This study investigated the connectedness of top ten hospitality stocks in the world and the impact of the COVID-19 pandemic on this connectedness. For this purpose, we employ the time-varying parameter vector autoregressions (TVP-VAR) to examine the return connectedness among the world's top ten hospitality stocks. We further utilize the wavelet coherence measure to test the impact of COVID-related indexes on the connectedness across the hospitality stocks from January 1, 2020 to July 16, 2021. Our findings explore a strong connectedness among the hospitality stocks, although the total connectedness index is considerably affected by the first wave, the second wave, and the approval of COVID-19 vaccines. France and UK hospitality stocks appeared to be dominant and were the highest net transmitters of spillover shocks to other sample stocks. We document that the COVID-19 pandemic is the prime driver of the hospitality stocks' connectedness during the sample period. Aside from the contribution to hospitality and finance literature, our conclusions and implications can also benefit parties such as hospitality firm managers, investors, portfolio managers, and policymakers.
The increasing concerns of investors toward green bonds and their appealing nature of diversification has motivated the current research to study the risk connectedness between green and conventional assets spanning from August 2014 to December 2020. We first estimate the dynamic equi-correlations through DECO-GARCH. Next, we assess the dynamic and static risk connectedness in the median, extreme low, and extreme high quantiles arguing that spillovers vary across different time periods particularly during economically intense time periods. Finally, we analyzed the hedge ratio and hedge effectiveness between green bonds and other assets. We find that equi-correlations are intense during economic shocks such as the Shale oil crisis, Brexit, US interest rate hike, and COVID-19 pandemic. The volatility analysis at average, lower, and upper quantiles also validate time-varying attributes of green and conventional assets. Further, network figures of green and conventional assets identify potential diversification opportunities. Meanwhile, the hedge effectiveness indicates that green bonds are effective hedge for precious metals and cryptocurrencies. Our findings draw multiple implications for policymakers, green investors, financial market participants, and regulatory authorities regarding flight-to-safety during crisis times and maintaining a diverse portfolio to escape potential losses.
In the backdrop of the recent COVID-19 pandemic, the study examines the comparative asymmetric efficiency of dirty and clean energy markets pre and during the COVID-19 pandemic. For this purpose, we utilize an asymmetric multifractality detrended fluctuation analysis (A-MF-DFA). The study's findings uncover the presence of asymmetric multifractality in clean and dirty energy markets. In addition, multifractality in the energy markets is sensitive to trends, time horizon and major events. More importantly, the results suggest superior efficiency of clean-energy markets compared to conventional energies. We confirm the time-varying nature of market efficiency in the energy markets, and during the recent COVID-19 outbreak, market inefficiencies in the clean and dirty energy markets soared. In this way, the study holds meaningful insights for policymakers, energy policy practitioners, investors, and financial market participants to choose between clean (dirty) investments based on their asymmetric efficiency (inefficiency).
The current research presents fresh insights on empirically presenting the relationship between ownership structure and corporate sustainable performance of two emerging markets: Malaysia and Pakistan. Moreover, the moderating role of gender diversity is observed on the relationship between ownership structure and corporate sustainable performance. Dynamic estimator, named system generalized method of moments, is used for estimations that control for potential dynamic endogeneity, simultaneity, and reverse causality. Findings reveal that ownership concentration and state ownership are negatively related to economic, social, and environmental indicators of CSP both in Malaysia and Pakistan, whereas directors' ownership is positively associated with all sustainability indicators. Financial institution's ownership showed a positive significant impact on CSP in Malaysia, whereas an insignificant relationship is observed in Pakistan. Meanwhile, the moderating impact of women directors on the relationship between ownership structure and corporate sustainable performance reveals a significant impact in Malaysia and an insignificant impact in Pakistan. Generally, the findings of the study have practical implications for regulatory authorities, securities commissions, and policymakers of Malaysia and Pakistan. Moreover, there is a need to bring reforms into corporate governance structures in Pakistan, where weak economic conditions leave a frail impact of ownership structure on CSP and an insignificant moderating impact of board gender diversity.
