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This study aims to investigate herding spillover in BRIC (Brazil, Russia, India and China) countries and Turkey under different regimes by using a time-varying approach.

The authors used the structural change model of Bai and Perron (1998).

The results indicate that there is an evidence of herding behaviour in the Chinese stock market in two different regimes. These regimes cover the recent global financial crisis and the period of Hong Kong protests. We also report the evidence of herding behaviour in the Turkish stock market in the regime covering the COVID-19 period. Findings of herding spillover show that there is a two-way herding among Russia and China during crises and high volatile regimes. Similarly, there exists a cross-country herding among Brazil and India during crisis regimes. Also, there is herding spillover from Turkey to Russia, China and Brazil during the global financial crisis, post-European debt crisis and COVID-19 periods respectively. Furthermore, it is also evident that there is a herding spillover from Russia and China to India during the period covering COVID-19.

To the best of the authors' knowledge, this is the first study that uses structural change approach to identify herding behaviour spillovers from the US stock market to BRIC countries and Turkey and to investigate the cross-country herding behaviour among BRIC countries and Turkey.

Using data from Turkey, this paper seeks to investigate whether relative price changes can help to explain the Phillips Curve relationship between inflation and output.

Building on work by Ball and Mankiw, the paper includes measures of the variance and skews of relative price adjustment in an otherwise standard model of the Phillips Curve. It employs a bounds‐testing approach based on an ARDL model to establish long‐run relationships. It then uses error correction models to analyze short‐run dynamics.

No evidence was found for a long‐run relationship between inflation and output. However, a long‐run relationship is in fact found, once the variance and skew of relative price changes are included as regressors. The error correction model implies plausible short‐term dynamics in this case.

This paper combines two distinct literatures, on the Phillips Curve and on the distribution of relative price changes, showing that insights from the latter can be essential in constructing coherent models of the Philips Curve.

This study explores tourists' virtual reality experiences during the transition to the Metaverse.

Qualitative approach was employed to capture tourists' virtual reality experiences and knowledge of the Metaverse at two five-star hotels in Kusadasi (Republic of Turkey). The data were collected from Kusadasi using a purposive sampling technique. The research design focused on data collection with the structured interview technique. The interview form consisted of 7 questions in total, and a voice recorder was used to record the answers of the participants. After the first 4 questions were asked, the participants were presented a virtual reality experience with the virtual reality (VR) glasses. The interview was held face-to-face with thirty-five participants consisting of domestic and foreign tourists in two five-star hotels in the summer season of 2022. The collected data were analyzed with the content analysis technique and themes were created.

This study's findings enhance the conceptual capital in this emerging field and provide insights into many of the participants who have and have never experienced virtual reality applications and who are familiar and unfamiliar with the Metaverse as a concept.

This study generates empirical data that informs contemporary debates about virtual reality and the Metaverse.

The findings show that most participants have never experienced a virtual reality application. Hotels and travel agencies should be aware of this new futuristic technology before the Metaverse transition. Metaverse is for generation Y and Z instead of Baby Boomers and generation X.

This study is unique in terms of depth and fills the gap as it provides useful insights regarding the evaluation of tourists' virtual reality experiences in the transition process to the Metaverse.