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This paper aims to exploit existing tourism knowledge to frame the unprecedented pandemic tourism crisis, its key aspects and impacts on the tourism industry. It builds a conceptual bridge and discusses the opportunity to capitalise on the missing link between the pre-COVID overtourism and the post-COVID “undertourism” debates.

A cross-fertilisation between the overtourism knowledge and the emerging COVID-19 literature stream is proposed and supported by an online media analysis focussing on the Italian tourism debate on Twitter. A text analysis of 2,500 posts helps discuss the conceptual framework.

The analysed Twitter debate prioritised socio-economic impacts, regulative actions and the recovery approach, representing government as the pivotal actor to overcome the pandemic crisis. An integrative interpretative framework results from this research, opening three areas of inquiry, such as the recovery–reform continuum, managerial approaches beyond regulative frames of action and a critical sizing of digital technologies deployment.

Samples with different geographical and temporal coverage may provide further and multifaceted insights into the emerging tourism online media debate.

An original conceptualisation counter-intuitively frames post-pandemic tourism scenarios. Additional elements of originality are the online media analysis contributing to the emerging COVID-19 agenda and the use of Twitter social platform to investigate the tourism debate.

Acknowledging fiscal crises as critical junctures for policy makers, this paper investigates how the recent fiscal crisis has affected the paradigmatic approach to the design of an ongoing governmental accounting (GA) reform.

This paper analyses the Italian GA harmonization as a peculiar instance of an ongoing GA reform at the crisis outbreak. A longitudinal narrative analysis of official documents is complemented with semi-structured interviews with key policy makers and participant observations.

The fiscal crisis is found to play an indirect role in the Italian GA reform, which, promoting centralization of competencies in the fields of GA, determines the intensification of the approach adopted before the crisis outbreak.

This paper extends the knowledge on the nature of post-crisis reforms by highlighting how fiscal crises can work as catalysts for paradigmatic approaches to ongoing GA reforms. This paper analyses the designing of a GA reform, whereas the long-term adaptations and outcomes of the reform are not taken into consideration.

The tight link between GA and financial management issues featuring the current paradigmatic approaches to reforms suggests the need to design GA reforms consistently with fiscal and financial management policies.

Whereas the extant literature on the nature of post-crisis reforms analyses the latter as responses to the former, this paper enlarges the knowledge on the topic by focusing on a peculiar instance of a GA reform that was ongoing at the crisis outbreak.

This paper investigates the effect of economic policy uncertainty on value of cash before and after the global financial crisis.

We investigate the relationship between economic policy uncertainty and value of excess cash based on the valuation model of Fama and French (1998). Baker et al. (2016) news-based index (BBD index) is employed to calculate measures of economic policy uncertainty. Our research sample includes 103,474 observations from 11,000 firms across 19 countries over the period 2004–2016.

We find that economic policy uncertainty is negatively “positively” related to value of cash in the pre-crisis “post-crisis” period. Moreover, we also document that the positive effect of economic policy uncertainty in the post-crisis period is stronger in financially constrained firms.

While prior studies find a relationship between economic policy uncertainty and cash levels or the effect of firm-level uncertainty on value of cash, this paper shows how economic policy uncertainty as an institutional environment factor affects value of cash. Moreover, it documents that economic policy uncertainty has opposite effects on value of cash before and after the global financial crisis.

本研究旨在探討經濟政策不確定性在全球金融危機之前及之後對現金價值的影響。

我們基於法馬及佛倫奇(1998) (Fama and French (1998)) 的估值模型，來探討經濟政策不確定性與過剩現金價值的關係。我們採用了貝克等人(2016) (Baker et al. (2016)) 以新聞訊息為基礎的指數 (BBD指數) 、來計算經濟政策不確定性的程度。我們的研究樣本包括橫跨19個國家、涵蓋期為2004年至2016年、取自11,000間公司之103,474個觀察。

我們發現經濟政策不確定性與現金價值在危機前時期成負相關,在危機後時期則成正相關。而且,我們也記錄了在危機後時期經濟政策不確定性的正面影響於財務受限的公司會較大的情況。

過去的研究發現了經濟政策不確定性與現金水平之間存有關係、及企業層面的不確定性對現金價值的影響。唯本研究顯示了經濟政策不確定性作為一機構環境因素,如何影響現金價值；同時，亦記錄了經濟政策不確定性在全球金融危機之前及之後對現金價值會有相反影響的情況。

This study aims to measure impact of several firm-specific factors on alternative measures of leverage. The authors also aim to study impact of the subprime crisis on such associations.

