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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.
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Francesco Chirico, Angelo Sacco, Gabriella Nucera and Nicola Magnavita
This paper describes how Italy addressed the first Coronavirus disease 2019 (COVID-19) wave and analyzes the possible causes of the current second wave.
Abstract
Purpose
This paper describes how Italy addressed the first Coronavirus disease 2019 (COVID-19) wave and analyzes the possible causes of the current second wave.
Design/methodology/approach
Descriptive analysis of critical points and differences in the containment strategies between the first and the second waves in Italy.
Findings
Italy's strict lockdown has been credited with getting the initial major outbreak under control. Furthermore, the way Italy handled the first wave was considered a lesson for other countries. On the contrary, a decentralized and highly bureaucratic political system with low coordination and political conflicts between government, regions and stakeholders led to a relaxation of individual health behaviors, poor and conflicting communication to the general public, poor management of the public transport and the reopening of schools and companies after the summer, that in turn generated the second wave, which is showing signs of becoming worse than the first.
Originality/value
This is a commentary piece.
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Rajiv Kumar Dwivedi, Manoj Pandey, Anil Vashisht, Devendra Kumar Pandey and Dharmendra Kumar
The study aims to investigate the consumers' behavioral intention toward green hotels. The tendency of individuals to afford green hotels is further escalating with progressing…
Abstract
Purpose
The study aims to investigate the consumers' behavioral intention toward green hotels. The tendency of individuals to afford green hotels is further escalating with progressing coronavirus disease-2019 (COVID-19) pandemic recurring waves. The increased worry of consumers toward health, hygiene and the climate is acquiring momentum and transforming how consumers traditionally perceive green hotels.
Design/methodology/approach
The study has recommended an integrated framework incorporating various research fields as attitude-behavior-context theory, theory of planned behavior (TPB) and moderating influences to study the associations among the antecedents of consumers' behavioral intention toward green hotels. The study comprised the participation of 536 respondents residing in the Delhi and National Capital Region (NCR) of India. The data analysis strategy involved the use of structural equation modeling (SEM) analysis to test the proposed research framework.
Findings
The results and findings of the study indicated a significant influence of fear and uncertainty of the COVID-19 pandemic and environmental concern on green trust. The results also revealed the considerable impact of green trust on willingness to pay premium, attitude and subjective norms, which significantly influenced behavioral intention. The analysis also revealed the moderating influence of environmental concern in the relationship of green trust and behavioral intention.
Research limitations/implications
The study has recommended significant theoretical. The theorists may use this research framework to analyze better the transforming consumer behavior trends toward green hotels in the ongoing fearful and uncertain COVID-19 pandemic scenario.
Practical implications
The study has recommended significant managerial implications. The industry practitioners may also utilize the framework to sustain the hotel business and bring new strategic insights into practice to combat the impact of the pandemic and simultaneously win consumers' trust in green hotels.
Originality/value
Although the researchers have previously emphasized consumers' intention toward green practices embraced by hotels, the impact of the COVID-19 pandemic on the green hotel industry gained noticeable attention from researchers. Furthermore, there is a scarcity of literature providing insights on the behavioral dynamism of hotel customers' trust, attitude and willingness to pay for green hotels during the repetitive waves of the COVID-19 pandemic. The study will support the existing literature gap by enlightening the associations among the various antecedents of green hotels' behavioral intention, COVID-19 and environmental concern.
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Ritva Rosenbäck and Ann Svensson
This study aims to explore the management learning during a long-term crisis like a pandemic. The paper addresses both what health-care managers have learnt during the COVID-19…
Abstract
Purpose
This study aims to explore the management learning during a long-term crisis like a pandemic. The paper addresses both what health-care managers have learnt during the COVID-19 pandemic and how the management learning is characterized.
Design/methodology/approach
The paper is based on a qualitative case study carried out during the COVID-19 pandemic at two different public hospitals in Sweden. The study, conducted with semi-structured interviews, applies a combination of within-case analysis and cross-case comparison. The data were analyzed using thematic deductive analysis with the themes, i.e. sensemaking, decision-making and meaning-making.
