Search Results (766)

In this study, we investigate the return propagation mechanism, hedging effectiveness, and portfolio performance across several common agricultural commodities, crude oil, and S&P 500 index, ranging from July 2000 to June 2024 by using a time-varying parameter vector autoregression (TVP-VAR) connectedness approach and three common multiple assets portfolio optimization strategies. The empirical results show that, the total connectedness peaked during the 2008 global financial crisis, followed by the European debt crisis and the COVID-19 pandemic, while it remained relatively lower at the onset of the Russia-Ukraine conflict. In the transmission mechanism, commodities and S&P 500 index exhibit distinct and dynamic characteristics as transmitters or receivers. Portfolio analysis reveals that, with exception of the COVID-19 pandemic, all three dynamic portfolios outperform the S&P 500 benchmark across major global crises. Additionally, the minimum correlation and minimum connectedness strategies are superior than transitional minimum variance method in most scenarios. Our findings have implications for policymakers in preventing systemic risk, for investors in managing portfolio risk, and for farmers and agribusiness enterprises in enhancing economic benefits. Full article

This study evaluates the risk-adjusted performance of Hospitality REITs using multi-factor asset pricing models and downside risk measures with the aim of assessing their diversification potential and crisis sensitivity. Unlike prior studies that examine REITs in aggregate, this study isolates Hospitality REITs to explore their unique cyclical and macroeconomic sensitivities. This study looks at the risk-adjusted performance of Hospitality Real Estate Investment Trusts (REITs) in relation to more general REIT indexes and the S&P 500 Index. The study reveals that monthly returns of Hospitality REITs increasingly move in tandem with the stock markets during financial crises, which reduces their historical function as portfolio diversifiers. Investing in Hospitality REITs exposes one to the hospitality sector; however, these investments carry notable risks and provide little protection, particularly during economic upheavals. Furthermore, the study reveals that Hospitality REITs underperform on a risk-adjusted basis relative to benchmark indexes. The monthly returns of REITs show significant volatility during the post-COVID-19 era, which causes return-to-risk ratios to be below those of benchmark indexes. Estimates from multi-factor models indicate negative alpha values across conditional models, indicating that macroeconomic variables cause unremunerated risks. This industry shows great sensitivity to market beta and size and value determinants. Hospitality REITs’ susceptibility comes from their showing the most possibility for exceptional losses across asset classes under Value at Risk (VaR) and Conditional Value at Risk (CvaR) downside risk assessments. The findings have implications for investors and portfolio managers, suggesting that Hospitality REITs may not offer consistent diversification benefits during downturns but can serve a tactical role in procyclical investment strategies. Full article

Global financial markets have experienced significant volatility during crises, particularly COVID-19 and the Russia–Ukraine conflict, prompting questions about how regional markets respond to such shocks. Previous research highlights the influence of crises on stock market volatility, focusing on individual events or global markets, but less is known about the comparative dynamics within the Gulf Cooperation Council (GCC) markets. Our study investigated volatility and asymmetric behavior within GCC stock markets during both crises. Furthermore, the econometric model E-GARCH(1,1) was applied to the daily frequency data of financial stock market returns from 11 March 2020 to 31 July 2023. This study examined volatility fluctuation patterns and provides a comparative assessment of GCC stock markets’ behavior during crises. Our findings reveal varying degrees of market volatility across the region during the COVID-19 crisis, with Qatar and the UAE exhibiting the highest levels of volatility persistence. In contrast, the Russia–Ukraine conflict has had a distinct effect on GCC markets, with Oman exhibiting the highest volatility persistence and Kuwait having the lowest volatility persistence. This study provides significant insights for policymakers and investors in managing risk and enhancing market resilience during economic and geopolitical uncertainty. Full article

