capacity of past determinants to explain the tourism demand of the Spanish provinces.

Results show how the previous specialization of the domestic market, the density and the geographic location related to the type of product are behind the bulk of the territorial differences in demand resilience, although in 2021 there has been a process of adaptation to the new context.

This study contributes to the theoretical understanding of tourist behavior and tourism destination management by introducing the concept of resilience dynamics of destinations.

The results are useful, on the one hand, for tourist destinations to understand the different stages of recovery from a shock, and on the other hand, to go in deep in consumer behavior after a shock.

These findings represent a paradigm shift in the static conception of resilience in tourism.

本文通过分析 2020 年和 2021 年夏季 COVID-19 大流行背景下西班牙的旅游需求, 介绍了旅游业复原力的动态视角。

我们使用回归和套索型方法来证明过去的决定因素解释西班牙各省旅游需求的能力。

我们的结果表明, 尽管 2021 年出现了一个适应新环境的过程, 但之前国内市场的专业化、密度以及提供的产品的位置相关类型是造成需求弹性的大部分地域差异的原因。

这些发现代表了旅游业复原力静态概念的范式转变。

本研究通过引入目的地特定弹性动态的概念, 有助于对游客行为和旅游目的地管理的理论理解。

一方面, 研究结果有助于旅游目的地了解从冲击中恢复的不同阶段, 另一方面有助于探索冲击后的消费者行为。

Este artículo presenta una perspectiva dinámica sobre la resiliencia del turismo mediante el análisis de la demanda turística en España durante los veranos de 2020 y 2021 en el contexto de la pandemia de COVID-19.

Utilizamos métodos de regresión y tipo Lasso para demostrar la capacidad de los determinantes pasados para explicar la demanda turística en las provincias españolas.

Nuestros resultados muestran cómo la especialización previa del mercado interno, la densidad y el tipo de producto ofrecido relacionado con la ubicación están detrás del grueso de las diferencias territoriales en la resiliencia de la demanda, aunque en 2021 hubo un proceso de adaptación al nuevo contexto.

Estos hallazgos representan un cambio de paradigma en la concepción estática de la resiliencia en el turismo.

Este estudio contribuye a la comprensión teórica de los comportamientos turísticos y la gestión de los destinos turísticos al introducir el concepto de dinámica de resiliencia específica del destino.

Por un lado, los resultados son útiles para que los destinos turísticos comprendan las diferentes etapas de recuperación de un shock y, por otro lado, para explorar el comportamiento del consumidor después de un shock.

Graphical abstract: The evaluation of the vulnerability of tourism.

Traditional payment systems based on cash and bank cards are being replaced by new innovative formats. This research analyzes the success factors in the adoption by customers of Bizum, a peer-to-peer (P2P) mobile payment system widely used in Spain. This study proposes a theoretical framework based on the Stimulus–Organism–Response (S-O-R) model and includes the analysis of the moderating effect of perceived risk and the mediating effect of perceived trust.

To achieve the proposed objectives, an online questionnaire was administered to 701 Spanish smartphone users, potential users of the proposed P2P payment systems.

The results show that perceived usefulness is the most important predictor of intention to use. Additionally, a medium predictive relevance performance of the proposed model is found.

This research contributes to a more holistic understanding of the adoption of P2P payment systems and provides new business opportunities that companies can exploit through the use of this technology.

以現金和銀行卡為基礎的傳統支付系統、正被嶄新而又富創意的模式取代。本研究擬分析驅使消費者使用Bizum的成功因素 (Bizum 是一個在西班牙得到廣泛使用的P2P移動支付系統) 。本研究以刺激-有機體-反應模型為基礎, 建議了一個概念框架;研究亦擬分析感知風險的調節作用, 以及感知信任的中介效應。

為達研究目標, 研究人員處理了701名西班牙智慧型手機使用者回答的網上問卷, 這些使用者是本研究提出的P2P支付系統的潛在用戶。

研究結果顯示、感知有用性是消費者會否使用P2P支付系統最重要的預測因素。研究結果亦顯示、本研究建議的概念框架的預測能力水平屬中等。

本研究使我們對驅使消費者使用P2P支付系統的因素更全面地了解;研究也使企業可透過使用這技術, 為自己創造新的商機。

The COVID-19 pandemic has significantly impacted global tourism, with international travel bearing the burden of restrictions. Domestic tourism has also faced substantial challenges. This paper aims to analyse the impact of the COVID-19 pandemic on domestic tourism in Spain, focusing on travel from Madrid (the country’s capital) to other tourist destinations.

Mobile phone data has been used to study the evolution of tourist trips over the summers of 2019, 2020 and 2021. Regression models are used to explain the number of visitors at destinations.

