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This paper aims to investigate the spillover effects of jump and crash events among Chinese nonfinancial firms.

This sample consists of more than 1.5 million weekly observations of over 3,000 Chinese listed firms over the period 1991–2015. The authors utilize univariate tests to compare the post-event performance of matched peer and non-peer control firms and cross-sectional regressions of their abnormal returns/cumulative abnormal returns (ARs/CARs) and returns on assets (ROAs).

The authors find that extreme risk-adjusted abnormal stock returns (stock price crashes and jumps) generate statistically significant ARs/CARs in the same directions in industry, size, leverage, and geographical location matched peer firms in Chinese stock market. Further tests reveal that peer firms' response to the crash event is pronounced more in the group of firms about which the information asymmetry is high between investors and firms.

Portfolio investors can adjust their portfolios accordingly by selling stocks of the matching rival firms during a crash period. Policymakers may develop policies so as to protect the interests of small investors in the events of crashes in the markets. They can reduce the information asymmetry between the firms and the investors by making information about the firms more transparent, so as to reduce the contagion in case of crash event.

This study has important implications for portfolio investment managers and policymakers.

To the best of authors' knowledge, this is the first study that combines the jump and crash events and attempts to assess their spillover effects on other firms in Chinese stock market.

The purpose of this paper is to investigate the relationship between CEOs' inside debt holdings (pension benefits and deferred compensation) and the operating leverage of the firms they manage, with the aim to examine whether CEO incentives play a role in corporate risk-taking.

The authors investigate the relation between CEO inside debt holdings (CIDH) (pension benefits and deferred compensation) and the operating leverage (DOL) of the firms they manage. Using a sample of 11,145 US firm-year observations over the period 2006–2017, the authors find a strong negative association between CIDH and DOL. Additional analyses reveal that the relationship between CIDH and DOL is more pronounced in firms with heightened agency issues, powerful CEOs and for CEOs with stronger professional networks. The results are robust to various sensitivity and endogeneity tests.

The authors find strong evidence confirming the expected negative association between CEO inside debt and DOL suggesting that firms with higher inside debt tend to maintain lower levels of operating leverage. These findings continue to hold with the alternative measure for the inside debt and operating leverage, and across a range of tests designed to rule out the possibility that the primary findings are in any way driven by potential endogeneity. In addition, the findings demonstrate that the presence of manager-shareholder agency conflicts can strengthen the inside debt–DOL relationship suggesting the strong role of inside debt in reducing firm risk.

Findings in this paper have implications for design of compensation structures so that corporate boards can establish incentives as a tool for risk management. A limitation of this study is that it is focused on one market, i.e. US listed companies, so the findings may not be applicable on a global scale.

To the best of the authors’ knowledge, this is the first study that links firm-level management of operating leverage through design of CEO inside debt incentives (two obvious choices for risk-reduction at the CEOs’ disposal include reducing financial risk through reduction of firm leverage and reducing operating risk through reduction of operating leverage). While use of firm leverage as an instrument of choice has been explored in the past, use of operating leverage to achieve risk reduction when CEO possess high inside holding, has received very little attention.

Building on the social leverage model (SLM), this study aims to examine the influence of event-related attributes on residents' perceived social impact of a major sport event, as mediated by event involvement. It also investigates the moderating effect of event rights holders' credibility on the relationship between event involvement and perceived social impact.

Using a two-wave, time-lagged survey, data were collected from 220 residents of a Super Bowl host city. Hypotheses were tested using structural equation modeling (SEM).

High celebratory atmosphere, social camaraderie and social responsibility as perceived before the event were associated with residents' perceptions of the social impact of the Super Bowl. Moreover, the association between social camaraderie and perceived social impact was mediated by event involvement. When appraising the rights holder as credible, involved residents reported an increased level of perceived social impact.

This study contributes to research on the SLM by demonstrating its application among indirect participants of major sport events. Additionally, it suggests the imperative role of rights holders' credibility in promoting the perceived social impact among involved residents.

The present research study aims to explore the impact of the most recent Israeli–Palestinian conflict, which unfolded in October 2023, on global equity markets, including a wide range of both emerging and developed markets (as per the Morgan Stanley Capital Investment country classification).

