Search results

Purpose: This work provides an empirical analysis of investor behaviour's simultaneous influence due to the surprise effect caused by COVID-19 cases and government responses to market risk. This analysis compares tourism assets risk with other sectors and different types of investors' assets and categories in Europe.

Design: The paper applies an ARIMA with a GARCH model to predict conditional volatility of models for market uncertainty. Nonlinear models, factor analysis and time series linear regression for stationary variables in first differences are applied to predict market uncertainty.

Findings: We demonstrate that market risk does not arise from COVID-19 cases but instead from the surprise effect, as the market accurately predicts future cases. Only the volatility of the sectors Travel, Airline, and Utility are influenced by both surprise effect and government response, but only the travel sector reveals an interaction effect with both government response effort and surprise effect.

Originality: The article mutually studies the simultaneous interactions among investor behaviour due to the surprised effect caused by COVID-19 and government responses to the pandemic and the influence on professional investors' volatility in two asset types and between different sectors.

Practical implications: With this model and results, investors and financial service providers may verify whether or not government intervention during pandemic periods is effective in reducing uncertainty and risk levels on sectors, types of investors and different sorts of assets.

In this work, we estimated the impact that the US VIX, economic policy and epidemic uncertainty indexes had on leisure and recreation stocks. We extended the current literature in two ways: first, we estimated the smoothed probabilities of being in ‘normal’ ( s = 1 ), ‘distress’ ( s = 2 ) and ‘crisis’ ( s = 3 ) episodes in the Refinitiv global leisure and recreation index. Then, we estimated the influence that the VIX and uncertainty indexes had on the generation of distress and crisis episodes in these stocks. By using logit regressions, we found out that only the US Economic policy uncertainty index is a detonator of distress and crisis episodes. We also found that the pandemic (COVID-19) news uncertainty has no significant and direct influence on the smoothed probabilities. Finally, and complementary to the current literature, we found that the volatility spillover effect from the S&P 500 to these stocks generates extreme volatility (crisis) episodes. Our results could be of use for practitioners and scholars and could provide a model to forecast distress and crisis episodes among leisure and recreation stocks. This model could be used for potential portfolio management or economic (tourism) policy purposes.

Tourism activity is a global industry and, as such, it is subject to global risks. International travel has developed exponentially over the last few decades. At the same time, diseases have increased their geographical spread influenced by ecologic, genetic and human factors. Currently, the increasing virus, epidemic and pandemic outbreaks represent some of the most negative consequences of globalization, causing deaths and significant economic losses due to the negative impacts they have on the tourism industry, one of the sectors that have been the most affected by health crises.

This work presents insights on the epidemics, pandemics and virus outbreaks that have occurred throughout the twenty-first century and how those occurrences have affected the tourism industry and the global economy. A brief literature review on health risks in tourism is presented, followed by a clinical perspective to help people understand the differences between endemics, outbreaks, epidemics and pandemics. Then, the study offers a presentation of the most significant pandemics in recent human history and a deep analysis of the COVID-19 disease. Finally, the effects that the different pandemics, epidemics and outbreaks that occurred in the present century had on tourism are explained, and the challenges tourism has to face are presented and discussed.

We present a critical literature review debating Brazilian research on social and environmental accounting (SEA). The aim of this study is to understand the role of politics in the construction of hegemonies in SEA research in Brazil. In particular, we examine the role of hegemony in relation to the co-option of SEA literature and sustainability in the Brazilian context by the logic of development for economic growth in emerging economies. The methodological approach adopts a post-structural perspective that reflects Laclau and Mouffe’s discourse theory. The study employs a hermeneutical, rhetorical approach to understand and classify 352 Brazilian research articles on SEA. We employ Brown and Fraser’s (2006) categorizations of SEA literature to help in our analysis: the business case, the stakeholder–accountability approach, and the critical case. We argue that the business case is prominent in Brazilian studies. Second-stage analysis suggests that the major themes under discussion include measurement, consulting, and descriptive approach. We argue that these themes illustrate the degree of influence of the hegemonic politics relevant to emerging economics, as these themes predominantly concern economic growth and a capitalist context. This paper discusses trends and practices in the Brazilian literature on SEA and argues that the focus means that SEA avoids critical debates of the role of capitalist logics in an emerging economy concerning sustainability. We urge the Brazilian academy to understand the implications of its reifying agenda and engage, counter-hegemonically, in a social and political agenda beyond the hegemonic support of a particular set of capitalist interests.

This research demonstrates that the combination of two methodologies to describe photographs — Nobrade and Sepiades — together with the contextualization and identification of the content informational model of the photograph facilitates the reconstruction of institutional memory. This exploratory research based on case study adopted a set of metadata from Nobrade and Sepiades aiming at the organization and availability of the set of information extrinsic to the 20 portraits of the rectors of the Federal University of Pernambuco from 1946 to 1971. For the contextualization of this period, some of the events that occurred in Brazil were highlighted, as they influenced the academic environments during the Democratic Period and the Military Regime. The description of the photography was made in four parts: first part was called administrative dates resulting in the photo identification information; second part was the provenance data, that is, data about its origin and context; third part was composed of the technical data of the photograph; and fourth part was composed of the image data which contains information about the content of the photograph. The second and fourth parts using context and content information enable the photograph to be understood beyond what can be seen and contribute to the reconstruction of institutional memory. This research contributes to the elaboration of a documentary system using a combination of methodologies, focusing on photographs, not only as an institutional technical activity, but also as an activity necessary for the reconstruction of the institutional memory.

This study based on qualitative data aims to highlight emerging journalistic practices. It analyzes entrepreneurship in Brazilian journalism in order to determine to what extent this development can be regarded as a form of organizational innovation. Over 30 case studies of Brazilian journalistic startups are examined.

The method adopted in this analysis consists of four complementary stages. In the first stage we identify Brazilian media’s political and economic standing and the impacts of digitization on journalism. Then we assess journalistic startup experiences in Brazil through innovation and entrepreneurialism and map the cases. Finally, the fourth and final stage involves interviews of journalists responsible for such startups.

In the past, startups were associated with oppositional forms of journalism aimed at producing alternative views. We find that these startups represent a hybrid of innovation and conservation in news production. On the one hand, they create the potential for journalism’s independence, a crucial asset for the democratic societies utilizing various forms of news production. On the other hand, they remain tied to political and economic interests springing from the neoliberalism that characterize the global media industry.

This chapter focuses on journalistic startups in Brazil and identifies five relevant characteristics of these entrepreneurial organizations. These innovative forms of news production open up spaces for a plurality of social actors and productive sectors. They also offer alternative approaches to covering many relevant issues in Brazilian society, such as legal and judicial topics.