The authors utilized an unbalanced panel data of 973 firm-year observations on 47 UK listed non-financial firms for the years 1990–2019. Book-based and market-based long-term and total leverage measures have been used as explained variables. The explanatory variables are profitability, size, two measures of growth, asset tangibility, non-debt tax shields, firm age and product uniqueness. Fixed effect and random effect models with clustered robust standard errors have been utilized for data analysis. To find the effect of subprime crisis, original dataset was split to create pre-crisis and post-crisis datasets.

The authors find that profitability significantly reduces leverage while firms having more tangible assets use significantly more debt in capital structure. Firm size and non-debt tax shield have statistically insignificant positive impact on leverage. Having more unique products reduces use of external debt, albeit insignificantly. Growth, when measured as market-to-book ratio, has inconsistent impact, whereas capital expenditure insignificantly reduces leverage. Age is found to be an insignificant predictor of leverage. After the subprime crisis, firms started relying more on internal fund instead of external debt, more particularly short-term debt. Having more collateral is gradually becoming more important for availing external debt.

Data limitations restrict generalization of the findings.

This is one of the pioneering attempts to show how subprime crisis altered the theoretical domain of capital structure research in the UK.

The purpose of this paper is to summarize different methods of constructing the financial conditions index (FCI) and analyze current studies on constructing FCI for China. Due to shifts of China’s financial mechanisms in the post-crisis era, conventional ways of FCI construction have their limitations.

The paper suggests improvements in two aspects, i.e. using time-varying weights and introducing non-financial variables. In the empirical study, the author first develops an FCI with fixed weights for comparison, constructs a post-crisis FCI based on time-varying parameter vector autoregressive model and finally examines the FCI with time-varying weights concerning its explanatory and predictive power for inflation.

Results suggest that the FCI with time-varying weights performs better than one with fixed weights and the former better reflects China’s financial conditions. Furthermore, introduction of credit availability improves the FCI.

FCI constructed in this paper goes ahead of inflation by about 11 months, and it has strong explanatory and predictive power for inflation. Constructing an appropriate FCI is important for improving the effectiveness and predictive power of the post-crisis monetary policy and foe achieving both economic and financial stability.

The chapter addresses the question of how crisis and emergency communicators in the justice (police) and health sector in Norway reflect on their use – or lack of use – of social media during the terror crisis on 22 July 2011. We examine how these communicators in the years following the crisis have developed their use of social media to optimise their and the public’s awareness of similar crises. Our semi-structured interviews with key emergency managers and responders display how the terrorist-induced crisis in 2011 was a wake-up call for communicators in the police and the health sector. They reflect on the significance, strengths and weaknesses of social media in the management of crises such as this one.

This study aims to investigate the existence of contagion between liquid and illiquid assets in the credit default swap (CDS) market around the recent financial crisis. The authors perform analyses based on vector autoregression model and the dynamic conditional correlation model. The estimation of vector autoregression models reveals that changes in liquid CDS (LCDS) spreads lead to changes in illiquid CDS spreads at least one week ahead during the financial crisis period, whereas the leading direction is reversed during the post-crisis period. Moreover, the results are robust after controlling for structural variables which are proven as determinants of CDS spreads and are empirically supported. This study interprets that information was incorporated first into the LCDSs because of the flight-to-liquidity during the recent crisis period but there is a default contagion effect by reflecting illiquidity-induced credit risk after the crisis. Finally, the dynamic conditional correlation analysis also confirms the main results.

This paper aims to study the daily returns and volatility spillover effects in common stock prices between China and four countries in Southeast Asia (Vietnam, Thailand, Singapore and Malaysia).