The pandemic not only caused a drastic drop in tourist flows but also disrupted the overall pattern of the domestic flow system. Winning destinations were typically areas in proximity to Madrid and less densely populated destinations, while urban destinations were major losers. The preferences of domestic tourists varied notably by income group, but the decrease in trip volumes showed only marginal differences.

The paper demonstrates the potential of mobile phone data analysis to study the uneven impact of external shocks, such as the COVID-19 pandemic, on tourist destinations. This approach considers spatial resilience heterogeneity within regions or provinces. By incorporating income information, the analysis introduces a social dimension to highly detailed spatial data, surpassing traditional studies conducted at the regional or national levels.

COVID-19大流行对全球旅游业产生了重大影响，国际旅行受到了限制的影响最为严重。国内旅游也面临着重大挑战。本文分析了COVID-19大流行对西班牙国内旅游的影响，重点关注从马德里（该国首都）到其他旅游目的地的旅行。

本研究使用移动电话数据研究了2019年、2020年和2021年夏季旅游出行的演变。采用回归模型解释了各目的地游客数量。

大流行不仅导致了旅游流量急剧下降，还扰乱了国内流动系统的总体模式。获胜的目的地通常是马德里附近的地区和人口较稀少的目的地，而城市目的地是主要的输家。国内游客的偏好在收入群体之间有明显差异，但旅行量的减少只显示出边际差异。

本文展示了使用移动电话数据分析研究外部冲击（如COVID-19大流行）对旅游目的地的不均匀影响的潜力。该方法考虑了区域或省份内的空间弹性异质性。通过整合收入信息，该分析为高度详细的空间数据引入了社会维度，超越了传统在区域或国家水平进行的研究。

In the current context of change, leadership is significant in developing employees' commitment to change. In this work, the authors analysed the relationship between inclusive leadership and commitment to change and the mediating effect of job satisfaction between inclusive leadership and commitment to change.

Through a questionnaire, 256 employees from Brazil and Spain were interviewed. The hypotheses were tested through structural equations.

The results indicated that inclusive leadership is related to individuals' commitment to change and that job satisfaction mediates the relationship between leadership and commitment to change.

This research contributes to the literature on organisational change behaviour and the relationship between two critical contents – leadership and commitment to change – and points out the role of job satisfaction in this relationship. In addition, this work incorporates the variable country culture into the analysis model; however, it is not found to be statistically significant.

在目前改革的環境裡,若要培育僱員負起改革的承諾,領導者的素質和能力是甚為重要的。本研究擬探討並分析包容性領導與改革承諾之間的關係,以及工作滿足感在包容性領導與改革承諾之間的中介效應。

研究人員透過問卷、訪問了256名來自巴西和西班牙的僱員。各假設均以結構方程式來進行測試。

研究結果顯示、包容性領導與個別員工的改革承諾是有關聯的; 另外,工作滿足感是會於領導與員工的改革承諾之間起中介效應。

本研究在關於組織變革行為與兩個關鍵內容 (分別為領導和改革承諾) 之間的關係的學術文獻上作出了貢獻。研究亦指出、工作滿足感在領導與改革承諾之間所扮演的角色。再者,本研究把國家的文化這個變數納入研究的分析模型內; 唯研究結果顯示、國家的文化在統計學上不成立。

A global crisis like that caused by the COVID-19 pandemic threatens the survival of any business, but especially of nascent entrepreneurs, due to their vulnerable situation. At this stage of entrepreneurship, information and communication technology capabilities (ICTCs) are critical skills that help entrepreneurs develop their new businesses, fostering economic adaptability to counteract adverse effects. This study advances knowledge of how nascent entrepreneurs react in an environment of global crisis.

The study analyzes a sample of 331 Spanish nascent entrepreneurs to determine the mediating effect of ICTCs on the relationship between the impact of a global crisis (e.g. COVID-19) and the firm’s strategic response.

The results suggest that crises influence adaptation and compensation strategies significantly and that ICTCs exert a total mediating effect on this relationship. The results do not, however, establish a clear relationship between the impact of the COVID-19 crisis and disengagement response, but rather a negative relationship, possibly influenced by government attempts to mitigate the pandemic’s economic consequences (economic aid to maintain the workforce, financial support for business model survival).

The COVID-19 crisis revealed ICT as a key technology for continuing business operations. This study analyzes how ICTCs affect nascent entrepreneurs’ strategies in crisis environments. Our analysis is important because these entrepreneurs have invested resources in their new project. We must determine their strategic response to crisis environments: adaptation, compensation or disengagement. The sample itself, collected during the pandemic, provides unique insights into the impact of the crisis on nascent business decisions.

