| 1. |
- Bali Swain, Ranjula, 1968-, et al.
(författare)
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COVID-19 pandemic waves : Identification and interpretation of global data
- 2024
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Ingår i: Heliyon. - : Elsevier. - 2405-8440. ; 10:3
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Tidskriftsartikel (refereegranskat)abstract
- The mention of the COVID-19 waves is as prevalent as the pandemic itself. Identifying the beginning and end of the wave is critical to evaluating the impact of various COVID-19 variants and the different pharmaceutical and non-pharmaceutical (including economic, health and social, etc.) interventions. We demonstrate a scientifically robust method to identify COVID-19 waves and the breaking points at which they begin and end from January 2020 to June 2021. Employing the Break Least Square method, we determine the significance of COVID-19 waves for global-, regional-, and country-level data. The results show that the method works efficiently in detecting different breaking points. Identifying these breaking points is critical for evaluating the impact of the economic, health, social and other welfare interventions implemented during the pandemic crisis. Employing our method with high frequency data effectively determines the start and end points of the COVID-19 wave(s). Identifying waves at the country level is more relevant than at the global or regional levels. Our research results evidenced that the COVID-19 wave takes about 48 days on average to subside once it begins, irrespective of the circumstances.
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| 2. |
- Falk, Martin, et al.
(författare)
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Spatial influence on the distribution of downhill skiers in Sweden
- 2024
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Ingår i: International journal of biometeorology. - : Springer. - 0020-7128 .- 1432-1254. ; 68:3, s. 535-545
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Tidskriftsartikel (refereegranskat)abstract
- This study investigates empirically how natural snow depth affects the number of downhill skiers. Data include the number of skier visits for the 32 largest ski resorts in Sweden from the 1998/1999 to the 2018/2019 seasons. Results of spatial dynamic estimations show that an increase in natural snow depth in the ski area has a significant negative impact on the number of skier visits in the short term, although the magnitude is small. This implies that a snow deficit leads to increased demand for downhill skiing both directly and indirectly (in the neighbouring areas). The variable snow depth in the neighbouring ski areas is not significantly different from zero, indicating that no spatial substitution takes place. There is, however, a strong positive relationship between skier visits to neighbouring areas, revealing that ski resorts are complements rather than substitutes. The long-term influence of snow depth is not significant, implying that the ski business is independent of variations in snow depth. Instead, the number of skier visits is mainly determined by past visits, revealing a high degree of persistence.
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| 3. |
- Lin, Xiang, 1962-, et al.
(författare)
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Stock market performance of the US hospitality and tourism during the COVID-19 pandemic
- 2022
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Ingår i: Tourism Analysis. - : Cognizant Communication Corporation. - 1083-5423 .- 1943-3999. ; 27:4, s. 567-574
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Tidskriftsartikel (refereegranskat)abstract
- In this study, the stock market performance of the travel and leisure industry during the Covid-19 pandemic is investigated by use of the three-regime Markov switching model. The analysis employs daily data for six sub-sectors (airlines, gambling, hotels, leisure services, restaurants and bars as well as travel and tourism) for the United States from January 2018 to November 2021. Estimation results provide strong evidence of regime switching behaviour with wide differences across subsectors during the course of the COVID-19 pandemic. A longer duration of high volatility characterises the airline and leisure services indices. These sectors exhibit the most pronounced downturn that is not fully recovered in November 2021. In contrast, the period of high volatility in the restaurant, gaming and hotel industries is relatively short, and stock market performance recovers almost to the general trend. Of all sub-sectors, restaurants and bars experience the shortest duration of high volatility, limited to the second quarter of 2020. The stock market indices for the travel and tourism industry (mainly car rentals) are also highly volatility, but this is pattern that was observed already before the pandemic.
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| 4. |
- Lin, Xiang, 1962-, et al.
(författare)
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Performance of negatively screened sustainable investments during crisis
- 2024
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Ingår i: International Review of Economics and Finance. - : Elsevier. - 1059-0560 .- 1873-8036. ; 93, s. 1226-1247
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Tidskriftsartikel (refereegranskat)abstract
- We investigate the market performance of negatively screened environment social and governance (ESG) portfolio or sustainable investments prior to and during crisis. A general and simple method is developed under the ESG Capital Asset Pricing Model (CAPM) framework for the assessment. The novelty is that this method can be employed when the parent portfolio is not a market portfolio. In this situation, both coefficients, alpha and beta, in the reduced form of regression have special interpretations and are informative. This paper examines 24 negatively screened ESG indices from the S&P, DJSI and MSCI data across various regions, firm sizes, and criteria of screening, for 2017 to 2021. Markov Switching Autoregressive (MSAR) model is adopted to identify the crisis regime. Our results show that the negatively screened ESG indices provide positive investors’ surpluses for ESG-motivated investors during the crisis, when the corresponding parent indices are the market portfolios. For ESG investments where market portfolios are not their parent indices, half of ESG indices under consideration still provide positive surplus with similar systematic risks as their parent indices during the crisis. The remaining ESG indices under-performs but has relatively lower systematic risks, implying resilience as compared to the corresponding parent indices during the crisis. Furthermore, we demonstrate the sensitivity analysis of treating a parent index as a market portfolio.
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| 5. |
- Lin, Xiang, 1962-, et al.