The market model of event study methodology, with an estimation window of 200 days and 28-day event window (including event day, i.e. October 7, 2023), has been employed to investigate the event’s impact on the stock markets of different countries, with 24 emerging countries and 23 developed countries. The daily closing prices of the prominent indices of all 47 countries have been analyzed to examine the impact of the conflict on emerging markets, developed markets and overall global equity markets. Additionally, cross-sectional regression analysis has been performed to investigate the possible explanations for abnormal returns.

The findings of the study suggest the heterogeneous impact of the selected event on different markets. Notably, emerging markets and the overall global equity landscape exhibited substantial negative responses on the event day, as reflected in average abnormal returns of −0.47% and −0.397%, respectively. In contrast, developed markets displayed resilience, with no significant negative impact observed on the day of the event. A closer examination of individual countries revealed diverse reactions, with Poland, Egypt, Greece, Denmark and Portugal standing out for their positive or resilient market responses. Poland, in particular, demonstrated significantly positive cumulative abnormal returns (CARs) of 7.16% in the short-term and 8.59% in the long-term event windows (−7, +7 and −7, +20, respectively), emphasizing its robust performance amid the geopolitical turmoil. The study also found that, during various event windows, specific variables had a significant impact on the CARs.

The study suggests diversification and monitoring of geopolitical risks are key strategies for investors to enhance portfolio resilience during the Israeli–Palestinian conflict. This study identifies countries such as Poland, Egypt, Greece, Denmark and Portugal with positive or resilient market reactions, providing practical insights for strategic investment decisions. Key takeaways include identifying resilient markets, leveraging opportunistic strategies and navigating market dynamics during geopolitical uncertainties.

As per the authors’ thorough investigation and review of the literature, the present study is the earliest attempt to explore the short-term and long-term impact of the 2023 Israeli–Palestinian conflict on equity markets worldwide using the event study approach and cross-sectional regression analysis.

This paper deeply investigates the herd behavior of the Egyptian mutual funds under changing and different conditions of the market pre- and post-events and compares the impact of asymmetric risk conditions on the herding behavior of the Egyptian mutual funds in both up and down markets.

We test for the existence of herding for the whole period from 2003 to 2022, as well as for the pre-and post-different Egyptian uprising periods. We employ two well-known models, namely the cross-sectional standard deviation (CSSD) and cross-sectional absolute deviation (CSAD) models. Additionally, we use the quantile regression approach.

We find that the behavior of mutual funds does not change following the different political and social events. For the whole period, we find evidence of herding behavior using only the model of CSAD in down-market conditions. We generalize our finding to be evidence of the existence herding behavior in different quantiles, under only the down market in specific points’ pre, post or both given events throughout the whole series. Conversely, during the upper market, we show a full absence of herding behavior considering all different quantiles. When the market is down, managers are afraid of the condition of uncertainty, neglecting their own private information, avoid acting independently and consequently, following other mutual funds. When the market is up, managers become rational and act fully independent.

Future research should delve deeper into the drivers of herding behavior, assess its longer-term effects, develop risk management strategies and consider regulatory measures to mitigate the potential negative impact on mutual fund performance and investor outcomes.

The study reveals that the behavior of mutual funds remains consistent despite various political and social events, suggesting a degree of resilience in their investment strategies. The research uncovers evidence of herding behavior in both high and low quantiles, but exclusively in down markets. In such conditions of market decline, fund managers appear to forsake their private information, exhibiting a tendency to follow the crowd rather than acting independently.

The study reveals that the behavior of mutual funds remains consistent despite various political and social events, suggesting a degree of resilience in their investment strategies. The research uncovers evidence of herding behavior in both high and low quantiles, but exclusively in down markets. In such conditions of market decline, fund managers appear to forsake their private information, exhibiting a tendency to follow the crowd rather than acting independently. Future research should delve deeper into the drivers of herding behavior, assess its longer-term effects, develop risk management strategies and consider regulatory measures to mitigate the potential negative impact on mutual fund performance and investor outcomes.

The paper investigates the herd behavior of the Egyptian mutual funds under asymmetric risk conditions, the study follows the spectrum of the herding behavior analysis and Egyptian mutual funds, extending the research with imperial analysis of market conditions pre- and post-events including currency floating, COVID-19 and political elections. The study gives substantial recommendations for policymakers and investors in emerging markets mutual funds.