像2019冠狀病毒病大流行等的全球危機一旦發生，各工商企業能否繼續生存必會受到威脅和影響。這影響以剛開始發展的創業者為甚，因為他們處於脆弱的處境。在這個創業階段，創業者必須擁有資訊與通訊科技能力，才能發展他們的新業務，他們亦需培養經濟上的適應能力，以能抵銷各種不利的影響。本研究擬就剛開始發展的創業者在全球危機發生時應如何應對進行探討，以增進我們對這課題的知識。

本研究分析一個涵蓋331名西班牙新生創業者的樣本，來鑒定資訊與通訊科技能力對全球危機 (如2019冠狀病毒病) 帶來的影響與企業戰略應對之間的關聯所起的中介效應。

研究結果似顯示，危機會顯著地影響企業的適應和賠償策略; 研究結果似乎也顯示，資訊與通訊科技能力會對這關聯 (全球危機所帶來的影響與企業戰略應對之間的關聯) 發揮極大的中介效應。但研究結果並沒有就2019冠狀病毒病危機的影響與脫離反應、建立明確的關聯。反之，研究結果似顯示兩者有一個負相關的關係，這可能是因為政府施行應對方法，以減輕大流行所帶來的經濟後果所致 (這些應對方法包括用以維持勞動力隊伍的經濟援助、和使商業模式能繼續生存的財政支援) 。

2019冠狀病毒病危機揭示了資訊與通訊科技是讓商業運作能繼續進行的關鍵技術。本研究分析資訊與通訊科技能力如何於危機發生時影響新生創業者的策略。我們的分析有其重要性，這是因為這些創業者把資源投入他們的新項目; 我們必須鑒定他們對危機所採取的戰略對策: 適應、賠償和脫離。取自大流行期間有關的樣本本身已能就危機如何影響新生創業者的商務決策、提供獨特的啟示。

Achieving good sustainability performance requires balancing higher economic profits with better environmental and social performance. Knowledge plays a key role in improving corporate sustainability performance, but this knowledge is becoming increasingly complex, specific and dispersed among many scientific, technological and business actors. Science and technology parks (STPs) are infrastructures designed to host varying types of organizations that can bring together new, disruptive knowledge. Our purpose is to unveil how these spaces can be drivers of sustainability performance for companies.

We test our hypotheses on a longitudinal database of Spanish companies over the period 2009–2016 using structural equation models (SEMs).

This research confirms that a firm’s location in an STP helps improve its sustainability performance, provided that conditions are optimal in the STP. These optimal conditions are based on an abundance of knowledge spillovers available to the firm and the firm’s ability to harness them, especially those of a more disruptive nature, through absorptive capacity.

Results of this study yield implications for academia in the form of future lines of research and practical implications for policymakers and managers of both STPs and the organizations that host them.

若要取得良好的可持續發展績效，我們必須以更佳的環境和社會績效來平衡更高的經濟利潤。知識在改善企業的可持續發展績效上發揮關鍵作用; 但知識對很多科學的、技術性的和商業的參與者來說，變得越來越複雜、特殊和分散。科技園是為集合嶄新而帶有顛覆性知識的各種不同組織提供軟硬體支援而設計的基礎設施。本研究擬顯露這些設施和場地如何能為企業推動其永續發展績效。

我們以結構方程模式、去測試有關涵蓋2009年至2016年期間西班牙企業的縱向數據庫的研究假設。

研究結果確認了只要在科技園內有最優良的環境和條件，企業在園內的位置是有助改善其永續發展績效的。這些最優良環境和條件是基於企業可得到的豐富的知識外溢，以及它們可透過其吸收能力去控制知識外溢的能力，特別是那些具更強顛覆性本質的知識外溢。

研究結果為學術界就未來的研究領域提供了啟示; 研究結果亦為科技園和主辦機構的政策制定者和經理、提供了實務方面的啟示。

This paper aims to examine two indirect mechanisms through which employees' perceptions of high-performance work systems (HPWS) foster employees' innovative behaviour (IB). Particularly, this study analyses the sequential mediating role of work engagement and knowledge-sharing in this relationship at the individual level.

Using researchers and professors working at a Spanish state university as an empirical sample and applying partial least squares structural equation modelling (PLS-SEM), the authors test hypotheses regarding the impact of the indirect and sequential effect of engagement and knowledge-sharing on the relationship between employees' perceptions of HPWS and IB.

Findings indicate the existence of a sequential mediating effect of work engagement and knowledge-sharing. The authors' results suggest that the existence of engagement is necessary for the influence of HPWS on IB to become effective.

The authors' results also highlighted the importance of suitable design and implementation for HPWS so that employees feel motivated and dedicated to their work.

The authors' findings contribute to the understanding of the mechanisms by which HPWS enhance employees' IB, and the results are especially salient in advancing the theoretical understanding of how HPWS, engagement and knowledge-sharing are relevant variables for IB.

