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The purpose of this paper is to investigate the volatility spectral of five major public real estate markets, namely, the USA, the UK, Japan (JP), Hong Kong (HK), and Singapore (SG), during the pre- and post-global financial crisis (GFC) periods.

First, univariate spectral analysis is concerned with discovering price cycles for the respective real estate markets. Second, bivariate cross-spectral analysis seeks to uncover whether any two real estate price series share common cycles with regard to their relative magnitudes and lead-lag patterns of the cyclical variations. Finally, to test the contagion effects, the authors estimate the exact percentage change in co-spectral density (cyclical covariance) due to high frequencies (short run) after the GFC.

The authors find that whilst none of the public real estate markets examined are spared from the crisis, the three Asian markets were less severely affected by the GFC and were accompanied by a reversal in volatility increase three years post-global financial crisis. Additionally, the public real estate markets studied have become more cyclically linked in recent years. This is particularly true at longer frequencies. Finally, these increased cyclical co-movements measure the outcomes of contagion and indicate fairly strong contagious effects between the public real estate markets examined due to the crisis.

The implication of this research is that benefits to investors from international real estate diversification may not be as great during the present time compared to previous periods because national public real estate markets have become more correlated. Nevertheless, the findings do not imply the complete absence of diversification benefits. This is because although cyclical correlations increase in the short run, many of the correlation values are still between low and moderate range, indicating that some diversification benefits may still be realized.

Given the significant market share and the highest levels of securitization in Asia-Pacific markets including JP, HK/China, and SG, this cyclical research including major public real estate markets has practical implications for ongoing international real estate investment strategies, particularly for the USA/UK and Asian portfolio managers.

This paper contributes to the limited research on the cyclical return and co-movement dynamics among major public real estate markets during financial/economic crisis in international finance. Moreover, the frequency-domain analysis conducted in this paper adds to better understanding regarding the impact of GFC on the cyclical return volatility and co-movement dynamics of major developed public real estate markets in international investing.

The purpose of this paper is to investigate the cross-spectra of stock, real estate and bond of ten selected Asian economies in the pre- and post-global financial crisis periods to detect whether there is greater cyclical co-movement post-financial crisis, and whether any observed increased co-movement measures the outcomes of contagion or integration.

Co-spectral approach is the proper econometric tool to deliver economic insight for this research.

Results indicate that Asian stock markets, and to a lesser degree, bond and real estate markets are more correlated post-financial crisis. Similarly, Asian financial markets have experienced increased co-movements with the US financial markets post-financial crisis. Moreover, these observed increased co-movements measure the outcomes of contagion in some cases of within-asset and cross-asset classes, as well as for some cross-US-Asian asset factor relationships along the high-frequency components of between two and four weeks. The stock markets are the most contagious, followed by the real estate markets and bond markets.

The results provide short-term investors with additional co-movement information at higher frequencies in order to identify short-term fluctuations of different asset classes. The empirical study also underscores the role of Asian real estate in investment portfolios in a mixed real estate, stock and bond context from a frequency domain perspective.

The practical implication of this research is that benefits to investors from international diversification may not be as great during the present time compared to previous periods because financial/asset market movements have become more correlated. However, it does not imply the complete absence of diversification benefits. This is because although cyclical correlations increase in the short run, many of the values are still between low and moderate range, indicating that some diversification benefits may still be realized.

In advancing the body of knowledge in international financial markets, this research is probably the first study to consider a multi-asset class portfolio context that includes stock, real estate and bond across the ten Asian economies and the USA in a single study. The frequency domain analysis conducted in this paper adds to the understanding of real estate, stock and bond market co-movement, integration and contagion dynamics, as well as the Asian cross-asset factor and US-Asian asset factor relationships in global mixed-investing environment.

