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Article
Publication date: 6 August 2021

Huy Viet Hoang, Cuong Nguyen and Khanh Hoang

This study compares the impact of the COVID-19 pandemic on stock returns in the first two waves of infection across selected markets, given built-in corporate immunity…

Abstract

Purpose

This study compares the impact of the COVID-19 pandemic on stock returns in the first two waves of infection across selected markets, given built-in corporate immunity before the global outbreak.

Design/methodology/approach

The data are collected from listed firms in five markets that have experienced the second wave of COVID-19 contagion, namely the United States (US), Australia, China, Hong Kong and South Korea. The period of investigation in this study ranges from January 24 to August 28, 2020 to cover the first two COVID-19 waves in selected markets. The study estimates the research model by employing the ordinary least square method with fixed effects to control for the heterogeneity that may confound the empirical outcomes.

Findings

The analysis reveals that firms with larger size and more cash reserves before the COVID-19 outbreak have better stock performance under the first wave; however, these advantages impede stock resilience during the second wave. Corporate governance practices significantly influence stock returns only in the first wave as their effects fade when the second wave emerges. The results also suggest that in economies with greater power distance, although stock price depreciation was milder in the first wave, it is more intense when new cases again surge after the first wave was contained.

Practical implications

This paper provides practical implications for corporate managers, policymakers and governments concerning crisis management strategies for COVID-19 and future pandemics.

Originality/value

This study is the first to evaluate built-in corporate immunity before the COVID-19 shock under successive contagious waves. Besides, this study accentuates the importance of cultural understanding in weathering the ongoing pandemic across different markets.

Details

International Journal of Social Economics, vol. 48 no. 11
Type: Research Article
ISSN: 0306-8293

Keywords

Article
Publication date: 20 September 2022

Nang Biak Sing and Rajkumar Giridhari Singh

This paper aims to investigate the influence of attention and sentiment in the Indian stock market during the unusual COVID-19 crisis in the first and second waves of the pandemic.

Abstract

Purpose

This paper aims to investigate the influence of attention and sentiment in the Indian stock market during the unusual COVID-19 crisis in the first and second waves of the pandemic.

Design/methodology/approach

In this study, the capital asset pricing model (CAPM) is used to estimate the expected return. The autoregressive distributed lag (ARDL) model with optimal lag value selection and Granger causality using the vector autoregressive (VAR) estimation model were applied to find out whether there is a causal relationship between investors' attention and sentiment that influence stock returns across 14 sectors.

Findings

The results show that increased attention to COVID-19 substantially varied in the first wave and second wave market reactions. The upsurge attention of COVID-19 shows a negative influence with lower expected returns in the second wave. The sentiment of investors contrasts from the lower expected return in the first wave to the higher expected return in the second wave of the pandemic. Moreover, investors’ sentiment in a state of fear is associated with lower returns.

Originality/value

The authors capture sentiment based on attention and investors mood using novel data set during the COVID-19 pandemic shock. The study is among a few which take a comprehensive stock market response during initial and subsequent waves across sector returns.

Details

Managerial Finance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0307-4358

Keywords

Article
Publication date: 3 December 2021

Muhammad Kamran, Pakeezah Butt, Assim Abdel-Razzaq and Hadrian Geri Djajadikerta

This study aims to address the timely question of whether Bitcoin exhibited a safe haven property against the major Australian stock indices during the first and second

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Abstract

Purpose

This study aims to address the timely question of whether Bitcoin exhibited a safe haven property against the major Australian stock indices during the first and second waves of the COVID-19 pandemic in Australia and whether such property is similar or different in one year time from the first wave of the COVID-19.

Design/methodology/approach

The authors used the bivariate Dynamic Conditional Correlation, Generalized Autoregressive Conditional Heteroskedasticity model, on the five-day returns of Bitcoin and Australian stock indices for the sample period between 23 April, 2011 and 19 April, 2021.

Findings

The results show that Bitcoin offered weak safe haven and hedging benefits when combined in a portfolio with S&P/ASX 200 Financials index, S&P/ASX 200 Banks index or S&P/ASX 300 Banks index. In regard to the S&P/ASX All Ordinaries Gold index, the authors found Bitcoin a risky candidate with inconsistent safe haven and hedging benefits. Against S&P/ASX 50 index, S&P/ASX 200 index and S&P/ASX 300 index, Bitcoin was nothing more than a diversifier. The outset of the second COVID-19 wave, which was comparatively more severe than the first, is also reflected in the results with considerably higher correlations.

