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The crude oil market has experienced an unprecedented overreaction in the first half of the pandemic year 2020. This study aims to show the performance of the global crude oil market amid Covid-19 and spillover relations with other asset classes.

The authors employ various pandemic outbreak indicators to show the overreaction of the crude oil market due to Covid-19 infection. The analysis also presents market connectedness and spillover relations between the crude oil market and other asset classes.

One of the essential findings the authors report is that the crude oil market remains more responsive to pandemic fake news. The shock of the global pandemic panic index and pandemic sentiment index appears to be more promising. It has also been noticed that the energy trader's sentiment (OVX and OIV) was measured at a too high level within the Covid-19 outbreak. Volatility spillover analysis shows that crude oil and other market are closely connected, and the total connectedness index directs on average 35% contribution from spillover. During the initial growth of the infection, other macroeconomic and political events remained to favor the market. The second phase amidst the pandemic outbreak harms the global crude oil market. The authors find that infectious diseases increase investor panic and anxiety.

The crude oil investors' sentiment index OVX indicates fear and panic due to infectious diseases and lack of hedge funds to protect energy investments. The unparalleled overreaction of the investors gauged in OVX indicates market participants have paid an excessive put option (protection) premium over the contagious outbreak of the infectious disease.

The empirical model and result reported amid Covid-19 are novel in terms of employing a news-based index of the pandemic, which are based on the content analysis and text search using natural processing language with the aid of computer algorithms.

原油市場在流行病肆虐的2020年的頭半年經歷史無前例的過度反應。本文旨在顯示全球原油市場在2019冠狀病毒病流行期間的表現及原油市場與其它資產類別之溢出關係.

我們使用各種大流行病爆發的指標，來顯示原油市場因2019冠狀病毒病的感染而過度反應。我們的分析亦涉及市場的關聯性及原油市場與其它資產類別之溢出關係.

我們其中一個基本的發現是: 原油市場仍對大流行病的虛假新聞有更迅速的反應。全球大流行病恐慌性指數及大流行病情緒指數所帶來的震驚似乎是有希望的。大家亦察覺，能源交易商的情緒(OVX及OIV) 在2019冠狀病毒病爆發期間被測量為處於太高的水平。波動溢出分析顯示、原油與其它市場有密切的關係，而總關聯度指數引導平均35%來自溢出量的作用。在感染傳播初期，其它的宏觀經濟和政治事件仍對市場有利。在大流行病爆發期間的第二階段則損害全球原油市場。我們發現，傳染病會增加投資者的恐慌和焦慮.

原油投資者的情緒指數OVX顯示因傳染病及因缺乏對沖基金來保障能源投資而帶來的懼怕和恐慌。於OVX測算到的投資者空前的過度反應顯示市場參與者就這傳染病的感染爆發付出過量的賣權(保障)權利金.

我們的經驗模型和在2019冠狀病毒病肆虐期間匯報的研究結果，從使用以新聞為基礎的流行病指數的角度而言是新穎的。而這些全以內容分析和正文搜尋為基礎、使用自然語言處理，並輔以計算機算法.

The main purpose of this study is to make a comparative evaluation of the impacts of previous outbreaks and coronavirus disease 2019 (COVID-19) on the tourism industry. COVID-19 appears to have disrupted all memorizations about epidemics ever seen. Nobody has anticipated that the outbreak in late December will spread rapidly across the world, be fatal and turn the world economy upside down. Severe acute respiratory syndrome, Ebola, Middle East respiratory syndrome and others caused limited losses in a limited geography, thus similar behaviors were expected at first in COVID-19. But it was not so. Today, people continue to lose their lives and experience economic difficulties. One of the most important distressed industries is undoubtedly tourism.

This study is a literature review. In this review, a comparative evaluation between the impact of previous outbreaks and COVID-19 on the tourism industry has been made based on statistics and previous research studies.

The information and figures obtained show that COVID-19 and previous outbreaks have such significant differences that cannot be compared. COVID-19 has been one of the worst to live in terms of spreading speed, the geography where it spreads, loss of lives and negative effects in the whole area.

It is noteworthy that COVID-19 is very severe in terms of death cases and also its impacts on the economy compared to other pandemics. It remains to be argued that COVID-19 can also be a reference in terms of possible new outbreaks in the future, and is an effective actor in determining future strategies.