(författare)
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Nordic stock market performance of the travel and leisure industry during the first wave of Covid-19 pandemic
- 2022
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Ingår i: Tourism Economics. - : Sage Publications. - 1354-8166 .- 2044-0375. ; 28:5, s. 1240-1257
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Tidskriftsartikel (refereegranskat)abstract
- This article investigates the performance of the stock market and its volatility in the travel and leisure industry for three Nordic countries using daily data from June 2018 to June 2020, a period that includes the first wave of Covid-19 pandemic. The methodology is based on the Markov regime switching model that allows unobservable regime shifts in the stock return relationship between the travel and leisure industry and the overall market in the period before the outbreak of Covid-19 crisis and during the recovery period at the end of the first wave. The results provide strong evidence of regime switching behaviour in the form of idiosyncratic risk as measured by volatility. The period before Covid-19 corresponds to a low/medium idiosyncratic risk, while the period of the pandemic is characterized by a regime with high idiosyncratic risk. Overall, the timing, likelihood and duration of this crisis regime depend on the composition of the travel and leisure firms. Those with a large proportion of online gambling firms perform better, while those consisting of international transportation firms, hotels and restaurants perform negatively. This study shows that the high-frequency data and the model chosen here can provide timely information on the impact of the pandemic on various tourism and leisure businesses that could be useful for policymaking.
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| 6. |
- Falk, Martin, et al.
(författare)
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Uneven domestic tourism demand in times of pandemic
- 2023
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Ingår i: Tourism Economics. - : Sage Publications. - 1354-8166 .- 2044-0375. ; 29:3, s. 596-611
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Tidskriftsartikel (refereegranskat)abstract
- This study investigates the short-run impact of the COVID-19 pandemic on the number of domestic overnight stays at the regional level in the summer season 2020. Official data for 65 regions in four countries are used for the analysis (Austria, the Czech Republic, Germany and Switzerland). Dynamic panel data models are employed to estimate a tourism demand equation (real GDP and price fluctuations) augmented by average temperatures. Estimation results reveal that domestic overnight stays evolve unevenly in the first summer after the outbreak of the COVID-19 pandemic. The short-run effects show that the number of domestic overnight stays in densely populated regions decreases by 27% in July as well as in August 2020, in comparison with the same months in previous years, ceteris paribus. To the contrary, there is a surge of 27 and 10%, respectively, for sparsely populated areas in the same months. JEL: Z3, R11 and R12.
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| 7. |
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| 8. |
- Falk, M., et al.
(författare)
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Income elasticity of overnight stays over seven decades
- 2018
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Ingår i: Tourism Economics. - : Sage Publications. - 1354-8166 .- 2044-0375. ; 24:8, s. 1015-1028
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Tidskriftsartikel (refereegranskat)abstract
- This article provides new evidence on the stability of the long-run income elasticity of tourism and travel demand by use of the recently developed smooth time-varying cointegration regression model. The estimations control for relative purchasing power parity of the source country and make use of a specific country dataset where domestic and foreign overnight stays are available over a longer period of time (Switzerland, 1934–2015). Results show that the income elasticity of foreign overnight stays peaks at approximately two in the early 1960s, drops to around one in the early 1980s and from then on remains stable until the end of the sample. Domestic income elasticity reaches its highest levels in the 1930s, then steadily falls towards one in the mid-1960s, and therefrom remains stable until 2015. Different phases in the tourism area life cycle might be a major explanatory factor for variation in income elasticities over time. © The Author(s) 2018.
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| 9. |
- Box, Marcus, 1972-, et al.
(författare)
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Företagsnedläggningar : Olika perspektiv och forskningsmetoder
- 2018
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Ingår i: Insolvensrättslig tidskrift. - : Föreningen Insolvensrättslig Tidskrift. - 2002-3014 .- 2002-6315. ; 3:1, s. 12-31
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Tidskriftsartikel (refereegranskat)abstract
- Uppsatsen redogör för förklaringar till företagsdödlighet i såväl offentliga utredningar som inom ekonomisk och sociologisk forskning och teoribildning. Två fundamentalt olika föreställningar om hur och varför företag beter sig på ett visst sätt har dominerat de flesta studier. Ett perspektiv förutsätter en central roll för företagsledningens beslutsfattande och kompetens. Ett andra och motsatt perspektiv ser företags beteenden bestämda av externa krafter över vilka företagsledningen saknar kontroll. De olika föreställningarna påverkar resultat och slutsatser inom forskningen och har också betydelse för utformningen av den ekonomiska politiken.
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| 10. |
- Box, Marcus, 1972-, et al.
(författare)
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New-Firm Survival in Sweden : New Methods and Results
- 2017
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Ingår i: International Review of Entrepreneurship. - : Senate Hall Academic Publishing. - 2009-2822. ; :4, s. 431-464
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Tidskriftsartikel (refereegranskat)abstract
- We analyse firm survival and focus on several levels of analysis (both firm level and macro-level). We employ a unique longitudinal data set, recorded at the firm-level and covering nine complete entry cohorts of Swedish companies. The companies were founded between 1899 and 1992, and each firm is followed over nearly a decade. We adopt the semi-parametric complementary log-log (cloglog) model. The main novelty of our approach is that, unlike extant studies so far, we are able to distinguish between the impact on the hazard rate of founding conditions and contemporaneous, post-entry conditions. Using our new approach we test several hypotheses derived from the Industrial Organization and Organizational Ecology literatures.
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