Financial markets are exposed to extreme uncertain circumstances escalating their tail risk. Sustainable, religious, and conventional markets represent three different markets with various characteristics. Motivated with this, the current study measures the tail connectedness between sustainable, religious, and conventional investments by employing a neural network quantile regression approach from December 1, 2008 to May 10, 2021. The neural network recognized religious and conventional investments with maximum exposure to tail risk following the crisis periods reflecting strong diversification benefits of sustainable assets. The Systematic Network Risk Index spots Global Financial Crisis, European Debt Crisis, and COVID-19 pandemic as intensive events yielding high tail risk. The Systematic Fragility Index ranks the stock market in the pre-COVID period and Islamic stocks during the COVID sample as the most susceptible markets. Conversely, the Systematic Hazard Index nominates Islamic stocks as the chief risk contributor in the system. Given these, we portray various implications for policymakers, regulatory bodies, investors, financial market participants, and portfolio managers to diversify their risk using sustainable/green investments.
The sustainability issues have been surmounted in the last decades. The digital disruption caused by blockchains and other digitally backed currencies has raised several serious concerns for policymakers, governmental agencies, environmentalists, and supply chain managers. Alternatively, sustainable resources are environmentally sustainable and naturally available resources which are employable by several regulation authorities to reduce the carbon footprint and attain energy transition mechanisms to support sustainable supply chains in the ecosystem. Using the asymmetric time-varying parameters vector auto-regressions approach, the current study examines the asymmetric spillovers between blockchain-backed currencies and environmentally supported resources. We find clusters between blockchain-based currencies and resource-efficient metals, highlighting similar-class dominance of spillovers. We portrayed several implications of our study for policymakers, supply chain managers, the blockchain industry, sustainable resources mechanisms, and regulatory bodies to emphasize that natural resources play a significant role in attaining sustainable supply chains servicing the benefits to society at large and to other stakeholders.
COVID-19 led restrictions make it imperative to study how pandemic affects the systemic risk profile of global commodities network. Therefore, we investigate the systemic risk profile of global commodities network as represented by energy and nonenergy commodity markets (precious metals, industrial metals, and agriculture) in pre- and post-crisis period. We use neural network quantile regression approach of Keilbar and Wang (Empir Econ 62:1-26, 2021) using daily data for the period 01 January 2018-27 October 2021. The findings suggest that at the onset of COVID-19, the two firm-specific risk measures namely value at risk and conditional value of risk explode pointing to increasing systemic risk in COVID-19 period. The risk spillover network analysis reveals moderate to high lower tail connectedness of commodities within each sector and low tail connectedness of energy commodities with the other sectors for both pre- and post-COVID-19 periods. The Systemic Network Risk Index reveals an abrupt increase in systemic risk at the start of pandemic, followed by gradual stabilization. We rank commodities in terms of systemic fragility index and observe that in post COVID-19 period, gold, silver, copper, and zinc are the most fragile commodities while wheat and sugar are the least fragile commodities. We use Systemic Hazard Index to rank commodities with respect to their risk contribution to global commodities network. During post COVID-19 period, the energy commodities (except natural gas) contribute most to the systemic risk. Our study has important implications for policymakers and the investment industry.
The ever-emerging environmental, social, and governance (ESG) concerns have received significant attention of policymakers, governments, regulation bodies, and investors. Considering the markets volatilities due to economic and financial uncertainties that can drive the informational price inefficiencies across the markets, this study compares the asymmetric price efficiency of regional ESG markets by using an asymmetric multifractal detrended fluctuation analysis before and during COVID-19 crisis. We then examine whether global factors influence the asymmetric efficiency of regional ESG markets. Our findings reveal that COVID-19 outbreak reduced the efficiency of regional ESG markets, except for Europe, which sustained its efficiency even during the pandemic. Moreover, global factors drive the efficiency of regional ESG markets significantly before and during COVID-19. A major implication of our findings stems from the fact that a contagion reduces the efficiency of the markets while stable economic conditions make those markets informationally efficient.
The main objective of the present study was to explore the potential of matrix tablets as extended release dosage form of tianeptine, using HMPC K100 as a polymer. HPMC K100 extended the release of the drug from formulation due to the gel-like structure. Direct compression method was adopted to compress the tablets using different concentrations of polymer. Tablets were evaluated for pre-compression and post-compression parameters. Drug release study showed that tablet extends the release of drug with the increasing concentration of polymer. Drug, polymers and tablets were analyzed and/or characterized for compatibility, degradation, thermal stability, amorphous or crystalline nature via FTIR, DSC, TGA, XRD studies. SEM study predicted that tablets had a uniform structure. HPMC K100 based tablets were similar to that of the reference product. Acute toxicity study conducted on Swiss albino mice showed that matrix tablets were safe and non-toxic, as no changes in physical activity and functions of organs were observed. Biochemical and histopathological study revealed lack of any kind of abnormality in liver and renal function. Moreover, necrotic changes were absent at organ level.