This study examines the long-term financial sustainability of commercial banks, emphasizing the crucial role of credit risk management. Given that the core function of credit creation inherently exposes banks to credit risk, this analysis evaluates how five key bank-specific risk variables, namely expected credit losses (ECL_BS), impairment gains or losses (ECL_IS), non-performing loans (NPLs), common equity tier 1 capital (CET1), and leverage (LEV) affect long-term financial sustainability. Applying a panel error correction model on data from listed South African banks spanning 2006 to 2023, the study reveals a stable long-term relationship, with approximately 74% of short-term deviations corrected over time, indicating convergence towards equilibrium. By taking into account the significance of major exogeneous shocks such as the 2009–2010 global financial crisis and the COVID-19 pandemic, as well as regulatory framework changes, the results reveal persistent relationships between credit risk factors and banks’ long-term financial sustainability in both short and long horizons. Notably, expected credit losses, and impairment gains and losses exert significant negative influence on long-term financial sustainability, while higher CET1 and NPLs exhibit positive effects. The study findings are framed within four complementary theoretical perspectives—the resource-based view, institutional theory, industrial organisation, and the dynamic capabilities framework—highlighting the multidimensional drivers of financial resilience. Thus, the study’s originality lies in its integrated approach to assessing credit risk, offering a holistic model for evaluating its influence on long-term financial sustainability. This integrated framework provides valuable, actionable insights for financial regulators, bank executives, policymakers, and banking practitioners committed to strengthening credit risk frameworks and aligning banking sector stability with broader sustainable development goals. Full article

Compared to multiple other European countries, Germany still lists among those countries restricting the operation of most retail activities on Sundays as well as public holidays. For a long time, the German populace backed this decision. The COVID-19 crisis had distinct effects on retail behavior, expectations, and perceptions among broad strata of German society. To quantify these changes, this study implements the results of two surveys from 2018 and 2025. Both samples were drawn from among the population of the fourth-largest German city of Cologne and visitors to the city. The results of t-tests and multiple multivariate regression analyses indicate that visitors still attend retail Sundays for hedonistic motives, i.e., related events, but in 2025 utilitarian motives have become more essential. While the amount of money spent during retail Sundays increased, this development is primarily driven by visitors not native to Cologne. However, city events continue to draw visitors and should be continued by city management. The financial potential for retailers by abolishing the German Shop Closing Act consequently remains limited, and its abolishment would only increase the ease of shoppers. Thus, legal changes to the act will have only limited potential for urban economic development. Full article

Applicable recommendations play a key role in improving training and procedures used in civil protection. Since 1 January 2025, the Law on Civil Protection and Civil Defense has been in force in Poland. It responds to the experience of current threats, including the war in Ukraine, the 2024 floods in Western Poland, the COVID-19 pandemic, and other crises. The Act systemically regulates the problem of building social resilience, which must be developed and applied regarding today’s modern threats. The primary actor in civil protection is the fire brigade system, in which volunteer firefighters are recruited from local communities and act for their benefit. In this context, it is interesting to ask whether and what solutions should be applied in order to improve the effectiveness of the training and exercise system of volunteer fire brigades (TSOs) in the field of civil protection and crisis management. The aim of this investigation was to develop evaluations and applicable recommendations to improve the effectiveness of the training system for volunteer firefighters based on a survey of volunteer firefighters in the Cracow Poviat. Two survey diagnostic techniques were used: expert interviews and questionnaire research. The findings were compared with the results of an analysis of source documents obtained in TSO units. The expert interviews covered all chief fire officers of the municipalities in the Cracow Poviat. The paper begins with an introduction and a systematic literature review. The conclusions consist of the proposal of applicable changes in the scope of basic, specialist, and additional training. Areas of missing training are also identified. The firefighters’ knowledge of crisis management procedures is verified, deficiencies are identified, and applicable changes in the organization of field exercises are proposed. Full article

The COVID-19 pandemic prompted a major shift in project management practices, offering a unique opportunity to assess organizational resilience and sustainability. This study explores how project professionals in Quebec adapted to the early months of the pandemic, focusing on emergent practices in communication, decision making, stakeholder engagement, resource management, and scheduling. Using the most significant change (MSC) method, we collected and analyzed 114 stories from practitioners operating at both strategic and operational levels across multiple sectors. The findings reveal how project contributors reconfigured their practices to sustain value delivery amid disruption—adopting digital tools, modifying governance structures, and redefining engagement strategies. Operational contributors showed greater adaptability, while strategic actors experienced challenges with control and oversight. These stories illustrate not only reactive adaptations but also the foundations of more resilient and sustainable governance frameworks. By surfacing lived experiences and perceptions, this research contributes methodologically through its use of MSC and conceptually by linking crisis response with long-term sustainability in project contexts. Our study invites reflection on how temporary adaptations may evolve into embedded practices, reinforcing the interconnection between adaptability, resilience, and sustainability in the governance of project-based organizations. Full article