This study aims to investigate the market reaction in the real estate market to the announcement of Russia’s invasion of Ukraine.

This study uses the event study method to assess the market reaction to the announcement that Russia is invading Ukraine. The sample in this study comprises 2,325 companies in the real estate market. We also conduct a cross-sectional analysis to determine the influence of the North Atlantic Treaty Organization (NATO) members and company characteristics on market reactions during the invasion.

The global market reacts significantly negative toward Russia’s invasion of Ukraine. This indicates that the war poses a high geopolitical risk that prompts financial markets down. The authors also demonstrate that emerging and frontier markets react significantly negative to the invasion before and after its announcement. Meanwhile, developed markets tend to react only before the invasion is announced. Furthermore, we find that the NATO members react more strongly than other markets.

This result implies that war prompts investors to flee from the stock exchange, while the deeper the country’s involvement, the more investors worry about the risks.

This study is the first to discuss the market reaction to the Russian invasion of Ukrainian, specifically in the real estate market.

This paper aims to investigate the long-run financial and environmental performance of corporate green bond issuers, worldwide.

The data includes 259 corporate green bond issuers from 2013 to 2020. The authors adopt the matching approach, using the nearest neighbor method to select the control firms. The event-time approach is used to examine corporate green bond issuers’ long-run stock market performance, and robustness tests are conducted using the calendar-time method. The authors examine green bond issuers’ long-run environmental performance and carbon dioxide (CO₂₎ emissions using difference-in-differences estimations.

In contrast with the earlier long-run event studies, our results reveal that multiple-time issuers, and issuers operating in industries where the natural environment is financially material, perform financially in the long term relative to the control firms. The authors also document that corporate green bond issuers reduce their CO₂ emissions, and improve their resource use efficiency and environmental performance, in the long run.

To the authors’ knowledge, this is the first study that looks at the long-run effect of corporate green bond issuance on firms’ stock market performance. It has the particularity to document that corporate green bond issuance is beneficial for investors and positively affects the environment. Our findings help us understand that firms do not issue green bonds for greenwashing.

Mass participation sport events, such as running events, have the potential to foster social capital among event participants. The purpose of this study is to investigate the interrelationships among sport event participation, social capital and various (behavioral, psychological, informational and negative) outcomes.

Following Putnam's social capital approach, a research model was developed and tested using confirmatory factor analysis and structural equation modeling, based on survey data from 301 runners with varied running histories and event experiences.

Results showed a limited impact of sport event participation on participants' social capital, indicating that the temporary interactions within the event timeframe were insufficient to generate sustainable social capital among event participants. Nevertheless, significant relationships were found between social capital and behavioral, psychological and informational outcomes of social capital, suggesting that social capital can be converted to a range of benefits for participants and the event community.

Event marketers and sponsors should take strategic actions to enhance participants' social experience and cultivate social capital, which may help them gain support from the event community irrespective of past experiences with participation.

This study extends Putnam's social capital framework into mass participation sport event context. As an initial effort to quantitatively test the linkage among event participation, social capital and various outcomes, this study offers empirical insights into the role of sport event participation in generating long-term social benefits for event participants.

This study aims to propose an analytical tool based on the activities–resources–actors (ARA) model to understand the coordination mechanisms in humanitarian action. The tool identifies the phases of humanitarian action and analyzes the underlying mechanisms that facilitate coordination among organizations.

This study uses a literature review to develop analytical grids and theoretical propositions based on the ARA model.

The ARA model is a useful tool for understanding coordination mechanisms in humanitarian action. The study identifies key elements of interaction systems and characterizes the phases of humanitarian action. Effective coordination among organizations is essential for successful aid delivery. The study provides four theoretical propositions.

Future research could validate the propositions formulated in this study through case studies.

The analytical grids proposed in this study can be used by humanitarian organizations to improve their coordination mechanisms and aid delivery processes.

Effective humanitarian action can help alleviate the suffering of individuals affected by crises and contribute to the overall well-being of communities. The analytical tool proposed in this study can improve the effectiveness of humanitarian action and ultimately benefit society.

This paper presents an original approach by leveraging the ARA model to develop an analytical tool for humanitarian action, which is useful for both practitioners and researchers. In addition, the paper attempts to overcome the siloed vision of humanitarian action by highlighting “emergency-development” aspect.

