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This article unveils first the lead–lag structure between the confirmed cases of COVID-19 and financial markets, including the stock (DJI), cryptocurrency (Bitcoin) and commodities (crude oil, gold, copper and brent oil) compared to the financial stress index. Second, this paper assesses the role of Bitcoin as a hedge or diversifier by determining the efficient frontier with and without including Bitcoin before and during the COVID-19 pandemic.

The authors examine the lead–lag relationship between COVID-19 and financial market returns compared to the financial stress index and between all markets returns using the thermal optimal path model. Moreover, the authors estimate the efficient frontier of the portfolio with and without Bitcoin using the Bayesian approach.

Employing thermal optimal path model, the authors find that COVID-19 confirmed cases are leading returns prices of DJI, Bitcoin and crude oil, gold, copper and brent oil. Moreover, the authors find a strong lead–lag relationship between all financial market returns. By relying on the Bayesian approach, findings show when Bitcoin was included in the portfolio optimization before or during COVID-19 period; the Bayesian efficient frontier shifts to the left giving the investor a better risk return trade-off. Consequently, Bitcoin serves as a safe haven asset for the two sub-periods: pre-COVID-19 period and COVID-19 period.

Based on the above research conclusions, investors can use the number of COVID-19 confirmed cases to predict financial market dynamics. Similarly, the work is helpful for decision-makers who search for portfolio diversification opportunities, especially during health crisis. In addition, the results support the fact that Bitcoin is a safe haven asset that should be combined with commodities and stocks for better performance in portfolio optimization and hedging before and during COVID-19 periods.

This research thus adds value to the existing literature along four directions. First, the novelty of this study lies in the analysis of several financial markets (stock, cryptocurrencies and commodities)’ response to different pandemics and epidemics events, financial crises and natural disasters (Correia et al., 2020; Ma et al., 2020). Second, to the best of the authors' knowledge, this is the first study that examine the lead–lag relationship between COVID-19 and financial markets compared to financial stress index by employing the Thermal Optimal Path method. Third, it is a first endeavor to analyze the lead–lag interplay between the financial markets within a thermal optimal path method that can provide useful insights for the spillover effect studies in all countries and regions around the world. To check the robustness of our findings, the authors have employed financial stress index compared to COVID-19 confirmed cases. Fourth, this study tests whether Bitcoin is a hedge or diversifier given this current pandemic situation using the Bayesian approach.

This comparative study aims to examine the role of Socio-Economic Status (SES) on the academic performance of university students who hold both the status of Residential College (RC) and non-RC. The study further investigates whether the RC is able to offset the effects of SES on students' learning performance to ensure education equity and inclusion in China.

Data are collected through a questionnaire given to RC and non-RC students enrolled in three public universities in China. A quasi-experimental design is implemented to investigate the potential correlation, if any, between SES, RC and academic performance.

The results reveal that SES influences academic performance of RC students. Furthermore, the findings strongly suggest that RCs negatively moderate the effect of SES on academic performance.

This study examines RCs within a specific type of university in China, which may limit the generalizability of findings. Additionally, it uses a quasi-experimental method and relies solely on quantitative data, which may also introduce limitations.

Provided in this study is evidence that RCs can be an innovative way to bolster inclusive and equitable quality education for students from diverse backgrounds in China.

This study enriches the existing literature by exploring the relationships between RC, SES and academic performance in China. In addition, it provides significant references to whether RC can fulfill students' education equity and inclusion.