Originality/value

There is a lack of in-depth empirical evidence on the safe haven capabilities of Bitcoins for various Australian stock indices during the first and second waves of the COVID-19 pandemic. The study bridges this void in research.

Details

Studies in Economics and Finance, vol. 39 no. 3
Type: Research Article
ISSN: 1086-7376

Keywords

Open Access
Article
Publication date: 24 October 2022

Emon Kalyan Chowdhury

This paper aims to analyze the impact of Covid-19 on the stock market volatility and uncertainty during the first and second waves.

Abstract

Purpose

This paper aims to analyze the impact of Covid-19 on the stock market volatility and uncertainty during the first and second waves.

Design/methodology/approach

This study has applied event study and autoregressive integrated moving average models using daily data of confirmed and death cases of Covid-19, US S&P 500, volatility index, economic policy uncertainty and S&P 500 of Bombay Stock Exchange to attain the purpose.

Findings

It is observed that, during the first wave, the confirmed cases and the fiscal measure have a significant impact, while the vaccination initiative and the abnormal hike of confirmed cases have a significant impact on the US stock returns during the second wave. It is further observed that the volatility of Indian and US stock markets spillovers during the sample period. Moreover, a perpetual correlation between the Covid-19 and the stock market variables has been noticed.

Research limitations/implications

At present, the world is experiencing the third wave of Covid-19. This paper has considered the first and second waves.

Practical implications

It is expected that business leaders, stock market regulators and the policymakers will be highly benefitted from the research outcomes of this study.

Originality/value

This paper briefly highlights the drawbacks of existing policies and suggests appropriate guidelines to successfully implement the forthcoming initiatives to reduce the catastrophic impact of Covid-19 on the stock market volatility and uncertainty.

Details

Journal of Capital Markets Studies, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2514-4774

Keywords

Article
Publication date: 8 November 2022

Mutaju Isaack Marobhe and Jonathan Mukiza Peter Kansheba

This article examines dynamic volatility spillovers between stock index returns of four main hospitality sub-sectors in US during the coronavirus disease 2019 (COVID-19

Abstract

Purpose

This article examines dynamic volatility spillovers between stock index returns of four main hospitality sub-sectors in US during the coronavirus disease 2019 (COVID-19) pandemic. These are tourism and travel, hotel and lodging, recreational services and food and beverages. Volatility spillovers are explicitly used as accurate and informative proxies for risk contagion between sectors during turbulent times.

Design/methodology/approach

The authors employ dynamic conditional correlation-generalized autoregression heteroskedasticity (DCC-GARCH) and wavelet coherence analysis (WCA) to analyze the phenomenon. The authors’ timeframe is divided into three main sub-periods, namely the pre-pandemic, the first wave and the second wave periods.

Findings

This study’s results reveal immense negative shocks in returns of all four sub-sectors on the Black Monday (8th March 2020). Moreover, high volatility persistence was observed during both waves with an exception of tourism and travel which exhibited lower volatility persistence during the second wave. The authors discovered magnified contagion effects between tourism and travel, hotel and lodgment and recreational services during the first wave of the pandemic with tourism and travel being the main volatility transmitter. Lower magnitudes of spillovers were observed between food and beverages and other sub-sectors with a decoupling effect being evident during the second wave.

Research limitations/implications

This study’s findings contribute to the contagion theory by providing evidence of disproportional volatility spillover among hospitality sub-sectors despite being exposed to similar turbulent economic conditions.

Practical implications

Crucial implications can be drawn from this study’s findings to assist in risk management, asset valuation and portfolio management. The importance of close monitoring, safety measures, international diversification and adequacy of liquid assets during health crises cannot be stresses enough for hospitality firms. Retail investors, speculators and asset managers can take advantage of this study’s findings to design trading strategies and hedge against risk.