Global value changes continued to expand until the late 2000s. On the other hand, regional value chains have formed around major regional hubs due to the expansion of domestic demand in emerging economies, such as China, and strengthened trade protectionism since the global financial crisis. Such changes lead to the reorganisation of value chains, focusing on domestic markets (reshoring) or neighbouring countries (nearshoring). In particular, the importance of supply chain risk management has been highlighted following disruptions to the supply network due to the COVID-19 outbreak in December 2019. In this regard, major countries such as the USA and the EU are rapidly shifting to regional value chains for stable and sustainable production, rather than primarily aiming for production efficiency targeted at reducing costs. Industries in particular are more exposed to such supply chain risks under the existing structure and it now has become extremely important for businesses to take reaction to such risks. This is especially important for major industries in a country such as automobile or semiconductor manufacturing industries in South Korea. The aim of this study, therefore, is to establish the basis for the simultaneous growth of ports and linked industries by examining the existing structure of the global value chain for the automotive industry, which has a strong presence in South Korea’s domestic economy. In this regard, this research carries out a supply chain analysis focusing on the imports and exports of automotive parts. It also analyses the current structural risks and suggests risk management measures to secure a stable supply chain.

The 2019 novel coronavirus (COVID-19) outbreak is projected to have adverse consequences on the global tourism and hospitality industry. This paper aims to examine how the outbreak may alter Chinese tourists’ lifestyle choices, travel behaviour and tourism preferences in the short and long term.

This paper is based on the synthesis of news broadcasted by several media outlets to be supported by an overview of the related literature on tourism marketing, tourism management and tourist behaviour. The authors’ experiences investigating trends in tourism and hospitality at the local and international level have also contributed to the study.

This paper predicts that COVID-19 will likely affect Chinese travellers’ consumption patterns, such as the growing popularity of free and independent travel, luxury trips and health and wellness tourism. New forms of tourism including slow tourism and smart tourism may also drive future tourism activities. Such changes are likely to force businesses to reconsider their service designs and distribution channels.

While Chinese and other potential visitors rethink how they travel, professionals, too, should reflect upon how to bring positive or negative changes to the tourism industry following this pandemic. Subsequent research should also consider how to mitigate the effects of similar public health crises in the future.

Recommendations for industry practitioners and policymakers focus on tailoring travel arrangements to tourists’ backgrounds. The suggestions may help to alleviate outbreak-related stress, offer travellers newly enriching experiences and partially mitigate the effects of COVID-19 on the tourism and hospitality industry. These recommendations can also apply more broadly to global tourist markets.

The COVID-19 outbreak has already brought significant impacts to nearly every society and industry. Tourism scholars and practitioners should carefully consider this tragedy and how it may inform industry and social practices. This and other public health crises represent sterling opportunities to view the industry holistically in terms of its effects on the environment, climate and travellers themselves.

This paper presumably represents a frontier study, critically examining the possible impacts of COVID-19 on Chinese travellers’ consumption patterns and how the tourism and hospitality industry may respond to such changes in the future.

预计2019年新型冠状病毒（COVID-19）爆发将对全球旅游和酒店业产生不利影响。本文预测, COVID-19可能会影响中国旅客的消费方式, 例如自由行, 豪华旅行以及健康与养生旅游的普及。包括慢速旅游和智能旅游在内的新型旅游形式也可能推动未来的旅游活动。这种变化可能促使企业重新考虑其服务设计和分销渠道。针对行业从业者和政策制定者的建议着重于根据游客的背景和需求量身定制旅行安排。我们的建议可能有助于减轻与疫情暴发导致的压力, 为旅行者提供全新的丰富体验, 并从一定程度减轻COVID-19对旅游业和酒店业的影响。这些建议还可以更广泛地应用于全球旅游市场。

COVID-19, 生活方式 旅游行为 灾后 集体主义倾向 中国

El impacto del COVID-19 se prevé importante en la actividad turística global y en la industria de la hostelería. Este artículo predice que el COVID-19 afectará con probabilidad alta los patrones de consumo de los viajeros chinos, incluyendo los cada vez más populares viajes comprados directamente por los consumidores chinos, en el segmento del lujo, y el turismo de salud y belleza. Nuevas formas de turismo, incluyendo el slow tourism, y el turismo responsable pueden convertirse en importantes tendencias de futuro igualmente. Dichos cambios llevarán con cierta seguridad a la industria a reconsiderar y adaptar su oferta de servicios en este sector, en particular su diseño y los canales de distribución utilizados. Las recomendaciones para la industria y los responsables de la política turística se alinean con una mayor proximidad de la oferta a los gustos cambiantes del consumidor. Dichas acciones ayudarán a reducir fricciones y fallos en la definición del negocio turístico, ofreciendo a los viajeros nuevas y enriquecedoras experiencias, así como podrán mitigar en parte los efectos adversos estimados del COVID-19, los cuales son relevantes a día de hoy. Así mismo, dichas recomendaciones son aplicables de una manera más global a la industria del turismo y la hospitalidad en el mercado mundial.