Findings
The COVID-19 pandemic was characterized by uncertainty and a need for continuous learning among the managers at the case hospitals. The learning process that arose was circular in nature, wherein trust played a crucial role in facilitating the flow of information and enabling the managers to get a good sense of the situation. This, in turn, allowed the managers to make decisions meaningful for the organization, which improved the trust for the managers. This circular process was iterated with higher frequency than usual and was a prerequisite for the managers’ learning. The practical implications are that a combined management with hierarchical and distributed management that uses the normal decision routes seems to be the most successful management method in a prolonged crisis as a pandemic.
Practical implications
The gained knowledge can benefit hospital organizations, be used in crisis education and to develop regional contingency plans for pandemics.
Originality/value
This study has explored learning during the COVID-19 pandemic and found a circular process, “the management learning wheel,” which supports management learning in prolonged crises.
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Muhammad Yusuf Shaharudin, Zulkhairi Mohamad and Asmah Husaini
The wake of the novel coronavirus (COVID-19) pandemic had caused substantial disruptions to the usual delivery of healthcare services. This is because of restrictive orders that…
Abstract
The wake of the novel coronavirus (COVID-19) pandemic had caused substantial disruptions to the usual delivery of healthcare services. This is because of restrictive orders that were put in place to curb the spread of the infection. Palliative care services in Brunei also face challenges to deliver effective services during this period. However, the impact of advanced illnesses on patients' health and end-of-life care are issues that cannot be planned, postponed or cancelled. Hence, the palliative care team needs to continue to deliver effective palliative care services. As Brunei faced its second pandemic wave in August 2021, crucial adaptations were made to ensure palliative care service was not disrupted. This reflective case study aims to discuss the adaptations made in providing palliative care during this era of disruptions.
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Wafiqah Asnola and Zulfadzlee Zulkiflee
Isu diskriminasi antara kaum telah tular di media sosial berikutan isu pemberian vaksin secara jumpa terus yang mula dibukakan di Pusat Vaksinasi Stadium Tertutup pada hari…
Abstract
Isu diskriminasi antara kaum telah tular di media sosial berikutan isu pemberian vaksin secara jumpa terus yang mula dibukakan di Pusat Vaksinasi Stadium Tertutup pada hari Jumaat, 24 September 2021. Jumlah orang ramai yang ingin mengambil vaksin telah melebihi jangkaan sehingga menyebabkan keadaan menjadi tidak terkawal dan berlakunya pelanggaran Prosedur Pengendalian Standard (SOP). Kajian ini dijalankan untuk membincangkan isu diskriminasi kaum yang berlaku semasa gelombang kedua pandemik COVID-19. Penelitian menggunakan metode kualitatif secara deskriptif. Data yang diperolehi daripada komen-komen dalam halaman Brunei Dot Com, dan Facebook ini seterusnya dianalisis menggunakan model tiga dimensi Fairclough (1992). Hasil kajian mendapati kesemua komen telah menunjukkan sikap diskriminasi dalam kalangan masyarakat Brunei secara sedar ataupun tidak. Isu diskriminasi ini bukan sahaja dapat dilihat dari sudut representasi linguistik, tetapi juga penghasilan dan pewahanaan wacana berkaitan pada halaman Brunei Dot Com, dan Facebook. Kajian ini juga menunjukkan bahawa wacana bukan saja mampu dibentuk masyarakat tetapi juga membentuknya.
The issue of racial discrimination concerning the commencement of walk-in vaccination at the Indoor Stadium Vaccination Centre on Friday, 24 September 2021 was widely addressed in the social media. Chaos ensued as an influx of people attended the centre and violated the Standard Operating Procedure (SOP). This paper examines the issue of racial discrimination during the second wave of COVID-19 pandemic in Brunei. As a qualitative-descriptive study, data obtained from Brunei Dot Com, and Facebook page, were analysed using Fairclough's (1992) three-dimensional approach. Findings have shown presence of discriminatory attitudes among the local community displayed as deliberately or unintentionally. This is manifested in its linguistic representations, discourse production and consumption in the selected Brunei Dot Com and Facebook pages. This study indicates that a discourse is not only capable of shaping but is also shaped by the community.