Originality/value

A body of knowledge pertaining to effects of crises such as COVID-19 on hospitality stocks has been proliferating. Nonetheless, there is still a relative dearth of empirical literature on volatility spillover between hospitality sub-sectors especially during periods of rising economic uncertainties.

Details

Journal of Hospitality and Tourism Insights, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2514-9792

Keywords

Article
Publication date: 14 March 2022

Ajay Kumar Behera

The purpose of this study is to explore the effect on distress of senior citizen’s anxiety levels in quarantine during the second wave of COVID-19 pandemic. This is a…

Abstract

Purpose

The purpose of this study is to explore the effect on distress of senior citizen’s anxiety levels in quarantine during the second wave of COVID-19 pandemic. This is a descriptive study, in which data were collected using the online survey method, a sociodemographic form, a semi-structured data form for second wave COVID-19, the anxiety-level scale and the distress scale.

Design/methodology/approach

Data were collected during the period when a curfew was imposed for the senior citizen. Data were analyzed using a structural equation model. According to the structural equation model, anxiety was determined as a predictor of distress.

Findings

The anxiety levels of the senior citizen who were 60–69 years old, female, single; had inadequate knowledge about the pandemic; and had not encountered a similar pandemic before considered that family bonding was affected negatively, so they became alone and reported that they became bored, exhausted and distressed during the pandemic, which increased their distress levels. Anxiety affects distress in the senior citizens.

Practical implications

One of the policy implications of this study is that governments should provide behavioral support to citizens during a pandemic. For example, short-term home-based psychological interventions should be developed to reduce the negative effects of the second wave of COVID-19 pandemic on mental health.

Originality/value

The anxiety levels increased distress levels for those senior citizens who considered their information about the second wave of COVID-19 insufficient; had hyper-emotionality; longed for their families; and felt tense, overwhelmed and lonely during the pandemic. In addition, factors such as constraints of flexibilities, prevention of socialization and decreased physical movements also affect distress in senior citizens.

Details

Working with Older People, vol. 26 no. 4
Type: Research Article
ISSN: 1366-3666

Keywords

Article
Publication date: 8 November 2022

Praveen Kumar Sharma and Rajeev Kumra

The purpose of this paper was to investigate the prevalence rates of stress, depression and anxiety and their sociodemographic factors linked with the Indian population…

Abstract

Purpose

The purpose of this paper was to investigate the prevalence rates of stress, depression and anxiety and their sociodemographic factors linked with the Indian population following the second round of COVID-19 in India.

Design/methodology/approach

A cross-sectional study was carried out using an online questionnaire. In total, 505 individuals participated through convenience sampling. To measure anxiety, depression and stress, the Depression Anxiety Stress Scale (DASS-21), a 21-statement self-reported questionnaire, was used.

Findings

Multiple regression analyses were performed to evaluate the sociodemographic characteristics associated with depression, stress and anxiety. Results indicated salary/allowances reduction and alcohol consumption were associated with depression. Multiple regression also indicated that salary/allowances reduction, smoking status and alcohol consumption were associated with stress. In addition, this research also showed that chronic disease, salary/allowances reduction, smoking status and alcohol consumption were associated with anxiety.

Research limitations/implications

During the second COVID-19 wave in India, various individuals were affected. Anxiety, depression and stress were common among Indians after the second wave of COVID-19. Along with other actions to restrict the development of COVID-19, the Indian Government and mental health specialists must pay close attention to the inhabitants' mental health. More large-scale studies on various occupations should be conducted, and new mental health factors should be included.

Originality/value

This study provides empirical insights related the sociodemographic factors and stress, anxiety and depression.

Details

Mental Health and Social Inclusion, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2042-8308

Keywords

Article
Publication date: 14 October 2021

Bahadur Ali Soomro and Naimatullah Shah

Nowadays, nearly the whole globe is confronting a severe threat of the COVID-19. The purpose of this paper is to explore the predictors of environmental concerns during…

Abstract

Purpose

Nowadays, nearly the whole globe is confronting a severe threat of the COVID-19. The purpose of this paper is to explore the predictors of environmental concerns during the COVID-19 among the entrepreneurs during a second pandemic wave.