This research shows whether the management of the current health crisis by the Greek health system is effective, highlighting all of its black spots and capabilities. Therefore, it will be determined which weaknesses of the Greek health system need to be addressed through more effective and integrated management of the current crisis. The outcomes of this multidimensional research will be even more relevant for future crises that the Greek health system will be called upon to manage and deal with effectively. Full article

This study examines how major newspapers in South Korea and China portrayed national crisis management during the COVID-19 pandemic. Utilizing a mixed-methods approach that combines quantitative content analysis with qualitative interpretation, this study systematically analyzes news frames and editorial tones across various phases. The qualitative analysis further clarifies the quantitative results. Editorials from The Chosun Daily, Hankyoreh, People’s Daily, and Ming Pao covering the period from 1 January 2020, to 31 March 2023, were reviewed. The research categorizes the pandemic into three distinct phases: the global spread of COVID-19, vaccine rollout, and living with the virus. It applies three news frames: crisis response, international relations, and responsibility attribution. In the initial phase, most newspapers focused on the crisis response frame, highlighting national mobilization and social solidarity. Notably, The Chosun Daily emphasized the international relations frame with the strongest critical tone. The crisis response frame continued to dominate in the second phase, accompanied by an increasingly critical tone. In the final phase, as the pandemic began to stabilize, the international relations frame significantly declined due to fewer global differences in pandemic responses. The results suggest that the media’s portrayal is influenced by political orientation and approaches to crisis management perspectives. Full article

This qualitative study explored the development of an innovative simulation training program designed to bolster the preparedness and resilience of healthcare teams during the unprecedented challenges of the COVID-19 pandemic. Focus groups with interprofessional clinicians illuminated key educational priorities, revealing a need for enhanced safety protocols, clear in communication, and targeted training to address knowledge gaps specific to the novel coronavirus. Recognizing the profound emotional toll of the pandemic, the program also emphasized cultivating compassion and fostering emotional resilience alongside the essential clinical skills. By immersing participants in realistic, evolving scenarios that were reflective of the dynamic COVID-19 landscape, the simulations offered a safe space to rehearse critical skills, practice crisis resource management, and build confidence in navigating the complexities of pandemic care. This tailored approach aimed to empower healthcare teams not only with enhanced knowledge and expertise but also with the emotional fortitude and resilience necessary to provide optimal patient care while safeguarding their own well-being throughout the ongoing COVID-19 pandemic. The findings highlight the profound potential of simulation-based training to strengthen both individual and systemic resilience within healthcare systems facing the enduring strain of this global health crisis. Full article

In the face of an unprecedented public health crisis (COVID-19), despite tourist perceptions toward cultural heritage tourism having undergone significant transformation, such transitions are increasingly viewed as opportunities to enhance sustainability practices in cultural heritage tourism worldwide. This study traces the evolution of tourist perceptions at Lijiang Old Town, a UNESCO World Heritage Site, across three stages from 2017 to 2024—before the pandemic, during the pandemic, and after the pandemic. Data were collected from major tourism platforms, yielding a comprehensive dataset of 50,022 user-generated reviews. We adopt a mixed-method framework integrating TF-IDF, Social Network Analysis (SNA), and Latent Dirichlet Allocation (LDA) to identify salient terms, semantic structures, and latent themes from large-scale unstructured textual data across time. The findings indicate that cultural heritage tourism demonstrates adaptability and resilience through significant perceptual transitions. After the pandemic, visitors increasingly prioritized cultural depth and high-quality service experiences, whereas before the pandemic, tourists focused more on cultural heritage attractions and commercial experiences. Moreover, during the pandemic period, visitor narratives reflected adaptations toward quieter, safer, and more personalized experiences, highlighting the impact of safety measures on tourism patterns. These findings demonstrate the methodological potential for dynamically monitoring perception shifts and offer empirical grounding for future perception-oriented research and sustainable cultural heritage destination management practices in cultural heritage tourism toward sustainable tourism. Full article