本文擬探討兩個間接機制,透過這兩個機制,僱員對高績效工作系統的看法,會促進其創新行為。具體地說,本文擬分析在個人層面上,工作參與和知識共享在高績效工作系統與創新行為之間的關係中所扮演的有序中介角色 。

我們以於一所西班牙州立大學工作的研究人員和教授為實證樣本,並使用偏最小平方法的結構方程模型 (PLS-SEM) 來進行研究。研究乃對一些假設進行試驗。這些假設,是關於工作參與和知識共享對高績效工作系統與創新行為之間關係的間接順序效應之影響。

研究結果顯示、工作參與和知識共享有其有序的中介效應。

我們的研究結果暗示、若要使高績效工作系統能有效地影響創新行為,工作參與是不可或缺的。

研究結果也強調了若要僱員盡心盡力、抱有積極的工作態度,企業必須設計合適的高績效工作系統,並予以有效的執行。

本研究的結果,幫助我們了解高績效工作系統能增強僱員創新行為的機制; 更重要的是,研究結果促進了我們對高績效工作系統、工作參與和知識共享作為創新行為的相關變數的理論理解。

This research paper aims to explore asymmetric market efficiency of the 13 Euro countries, i.e. Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, Netherland, Portugal, Slovakia, Slovenia and Spain, concerning the period before global financial crisis (GFC), after GFC and period of COVID-19 pandemic.

Multifractal detrended fluctuation analysis (MF-DFA) is applied to examine the persistence and anti-persistency. It also discusses the random walk behavior hypothesis of these 13 countries non-stationary time series. Additionally, generalized Hurst exponents are applied to estimate the relative efficiency between short- and long-run horizons and small and large fluctuations.

The current study results suggest that most countries' markets are multifractal and exhibit long-term persistence in the short and long run. Moreover, the results with respect to full sample confirm that Portugal is the most efficient country in short run and Austria is the least efficient country. However, in long run, Austria appeared to be highly efficient, and Slovakia is the least efficient. In the pre-GFC period, Greece is said to be the relatively most efficient market in the short run, whereas Austria is the most efficient market in the long run. In the case of Post-GFC, Netherland and Ireland are the most efficient markets in short and long run, respectively. Lastly, COVID-19 results indicate that Finland's stock market is the most efficient in short run. Whereas, in the long run, the high efficiency is illustrated by Germany. In contrast, the most affected stock market due to COVID-19 is Belgium.

This study will add value to the present knowledge on efficient market hypothesis (EMH) with the MF-DFA approach. Also, with the MF-DFA approach, potential investors will be capable of ranking the stock markets of Eurozone countries based on their efficiency in the period before and after GFC and then specifically in the period of COVID-19.

本研究旨在探討13個歐元區國家在環球金融危機前後, 以及2019新型冠狀病毒病肆虐時期之不對稱市場效率; 這13個國家包括: 奧地利、比利時、芬蘭、法國、德國、希臘、愛爾蘭、義大利、荷蘭、葡萄牙、斯洛伐克、斯洛維尼亞和西班牙。

研究人員使用多重分形去趨勢波動分析法、來探討持續性與反持續性。這分析法也用來討論正在研究中的13個國家的非平穩時間序列的隨機漫步假說; 而且, 廣義赫斯特指數被用來估算長期/短期投資與大/小波動之間的相對效率。

研究結果間接表明了大部份國家的市場都是多重分形的; 而且, 它們無論以短期抑或以長期來審視觀察, 均能展示持久性。再者, 就整體樣本而言, 研究結果確認了在短期來看, 葡萄牙是效率最高的國家, 而奧地利則效率最低。唯以長期來審視觀察, 奧地利則似乎效率很高, 而效率最低的則是斯洛伐克。在環球金融危機爆發前, 就短期而言, 希臘被認為是相對效率最高的市場, 而長期而言, 效率最高的則是奧地利。至於在環球金融危機爆發後, 就短期而言, 荷蘭是效率最高的市場, 而就長期而言, 效率最高的則是愛爾蘭。最後, 2019新型冠狀病毒病的結果顯示, 就短期而言, 荷蘭的股票市場是效率最高的, 而長期而言, 德國則展示了其高效率性。而受疫情影響最大的股票市場則是比利時。

研究採用了多重分形去趨勢波動分析法、來探討股票市場的效率, 並以此分析法來討論有關國家的非平穩時間序列的隨機漫步假說, 這使我們對效率市場假說有進一步的認識; 就此而言, 本研究為有關的探討增添價值; 而且, 有意投資者在使用多重分形去趨勢波動分析法下, 能夠基於歐元區國家的股票市場在環球金融危機前後, 以及更明確地在2019新型冠狀病毒病肆虐時期的效率, 來把這些股票市場分等級。

環球金融危機、2019新型冠狀病毒病、效率市場假說、多重分形去趨勢波動分析.