The purpose of this study is to conduct a comparative analysis of the economic determinants of the compensation for chief executive officers (CEOs) between the pre- and post-financial crisis periods. To conduct the comparative analysis, the authors consider five years before and five years after the financial crisis of 2008. The authors use the data from the US financial service institutions and run separate regressions for the pre- and post-crisis periods to check if there is any significant difference in the economic determinants of executive compensation before and after the financial crisis. The authors find that total compensation and its incentive components decreased significantly in the post-crisis period. In the pre-crisis period, total compensation was determined by stock performance, accounting profit, growth, and leverage, whereas in the post-crisis period stock returns and leverage are the major factors influencing total compensation. The authors also find that firms’ leverage negatively influences the sensitivity of the pay for performance, but the influence of leverage on pay for performance is weaker in the post-crisis period. Our research is significant in the context of the US economy, the regulatory reforms of financial institutions, and the perspectives of the executive compensations. This is the first study that compares the relationship between compensation and firm performance over the pre- and post-crisis periods. It is an explicit attempt to develop a theoretical understanding of the compensation/performance relationship for the financial industry, which is blamed for the financial crisis and is affected by the Dodd–Frank regulation after the crisis.

The paper evaluates the international linkage of Indonesian stock market during pre‐crisis and post‐crisis periods using time series techniques of cointegration and vector autoregression (VAR). We find evidence for lack of cointegration among the Indonesian market, other ASEAN markets (Malaysia, the Philippines, Singapore and Thailand) and two advanced markets (the US and Japan) during both pre‐crisis and post‐crisis periods. Looking at short run dynamics, we document evidence for substantial interactions among the ASEAN markets. However, it seems that the Indonesian market becomes more segmented from other ASEAN markets during the post‐crisis period. Additionally, while most ASEAN markets respond quickly to shocks in the US regardless of the sample period and seem to be less influenced by the Japanese market post crisis, the Indonesian market becomes more responsive to the developed markets of the US and Japan during the post crisis period.

Relative risk ratings measure the degree by which a country’s sovereign rating is better or worse than other countries (Basu et al., 2013). However, the literature on the impacts of sovereign ratings on capital flows has not covered the role of relative risk ratings. This paper aims to examine the effect of relative risk ratings on private capital flows to emerging and frontier market economies is filled. In the analysis, the effect of relative risk ratings to that of absolute sovereign ratings in influencing private capital flows are compared.

This paper examines the influence of sovereign credit ratings and relative risk ratings on private capital flows to 26 emerging and frontier market economies using quarterly data for a 20-year period between 1998 and 2017. A dynamic panel regression model is used to estimate the relationship between ratings and capital flows after controlling for other factors that can influence capital flows such as growth and interest rate differentials and global risk conditions.

The analysis finds that while absolute sovereign credit ratings were an important determinant of net capital inflows prior to the global financial crisis in 2008, the influence of relative risk ratings increased in the post-crisis period. The post-crisis effect of relative ratings appears to be driven mostly by portfolio flows. The main results are robust to an alternate measure of capital flows (gross capital flows instead of net capital flows), to the use of fixed gross domestic product weights in calculating relative risk ratings and to the potential endogeneity of absolute and relative ratings.

This study advances the literature on being the first attempt to understand the impact of relative risk ratings on capital flows and also comparing the impact of absolute sovereign ratings and relative risk ratings on capital flows in the pre- and post-global financial crisis periods. The findings imply that emerging and frontier markets need to pay greater attention to their relative economic performance and not just their sovereign ratings.

This study aims to provide an overview, the state-of-the-art “research fronts”, the emerging themes of investigation and a research agenda of crisis communication for destinations’ image.

This research is conducted with a bibliographic coupling study, complemented with an H-Classic classification and a thematic analysis of the articles included in the four clusters provided by the bibliometric methodology (papers dating from 2017 to 2021, both years included).

Based on the bibliometric analysis, four thematic clusters were identified. Two of these clusters supply the “research fronts”, the most current themes in a scientific field: Cluster 1 addresses communication related to tourists’ safety, and cluster 2 enhances the role of stakeholders’ collaboration to create destinations resilience in crisis communication. The other two clusters highlight emerging themes for future investigation: Cluster 3 focuses on recovery marketing communication strategies for a post-crisis era, and cluster 4 analyses how crisis communication strategies contribute to reduce tourists’ risk perception and boosting travel intention. Finally, a future research agenda is proposed, based on the emerging themes from this study.