Design/methodology/approach

The deductive approach is applied based on cross-sectional data. An online response is gotten from entrepreneurs of Pakistan. A convenience sampling is applied to target the entrepreneurs. In total, 220 usable answers ensue for the outcome. The structural equation model (SEM) is used for the assessment of hypotheses.

Findings

The results of this study highlight a significant and positive effect of uncertainty of COVID-19 (U19), Perceived vulnerability (PV), Risk perception of COVID-19 (RP) and Fear of COVID-19 (F19) on environmental concerns (EC) among the entrepreneurs.

Practical implications

The research outcomes would provide the guidelines to policymakers and planners to develop the policies for reducing the fear, vulnerability, risk and uncertainties during the waves of the COVID-19. The findings of the study would make disaster resilience which COVID-19 creates. The results would provide the re-built environment guidelines by reducing fear, vulnerability, risk and uncertainties. Besides, the findings would help provide the knowledge and practical aspects of disasters in terms of anxiety, exposure, risk and uncertainties, which are hazardous for humans and the environment.

Originality/value

This study provides the empirical evidence which is the first time conducted among the entrepreneurs. Besides, this study highlights the predictors such as fear, vulnerability, risk and uncertainties towards EC in the COVID-19 scenario.

Details

International Journal of Disaster Resilience in the Built Environment, vol. 13 no. 4
Type: Research Article
ISSN: 1759-5908

Keywords

Article
Publication date: 18 November 2021

Bahadur Ali Soomro and Naimatullah Shah

At present, nearly the whole globe is facing a severe threat of COVID-19. This study aims to examine the COVID-19 complications and entrepreneurial intention among the…

Abstract

Purpose

At present, nearly the whole globe is facing a severe threat of COVID-19. This study aims to examine the COVID-19 complications and entrepreneurial intention among the entrepreneurs of Pakistan.

Design/methodology/approach

The study used a deductive approach. An online survey is conducted to collect cross-sectional data from entrepreneurs of Pakistan. Convenience sampling is applied to target the respondents. In total, 278 usable answers proceed for final analysis. The structural equation model (SEM) is used to infer the results.

Findings

The findings of the study highlight a significant negative effect of fear of COVID-19 (FO19), perceived susceptibility (PSU) and perceived severity (PSE) on entrepreneurial intention (EI) among the entrepreneurs.

Practical implications

The study would provide the guidelines for policymakers and planners to combat the barriers of fear, PSU and PSE during a pandemic. The findings of the second wave of COVID-19 may provide a warning to the government to take preventive measures to face the severe effect of the pandemic. Finally, the outcomes of the study may enrich the depth of COVID-19 literature globally.

Originality/value

This study is the first study highlighting factors such as fear, PSU and PSE toward EI in COVID-19second wave.

Details

Journal of Science and Technology Policy Management, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 2053-4620

Keywords

Article
Publication date: 11 May 2021

Bahadur Ali Soomro and Naimatullah Shah

At present, almost the whole globe is facing a severe threat of coronavirus disease 2019 (COVID-19). The present study examines the intention to stay home due to COVID-19

Abstract

Purpose

At present, almost the whole globe is facing a severe threat of coronavirus disease 2019 (COVID-19). The present study examines the intention to stay home due to COVID-19 during a second wave of the pandemic.

Design/methodology/approach

The study employed a deductive approach based on cross-sectional data. An online survey is conducted from citizens of Pakistan. A convenience sampling is applied to target the respondents. In total, 238 useable responses proceed for final analysis. The structural equation model (SEM) is used to infer the results.

Findings

The findings of the study highlight a positive and significant effect of fear of COVID-19, attitudes to stay at home behaviour (AtSHB), knowledge about COVID-19 (Ka19) and health consciousness (HC) on the intention to stay at home (ItSAH).

Practical implications

The study would provide the guidelines to policymakers and planners to develop the policies which may establish the individual's ItSAH. This strategy would restrict the spread of COVID-19. The government should also formulate the plannings to reduce the fear about COVID-19 and health concerns to combat the pandemic. The government should launch awareness programs regarding the spread and cure of COVID-19.

Originality/value

This study is the first study which highlights the factors such as fear, HC, attitudes and knowledge towards ItSAH. The study may be unique in the COVID-19 perspective, particularly in the Pakistani context.

1 – 10 of over 3000