COVID-19, Estilo de vida, Conducta del viajero, Post-desastre, Orientacion collectivista, China

Motivated by the rapid spread of the COVID-19 outbreak in the world, this study aims to explore the stock markets’ response toward it in the Middle East and North Africa (MENA) countries.

Ordinary least squares (OLS) regressions were used to analyze the association between the COVID-19 outbreak and stock market returns. The author made use of a panel data set, including 4,195 observations from 13 countries in MENA for the period January 29, 2020, to April 30, 2021. The dependent variable was stock market returns. The explanatory variable, i.e. COVID-19, was proxied by daily growing confirmed infected cases and daily growing confirmed death cases caused by the outbreak.

The author finds that stock markets have responded negatively to the growth in COVID-19 deaths. Meanwhile, stock markets show no reaction to the daily growth of confirmed infected COVID-19 cases.

This study presents worthy information to regulators and policymakers in MENA countries, whose responsibility is to govern regulations at the macro and micro levels based on a comprehensive route that leaves no one behind. This study also offers significant insights to policymakers, managers, investors and society by showing how the stock markets quickly react to outbreaks.

This study is, to the best of the author’s knowledge, among those exploring the impact of the COVID-19 outbreak on stock market returns in the MENA countries.

This study aims to research how the outbreak of coronavirus disease 2019 (COVID-19) impacts the selected sector price indices in Borsa Istanbul (BIST), Turkey.

The authors use the event study method because it is a useful method as stock prices and market instantly reflect the effect of such an unusual event. Data are retrieved from the https://www.investing.com/.

The authors find that selected sectors are impacted by the COVID-19 outbreak. The banking and transportation sectors, on the announcement of first death, were impacted negatively, while the telecommunication and food –beverage sectors were impacted positively. The transportation and banking sectors experience an obvious downturn after the spread of COVID-19, while the food–beverage and telecommunication sectors experience an obvious upturn after the spread of COVID-19. Besides, the most adversely impacted sector is banking.

This study bridges the research gap and adds significant insights to the existing literature. The main contribution of this study to the existing literature is the unexpected outbreak impacts on financial markets, especially on BIST. It is also expected that this study will make a significant contribution to analysts, researchers and policymakers.

This paper aims to synthesize the widespread economic impact of the outbreak of COVID-19 and presents a new concept, service mega-disruptions (SMDs), which refers to fast moving market disturbances at a massive scale caused by a pandemic. The purpose of this paper is to offer a framework to recognize the impact of SMDs on service ecosystems and a call to action for service researchers in light of the COVID-19 outbreak.

This paper presents an overview of massive market disturbances that is observed across multiple service sectors based on current news reports. It then develops themes for timely and actionable research for service scholars.

The outbreak of COVID-19 demonstrates that both service industries and the service research community face a new reality, something that we are not well-prepared to handle. A new framework is needed to understand the impact of such virus outbreaks, and current service marketing concepts need to be re-investigated from a new perspective.

This paper contributes to the literature and service research community by addressing the phenomenon of SMDs by curating a framework and collection of research themes to understand what we observe and what we need to learn to do better in the future.

This study examines the economic crisis caused by coronavirus on the global tourism industry in general and the Indian tourism industry in particular. This paper highlights the strategies that tourism companies should implement in times of crisis to reduce the negative impact. It also discovers the business opportunities which can be offered amid this deadly pandemic.

The study is based on a systematic literature review. The literature has been explored by utilizing the keywords “economic crises,” “coronavirus,” “Indian tourism industry,” “Global tourism industry” on the three most popular databases namely Scopus, Web of Science and Google Scholar. In this study, statistics, current events, published research papers and a synthesis of news transmitted by various media sources were used to assess the economic crisis caused by coronavirus.

The obtained findings demonstrate that coronavirus severely affected the economy of the world and India. The pandemic has hit the economies that are dependent on tourism the worst. These countries are expected to bear the brunt of the crisis's consequences for longer than other economies. This coronavirus outbreak indicates that the tourism industry was unprepared to deal with such a pandemic, which affected and crippled the economy.

This study demonstrates economic crisis, management strategies and business opportunities during any crisis, chaos and disaster, in addition to its academic contribution to the existing body of the literature. Policymakers and industry practitioners might be offered suggestions based on the findings of current study to design futuristic strategies for better economic crisis management. The data given in this study is timely because taking an exact idea of tourism losses through the data is difficult, as the data changes as quickly as the virus spreads.