To the best of the authors’ knowledge, this is the first bibliometric study to analyse crisis communication for destinations’ image (pre-crisis, crisis and post-crisis). This study, which covers the most recent academic literature in this field, provides insights of communication strategies from recent crises and disasters within the “research fronts”. Besides, a research agenda useful for future scholar investigation is proposed with its emerging themes. These rising topics and learnings from past events could be used by destination marketing organisations in crisis communication for destination image recovery in the current post-pandemic scenario or in upcoming crises or disasters.

危机和灾难中目的地形象沟通：回顾和未来研究议程

摘要

本研究提供了目的地形象危机沟通的概述、最先进的“研究前沿”、新兴的研究主题以及研究议程。

本文进行了书目耦合研究, 辅以 H-经典分类和对文献计量方法提供的四个集群中包含的文章的主题分析 (论文日期为 2017–2021 年间)。

根据文献计量分析, 确定了四个主题集群。 其中两个集群提供“研究前沿”, 这是科学领域的最新主题：集群 一 解决与游客安全相关的沟通, 集群 二 加强利益相关者合作的作用, 以在危机沟通中创造目的地恢复力。 其他两个集群突出了未来调查的新兴主题：集群 三 侧重于后危机时代的复苏营销传播策略, 集群 四分析危机传播策略如何有助于降低游客的风险感知和提高旅行意愿。最后, 本文提出了基于新兴主题的未来研究议程。

据我们所知, 这是第一个分析了目的地形象的危机传播（危机前、危机和危机后）的, 独特的文献计量研究。该研究涵盖了该领域最新的学术文献, 通过其“研究前沿”提供了有关近期危机和灾难的沟通策略的见解。此外, 本文还提出了具有新兴主题的研究议程。这些新兴话题以及从过去事件中吸取的教训, 可以被目的地营销组织 (DMO) 用来进行灾难沟通, 以便在当前的大流行后情景或未来的危机或灾难中恢复目的地的形象。

Comunicación Para la imagen de destinos en crisis y desastres: revisión y futura agenda de investigación

Resumen

Este estudio proporciona una perspectiva general, los “research fronts”- los temas más actuales de una disciplina científica-, los temas emergentes y una agenda de investigación sobre comunicación de crisis de la imagen de los destinos turísticos.

La investigación está basada en un análisis bibliográfico coupling, complementado con una clasificación h-Classics y un análisis temático de todos los artículos examinados con esta metodología bibliométrica (artículos fechados entre 2017 y 2021, ambos años incluidos).

Con este análisis bibliométrico, se identifican cuatro clusters temáticos. Dos de ellos, presentan los “research fronts”, los temas más vigentes de un campo científico: el cluster 1 se refiere a la comunicación realizada para transmitir el concepto de seguridad a los turistas, y el cluster 2 destaca la relevancia de la colaboración de todos los agentes turísticos para crear resiliencia en los destinos en la comunicación de crisis. Los otros dos clusters recogen los temas emergentes de investigación futura: el cluster 3 se centra en las estrategias de marketing para la época de postcrisis y el cluster 4 analiza cómo la comunicación contribuye a reducir la percepción de riesgo de los turistas y, por tanto, a potenciar su intención de viaje. Por último, el artículo propone una agenda de investigación basada en estos temas emergentes.

Hasta donde tenemos conocimiento, éste es el primer estudio bibliométrico especialmente enfocado a la comunicación de crisis para la imagen de los destinos turísticos (con sus tres etapas, precrisis, crisis y poscrisis). Esta investigación, que analiza la literatura más reciente en este campo, proporciona conocimiento sobre la comunicación de las crisis y desastres más recientes, a través de sus “research fronts”. Asimismo, propone una agenda con nuevos temas que están surgiendo en esta disciplina, útil para futuras investigaciones académicas. Dichos temas, junto con los aprendizajes de incidentes pasados, pueden ser usados por las Organizaciones de Marketing de Destinos (DMO, en sus siglas en inglés) para incorporarlos en su comunicación de crisis destinada a la recuperación de la imagen de los destinos turísticos en el actual escenario post pandemia o en futuras crisis o desastres.