The COVID-19 pandemic necessitated an urgent shift to emergency remote learning, significantly affecting the education of bilingual students. This study examines the use of technology-enhanced drama-based methods, specifically digital Readers Theater, as an emergency measure to enhance reading literacy and psychosocial support during the pandemic amid multiple concurrent crises. Using an action research approach, 37 Greek teachers implemented remote literacy activities involving digital drama in their virtual classrooms over a period of four weeks. Data were collected from semi-structured interviews, teachers’ reflective journals, and student participation and were analyzed through Ajzen’s Theory of Planned Behavior. The findings indicate that, despite technological challenges and adaptation difficulties, the creative use of digital drama activities contributed to improvements in students’ reading skills, motivation, and engagement. The intervention also fostered students’ emotional expression and social connection, contributing to their psychosocial support during the disruption. This study highlights the dual role of technology as both an enabler and a barrier, emphasizing the need for better digital infrastructure and comprehensive teacher training for effective emergency response. The results stress the value of technology-supported, arts-based approaches in maintaining student engagement and promoting bilingual literacy in crisis contexts. These findings provide useful guidance for teachers and school leaders on how to support students’ learning and well-being, both during crises and in everyday practice. Full article

This study examines the performance and resilience of Islamic banks during the COVID-19 pandemic, a period marked by unprecedented global economic disruption. Drawing on empirical data and a comparative analysis with conventional banking institutions, the research evaluates key financial indicators—liquidity, profitability, asset quality, and capital adequacy—to assess how Islamic banks responded to the crisis. The unique principles of Islamic finance, including risk-sharing, asset-backed financing, and the prohibition of interest and speculative activities, provide a distinct framework for crisis response. By analyzing how these features influenced bank performance during the pandemic, the study offers valuable insights into the relative robustness of Islamic versus conventional banking models. The findings contribute to the academic discourse on financial stability and risk management, offering practical implications for policymakers, regulators, and stakeholders to strengthen financial systems against future global shocks. Full article

Public safety personnel (PSP) are known to experience difficult and demanding occupational environments, which were further complicated by the COVID-19 crisis. While public safety research typically focuses on the impact of operational stressors on PSP functioning and wellbeing, relatively less is known about the types and impacts of organizational stressors and how all these affect social wellbeing during the pandemic. The current study surveyed Canadian firefighters (n = 123), paramedics (n = 246), and public safety communicators (n = 48) that continued to serve the public over the course of the pandemic. Participants responded to two open-ended survey questions about how COVID-19 affected their lives at work and home. Using an inductive thematic analysis approach, responses were coded to identify emergent, data-driven themes while drawing on existing theory for analysis. Across occupational groups, qualitative analyses revealed that the public safety measures imposed by the COVID-19 pandemic further exacerbated existing operational and organizational strains, including increased exposure to distressing calls, absenteeism and coping with alcohol, and a lack of support from management. Participants also identified financial strain and housing insecurity as stressors, as well as frustration and helplessness at others’ non-compliance with public health advisories and protocols. Communication surrounding the rationale behind government decision-making, the efficacy of serology tests, and rates of infection were also identified. Together, these findings offer a nuanced understanding of the interplay among operational, organizational, and social stressors experienced by Canadian PSP during the COVID-19 pandemic, illuminating their impact on mental health and wellbeing, and identifying targeted areas of focus for future planning and meaningful intervention to support PSP wellness. Full article

This paper employs a Time-Varying Parameter Vector Autoregression Directional–Spillover (TVP-VAR-DY) model to investigate the dynamic spillover effects among China’s energy, real estate, and stock markets from 2013 to 2023, with a focus on the impact of extreme events. The findings show that the total conditional spillover index (TCI) typically remains below 40% in the absence of extreme events, but significantly increases during such events, reaching 51.09% during the 2015 stock market crisis and nearing 60% during the COVID-19 pandemic in 2020. Specifically, the oil and gas market exhibited a net spillover index of 4.61%, emerging as a major source of risk transmission. In contrast, the real estate market, which had a net spillover index of −9.38%, became a net risk absorber. The net spillover index indicates that the risk transmission role of different markets towards other markets is dynamically changing over time and is closely related to significant global or domestic economic events. These results indicate that extreme events not only directly impact specific markets but also rapidly propagate risks through complex inter-market linkages, exacerbating systemic risks. Therefore, it is recommended to enhance market monitoring, improve transparency, and optimize risk management strategies to cope with uncertainties in the global economy and financial markets. Full article