The analysis uses a vector autoregression with a bivariate GARCH-BEKK model to capture return linkage and volatility transmission spanning the period including the pre- and post-2008 Global Financial Crisis.

The main empirical result is that the volatility of the Chinese market has had a significant impact on the other markets in the data sample. For the stock return, linkage between China and other markets seems to be remarkable during and after the Global Financial Crisis. Notably, the findings also indicate that the stock markets are more substantially integrated into the crisis.

The results have considerable implications for portfolio managers and institutional investors in the evaluation of investment and asset allocation decisions. The market participants should pay more attention to assess the worth of across linkages among the markets and their volatility transmissions. Additionally, international portfolio managers and hedgers may be better able to understand how the volatility linkage between stock markets interrelated overtime; this situation might provide them benefit in forecasting the behavior of this market by capturing the other market information.

This paper would complement the emerging body of existing literature by examining how China stock market impacts on their neighboring countries including Vietnam, Thailand, Singapore and Malaysia. Furthermore, this is the first investigation capturing return linkage and volatility spill over between China market and the four Southeast Asian markets by using bivariate VAR-GARCH-BEKK model. The authors believe that the results of this research’s empirical analysis would amplify the systematic understanding of spillover activities between China stock market and other stock markets.

We conceptualized the novel phenomenon of COVID-induced virtual teams and its implications and provided researchers with the required information on how to conduct a phenomenon-based study for conceptualizing novel phenomena in relevant ways.

This article stems from phenomenon-based and, thus, theory-building and grounded qualitative research in the German industrial sector. We conducted 47 problem-centered interviews in two phases (February–July 2021 and February–July 2022) to understand how team members and team leaders experienced COVID-induced virtual teamwork and its subsequent developments.

Empirically, we found COVID-induced virtual teams to be characterized by a high relevance of shaping positive team dynamics via steering internal moderators; crisis is a novel external moderator and transformation becomes the key output factor to be leveraged. Work-from-home leads to specific configuration needs and interrelations between work-from-home and on-site introduce additional dynamics. Methodologically, the phenomenon-based approach is found to be highly suitable for studying the effects of such novel phenomena.

This article is explorative. Thus, we advocate further research on related novel phenomena, such as post-COVID-hybrid and work-from-home teams. A model of how to encourage positive dynamics in post-COVID-hybrid teams is developed and lays the groundwork for further studies on post-COVID teamwork. Concerning methodology, researchers are provided with information on how to conduct phenomenon-based research on novel phenomena, such as the COVID-induced virtual teams that we studied.

Companies receive advice on how to encourage positive dynamics in post-COVID teamwork, e.g. on identifying best practices and resilient individuals.

In a country such as Germany that faces labor shortages, our insights might facilitate better labor-market integration for those with care-work obligations and international workers.

We offer a first conceptualization of a relevant novel phenomenon, namely COVID-induced virtual teams. We exemplify the phenomenon-based approach as a suitable methodology that serves to build relevant theory using active categorization.

The purpose of this study is to investigate the inbound and outbound medical tourism in the UK to determine if the UK can be considered as a net exporter of health services as well as the impact of the 2007 global economic crisis, diaspora populations and the number of UK expats on medical tourism figures.

Using microdata drawn from the International Passenger Survey (2000-2016), the authors estimate the flows, number of nights and expenditure of tourists looking for medical treatment who complete international visits of less than 12 months’ duration to and from the UK. The authors also analyse the main destinations of UK residents, the country of origin of overseas residents and the particular case of British expats.

The results show the upward trend of inbound and outbound patients, the strong seasonality in outbound patients, and the significant increase in the levels of expenditure of overseas residents since 2005. Poland, France, Hungary and India are the chosen countries by UK residents to be treated, whereas Irish Republic, Spain, France, Gibraltar and the United Arab Emirates are the main countries providing inbound health patients. However, the processes of migration explain full or partly the inbound and outbound flows found for some countries.

This study offers a critical insight into inbound and outbound medical flows, demonstrating both the scope for and limitations to market development in this area.