The purpose of this paper is to ascertain determining factors of ownership concentration and institutional portfolio ownership in the listed firms of an emerging market during pre-crisis and post-crisis periods and find variations in determining factors between the two varying market conditions.

This paper considers 316 listed firms for the pre-crisis period and 408 firms for the post-crisis period, from the NIFTY-500. Pre-crisis period ranges from FY2000-01 to FY2007-08 and post-crisis period ranges from FY2009-10 to FY2016-17. Two-step GMM is utilized to test the hypotheses by controlling the unobserved heterogeneity and endogeneity issues.

Higher investment and stock market growth leads to ownership dispersion in both the market conditions. Industry information asymmetry leads to dispersion in pre-crisis, while improves concentration in post-crisis phase. Firm size, legal environment and economic growth are found to be a positive determinant of institutional ownership irrespective of market conditions. Institutional investment proliferates with higher stock liquidity and PE ratio, while declines with augmented firm risk, current ratio and stock market turnover during post-crisis phase.

Policymakers should construct a robust legal environment and focus to improve economic conditions to boost institutional ownership. Corporate executives should concentrate to increase stock liquidity and earnings of the firms, and lower market risk to draw more institutional portfolio investments.

This study would enrich emerging governance literature since studies on the determining factors of ownership holdings are limited in the emerging world. It adds novelty by capturing two different market conditions such as pre-crisis and post-crisis phases to obtain the time-dependent and time-independent determinants. It adds uniqueness by considering the determinants of institutional ownership, which is scarce in ownership studies.

The purpose of this paper is to investigate the validation of the ASEAN+3 financial cooperation agreement among its members. In particular, it examines the long- and short-run relationships among the stock market indices of eight countries: China (CH), Japan (JP),Korea (KR), Malaysia (MY), Indonesia (ID), Philippines (PH), Thailand (TH), and Singapore (SG).

The study applied a global VAR and vector error correction model (VECM) model to investigate this relationship using daily data over the period from first March 1992 to end of September 2013. The study period has been separated into pre-1997/1998 financial crisis period (1992-1997) and post-1997/1998 crisis period (1999-2013).

The findings show that the stock markets in the ASEAN region are integrated during both periods of financial crises. However, the markets are moving toward better integration, particularly during the post-crisis period. This is supported by the results of the error correction which indicated that most ASEAN+3 stock market indices adjust quickly within the short run to a shock in the long-run equilibrium relationships in the region during both the pre- and post-crisis periods. In addition, the results of the VECM causality test showed that a short-run relationship exists among the ASEAN+3 stock market indices.

The results of this study therefore have two implications: first, for investors in terms of construction of the portfolio diversification strategies across difference stock markets in Asian region, and second, for policy makers, as the study presents an understanding of financial exposure in their countries as consequences of changes that occur in the other stock market indices in the ASEAN region.

The investors can find the potential sectors for the portfolio investments.

The paper is one of the pioneers to examine the validity of ASEAN+3 financial cooperation agreement.

The purpose of this paper is to empirically explore market integration among five selected Association of Southeast Asian Nations (ASEAN) emerging markets (Malaysia, Thailand, Indonesia, the Philippines and Singapore) during the pre‐ and post‐1997 financial crisis periods.

Employs two‐step estimation, cointegration and generalized method of moments (GMM).

The study finds that the stock markets in the ASEAN region are cointegrated both during the pre‐ and post‐1997 financial crisis. However, the markets are moving towards a greater integration, particularly during the post‐1997 financial crisis. Finally, as measured by the error correction terms, except the emerging market of Indonesia, all other ASEAN markets appear to be the important bearers of short‐run adjustment to a shock in the long‐run equilibrium relationships in the region both during the pre‐ and post‐crisis periods.

The study only focuses on stock markets of the five founding members of ASEAN, i.e. Malaysia, Indonesia, Thailand, Singapore and the Philippines.

The paper reveals that unlike during the pre‐crisis period, the long‐run diversification benefits that can be earned by investors across the ASEAN markets in the post‐crisis period tend to diminish.

The study is among the first to use two‐step estimation, cointegration and GMM to re‐examine market integration either in the emerging or developed markets.