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Olusegun Emmanuel Akinwale, Uche C. Onokala and Olayombo Elizabeth Akinwale
This study explored how the Singaporean government responded to the Covid-19 pandemic crisis from early January 2020 to the end of May of the same year. It evaluated the…
Abstract
Purpose
This study explored how the Singaporean government responded to the Covid-19 pandemic crisis from early January 2020 to the end of May of the same year. It evaluated the capability of Singapore's leadership management in a crisis during the peak and ravaging period of the Covid-19 pandemic.
Design/methodology/approach
The study utilised a systematic design analysis approach, analysing Singaporean cases on the Covid-19 crisis using a systematic and narrative approach to underscore the country's response to the pandemic attack from January 2020 to May 2020.
Findings
Against the backdrop of Singapore's peculiar political system of government dominated by the ruling People's Action Party (PAP) and culture of bureaucracy, the government has increasingly executed several control measures, including strict travel bans, contact tracing, the circuit breaker–lockdown, mask-wearing, social distancing orders as well as financial support to businesses and employees from top to the bottom in the country. However, the treatment and health issues of the migrant workers in the dormitories continue to be the major concern among academics and scholars. At the same time, policy inadequacies truncate the excellent measure of Singapore's response to Covid-19. The case point review concluded that the mortality rate in Singapore remains low compared to other nations of the world. Singapore's case points unveil fundamental learning that an excellent leadership-driven harmonised strategic model is essential for crisis management in any society. The finding of the analysis demonstrated that Singapore adopted a contingency and value-based leadership model to advance good governance and tackle the spread of the deadly coronavirus in its country.
Originality/value
The study has demonstrated a profound analysis that has not been conducted hitherto. Investigation of the Singapore case point is not a popular analysis among Nigerian scholars. Therefore, from Nigeria's perspective, the study has showcased the good and the wrong sides of a coin in Singapore's leadership and power dynamic in crisis management.
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The crude oil market has experienced an unprecedented overreaction in the first half of the pandemic year 2020. This study aims to show the performance of the global crude oil…
Abstract
Purpose
The crude oil market has experienced an unprecedented overreaction in the first half of the pandemic year 2020. This study aims to show the performance of the global crude oil market amid Covid-19 and spillover relations with other asset classes.
Design/methodology/approach
The authors employ various pandemic outbreak indicators to show the overreaction of the crude oil market due to Covid-19 infection. The analysis also presents market connectedness and spillover relations between the crude oil market and other asset classes.
Findings
One of the essential findings the authors report is that the crude oil market remains more responsive to pandemic fake news. The shock of the global pandemic panic index and pandemic sentiment index appears to be more promising. It has also been noticed that the energy trader's sentiment (OVX and OIV) was measured at a too high level within the Covid-19 outbreak. Volatility spillover analysis shows that crude oil and other market are closely connected, and the total connectedness index directs on average 35% contribution from spillover. During the initial growth of the infection, other macroeconomic and political events remained to favor the market. The second phase amidst the pandemic outbreak harms the global crude oil market. The authors find that infectious diseases increase investor panic and anxiety.
Practical implications
The crude oil investors' sentiment index OVX indicates fear and panic due to infectious diseases and lack of hedge funds to protect energy investments. The unparalleled overreaction of the investors gauged in OVX indicates market participants have paid an excessive put option (protection) premium over the contagious outbreak of the infectious disease.
Originality/value
The empirical model and result reported amid Covid-19 are novel in terms of employing a news-based index of the pandemic, which are based on the content analysis and text search using natural processing language with the aid of computer algorithms.
研究目的
原油市場在流行病肆虐的2020年的頭半年經歷史無前例的過度反應。本文旨在顯示全球原油市場在2019冠狀病毒病流行期間的表現及原油市場與其它資產類別之溢出關係.
研究設計/方法/理念
我們使用各種大流行病爆發的指標,來顯示原油市場因2019冠狀病毒病的感染而過度反應。我們的分析亦涉及市場的關聯性及原油市場與其它資產類別之溢出關係.
研究結果
我們其中一個基本的發現是: 原油市場仍對大流行病的虛假新聞有更迅速的反應。全球大流行病恐慌性指數及大流行病情緒指數所帶來的震驚似乎是有希望的。大家亦察覺,能源交易商的情緒(OVX及OIV) 在2019冠狀病毒病爆發期間被測量為處於太高的水平。波動溢出分析顯示、原油與其它市場有密切的關係,而總關聯度指數引導平均35%來自溢出量的作用。在感染傳播初期,其它的宏觀經濟和政治事件仍對市場有利。在大流行病爆發期間的第二階段則損害全球原油市場。我們發現,傳染病會增加投資者的恐慌和焦慮.