This study aims to track and integrate past research concerning how tourism might improve natural disaster management, detect thematic research areas and develop an agenda for future research.

Using a systematic literature review methodology, this research synthesises academic papers indexed in the Scopus, Web of Science and EBSCOhost (Hospitality & Tourism Complete) databases. A total of 34 articles published in peer-reviewed English journals were systematically selected for review and analysed using a thematic approach.

This review highlights a growing interest in the potential and value of tourism for disaster management. Eight key themes emerged in the review, including education and information communication about disasters; tourism facilities for disaster preparation; tourism resources in emergency conditions; livelihoods and economic recovery; disaster-related tourism attractions for recovery; destination re-branding and re-framing; community reinvigoration in tourism-driven disaster recovery; and special-interest tourism for recovery. A natural disaster management schematic empowered by tourism highlights tourism industry opportunities to positively impact the entire disaster management process.

To the best of the authors’ knowledge, this work offers the first systematic review of the research on how tourism might support multiple stages of natural disaster management. This study thus complements and enriches extant literature reviews on the nexus between tourism and disaster management. The framework presents timely guidelines for planners, developers and other key stakeholders to leverage tourism initiatives to improve disaster management outcomes.

本研究旨在追溯和整合以往研究中关于旅游业如何提升自然灾害管理的实践和发现, 明确主要研究领域并提出未来研究议程。

通过系统文献综述方法, 本研究综合了Scopus, Web of Science和EBSCOhost（Hospitality & Tourism Complete）数据库中索引的学术论文。共有34篇发表在同行评审的英文期刊上的文章被系统地筛选出来, 随后使用主题分析方法进行分析。

文献综述发现, 学者和行业实践者对旅游业在灾害管理方面的潜力和价值越来越感兴趣。综述分析发现了八个关键领域：灾害的教育和信息交流; 旅游设施用于备灾; 旅游资源用于紧急情况; 生计和经济复苏; 灾难相关的旅游吸引物; 灾难地品牌重塑和重构; 旅游业驱动的社区灾后重振; 灾后重建中的特殊兴趣旅游。本文设计了由旅游业赋权的自然灾害管理示意图, 突出了旅游业对整个灾害管理进程产生的积极影响和潜在机会。

本文首次系统地回顾了旅游业如何支持多个自然灾害管理阶段的相关研究。此项研究补充和丰富了关于旅游业与灾害管理之间关系的现有文献综述。该框架为规划者、开发商和其他主要利益相关者在利用旅游举措来改善灾害管理方面提供了及时的指导方针。

Este estudio identifica e integra las investigaciones anteriores sobre cómo el turismo podría mejorar la gestión de desastres naturales, detecta áreas temáticas de investigación y elabora una agenda para la investigación futura.

Usando una metodología de revisión sistemática de la literatura, esta investigación sintetiza artículos académicos indexados en las bases de datos Scopus, Web of Science y EBSCOhost (Hospitality & Tourism Complete). Se seleccionaron sistemáticamente un total de 34 artículos publicados en revistas inglesas con revisión por pares para su revisión y análisis mediante un enfoque temático.

Esta revisión pone de relieve el creciente interés por el potencial y el valor del turismo en la gestión de desastres. En la revisión surgieron ocho temas clave: la educación y la comunicación de información sobre desastres; instalaciones turísticas para la preparación ante desastres; recursos turísticos en condiciones de emergencia; medios de subsistencia y recuperación económica; atracciones turísticas relacionadas con los desastres para la recuperación; cambio de marca y replanteamiento del destino; revitalización de la comunidad en la recuperación de desastres impulsada por el turismo; y el turismo de interés especial para la recuperación. Un esquema de gestión de desastres naturales potenciado por el turismo pone de relieve las oportunidades de la industria turística para influir positivamente en todo el proceso de gestión de desastres.

Este trabajo ofrece la primera revisión sistemática de la investigación sobre cómo el turismo podría apoyar las múltiples etapas de la gestión de desastres naturales. Este estudio complementa y enriquece la bibliografía existente sobre el nexo entre el turismo y la gestión de desastres. El marco presenta directrices oportunas para que los planificadores, los promotores y otras partes interesadas clave aprovechen las iniciativas turísticas para mejorar los resultados de la gestión de desastres.