This paper forms its originality by concentrating on the aspects of economic crisis, strategies to mitigate the negative impact of coronavirus on the tourism economy and detailing the business opportunities which these crises can offer. This paper provides an evaluation of the current status of the tourism economy of the world and India as well.

The purpose of this paper is to empirically examine whether the massive spreads and fatalities of the COVID-19 pandemic in the USA, the country with the most advanced medical technology in the world, are symptomatic of leadership failure. The authors posit that when political leaders, such as the President of the USA, in conjunction with a group of state governors and city mayors, employed conspiracy theories and disinformation to achieve their political goals, they contributed to the massive spreads and fatalities of the virus, and they also undermined the credibility of the Centers for Disease Control and Prevention (CDC) and the health-care professionals in providing the pertinent control guidelines and true scientific-based medical information.

The authors conducted a review of current studies that address the handling of global infectious diseases to build a better understanding of the issue of pandemics. They then employed a theoretical framework to link the massive spreads and fatalities of the COVID-19 pandemic to political leaders, such as President Trump and the group of obsequious state governors and city mayors, who propagated conspiracy theories and disinformation through social media platforms to downplay the severity of the virus. The authors compared the massive spreads and fatalities of the COVID-19 pandemic in the USA under President Trump to President Obama who handled H1N1, Ebola, Zika and Dengue. More importantly, the authors compared President Trump's handling of the COVID-19 pandemic to other political leaders in advanced countries where there were no concerted efforts to spread conspiracy theories and disinformation about the health risks of COVID-19 pandemic.

The authors' theoretical analysis alluded to the fact that political leaders, such as President Trump, who are engulfed in self-deceptions, self-projections and self-aggrandizements would engage in self-promotion and avoid accountability for their missteps in handling global pandemic shocks. In contrast, political leaders in other advanced countries did not downplay the severity thus their ability to curtail the spreads and fatalities of the COVID-19 pandemic.

The theoretical viewpoints presented in this paper along with the derivations of the spreads–fatalities curtailment coefficients and the spread–fatality upsurge coefficients under Presidents Obama and Trump, respectively, may not be replicable. Given this plausible limitation, future research may need to provide a deep analysis of the amplifications of conspiracy theories and disinformation because they are now deeply rooted in the political economy of the USA. Furthermore, since scientists and medical professionals may not be able to forecast future epidemics or pandemics with pin-point accuracy nor predict how political leaders would disseminate health risks information associated with different pathogens, it is imperative that future research addresses the positive or adverse effects of conspiracy theories and disinformation that are now easily propagated simultaneously through different social media platforms, which are currently protected under Section 230 of the Communications Decency Act. The multiplier effects of conspiracy theories and disinformation will continue to amplify the division about the authenticity of COVID-19 pandemic and the emergence or reemergence of other pathogens in the foreseeable future.

The authors derived the unique spreads-fatalities curtailment coefficients to demonstrate how President Obama used effective collaboration and coordination at all levels of government in conjunction with medical experts to curtail the spreads and fatalities associated with H1N1, Ebola, Zika and Dengue. They further derived the spreads-fatalities upsurge coefficients to highlight how President Trump contributed to the spreads and fatalities of COVID-19 pandemic through his inability to collaborate and coordinate with state governors, city mayors and different health-care agencies at the national and international levels.

While disruptions as a result of the COVID-19 pandemic resulted in the failure of some companies, others embraced innovative digital technologies to face the challenge posed by COVID-19. The COVID-19 crisis is also an opportunity for the extractive industry (EI) sectors to review their digitalization processes. The purpose of this paper is to conduct a systematic review of infectious disease mitigation in EI and to evaluate the resilience of these industries as they address pandemic prevention and control.

Multi-case studies including digital and organizational responses to COVID-19 were analyzed to evaluate the readiness of health risk management (HRM) and resilience of EIs against the pandemic. The evaluation uses Google Scholar and Trends searches to compare the level of relevant activity in EIs with other industries.

Although EI sectors have various plans for minimizing pandemic impacts, unexpected disruptions and delays of the COVID-19 responses revealed many limitations of the existing HRM system. Digital technologies (e.g. artificial intelligence-based public health monitoring, digital collaboration, wearable health tracking and 3D printing) demonstrated their remarkable benefits in the pandemic responses and nontechnical elements affecting technology adoption (TA).

Lessons learned from the deployment of digital technologies against the pandemic help to improve the organizational capacity to deal effectively with future outbreaks and suggest lessons for the future trajectory of TA in these industries.