實際的意義
原油投資者的情緒指數OVX顯示因傳染病及因缺乏對沖基金來保障能源投資而帶來的懼怕和恐慌。於OVX測算到的投資者空前的過度反應顯示市場參與者就這傳染病的感染爆發付出過量的賣權(保障)權利金.
研究的原創性
我們的經驗模型和在2019冠狀病毒病肆虐期間匯報的研究結果,從使用以新聞為基礎的流行病指數的角度而言是新穎的。而這些全以內容分析和正文搜尋為基礎、使用自然語言處理,並輔以計算機算法.
The pervasive impact of the COVID-19 virus on the food services sector in India has created conditions for fundamentally altering the structure of the industry. This paper offers…
Abstract
Purpose
The pervasive impact of the COVID-19 virus on the food services sector in India has created conditions for fundamentally altering the structure of the industry. This paper offers a nuanced evaluation of the transfiguration of the market, explaining descriptive views supported by numerous secondary data sources.
Design/methodology/approach
This is a self-driven study grounded in secondary data. Qualitative and quantitative assessments are assimilated from credible market research reports of multiple agencies in the Indian context, as well as news developments during the pandemic period.
Findings
Digitally pivoted platforms such as cloud kitchens and delivery aggregators will eclipse all other formats due to the potential long-term prevalence of the COVID-19 virus. These formats would rise to a dominant position in the Indian food services sector in the coming decade.
Research limitations/implications
This study is entirely driven by secondary data due to the inherent difficulties of collecting sizeable and good quality primary data as a result of the lengthy and stringent lockdowns imposed across India. Future studies should consider collecting consumer responses to get a better picture of changing dining habits in the post-pandemic scenario.
Practical implications
The dynamic and evolving food services in India, catalyzed by the Internet and digital technologies will help academicians study the long-term implications of this change, and how it would impact society at large. The paper provides a rich body of contemporary data and analysis in the food services sphere.
Social implications
The COVID-19 pandemic and its long-term persistence would dramatically alter food service consumption across India. This will not only change how the industry is structured, but will reshape how food is consumed into the future.
Originality/value
The study is a holistic examination of the relationship between the coronavirus pandemic and the food services industry in India. The macro perspectives aided by news coverage and industry research would help generate potential research questions on its own merits.
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Since the beginning of 2020, economies faced many changes as a result of coronavirus disease 2019 (COVID-19) pandemic. The effect of COVID-19 on the Egyptian Exchange (EGX) is…
Abstract
Purpose
Since the beginning of 2020, economies faced many changes as a result of coronavirus disease 2019 (COVID-19) pandemic. The effect of COVID-19 on the Egyptian Exchange (EGX) is investigated in this research.
Design/methodology/approach
To explore the impact of COVID-19, three periods were considered: (1) 17 months before the spread of COVID-19 and the start of the lockdown, (2) 17 months after the spread of COVID-19 and the during the lockdown and (3) 34 months comprehending the whole period (before and during COVID-19). Due to the large number of variables that could be considered, dimensionality reduction method, such as the principal component analysis (PCA) is followed. This method helps in determining the most individual stocks contributing to the main EGX index (EGX 30). The PCA, also, addresses the multicollinearity between the variables under investigation. Additionally, a principal component regression (PCR) model is developed to predict the future behavior of the EGX 30.
Findings
The results demonstrate that the first three principal components (PCs) could be considered to explain 89%, 85%, and 88% of data variability at (1) before COVID-19, (2) during COVID-19 and (3) the whole period, respectively. Furthermore, sectors of food and beverage, basic resources and real estate have not been affected by the COVID-19. The resulted Principal Component Regression (PCR) model performs very well. This could be concluded by comparing the observed values of EGX 30 with the predicted ones (R-squared estimated as 0.99).
Originality/value
To the best of our knowledge, no research has been conducted to investigate the effect of the COVID-19 on the EGX following an unsupervised machine learning method.
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