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Time-varying effects of the Covid-19 pandemic on stock markets and economic activity: evidence from the US and Europe
Get PDFJEL classification: G10; G14; G15This paper examines the effects of the COVID-19 pandemic on CDS, stock returns, and economic activity in the US and the five European countries that have been most affected: the UK, Germany, France, Italy, and Spain. The sample period covers the period from 11 March 2020 to 19 February 2021. In the empirical analysis, first, we estimate benchmark linear VAR models and then, given the evidence of parameter instability, TVP-VAR models with stochastic volatility, which are ideally suited to capturing the changing dynamics in both financial markets and the real economy. The linear VAR responses of CDS to the number of COVID-19 cases are positive and statistically significant, whilst those of electricity consumption are insignificant and those of stock returns vary across countries in terms of their sign and significance. The results from the TVP-VAR analysis indicate that the effects of shocks on the system variables was more pronounced during the initial stages of the pandemic and then decreased in the following months. Specifically, there was a positive impact of the number of COVID-19 cases on CDS and a negative one on stock returns and economic activity, the latter two being interlinked
Operating synergy and post-acquisition integration in corporate acquisitions: A resource reconfiguration perspective
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Data will be made available on request.Supplementary data are available online at: https://www.sciencedirect.com/science/article/pii/S0024630124000153#appsec1 .We theorize that contingent on whether acquisitions put more emphasis on realizing cost versus revenue synergy, they require different degrees of post-acquisition integration due to their different resource reconfiguration requirements. We use data from 448 US-based acquirers and 1452 domestic acquisitions to find strong support for our theoretical conjecture. On the one hand, we find that for acquisitions that emphasize cost synergy more than revenue synergy, the degree of integration exerts a linear mediating effect on acquirer performance. That is, performance increases as the degree of integration increases. On the other hand, we find that for acquisitions that emphasize revenue synergy more than cost synergy, the degree of integration exerts an inverted U-shaped mediating effect. That is, performance is highest at intermediate degrees of integration. We advance research on post-acquisition integration by first demonstrating the importance of aligning the degree of integration with the synergy rationale in acquisitions (emphasis on cost or revenue synergy) to achieve high acquisition performance. Second, we introduce a novel, replicable approach for empirically operationalizing the degree of post-acquisition integration. We contribute to the resource reconfiguration lens of dynamic capabilities by showing that firms whose managers align the intended source of value creation with their approach to reconfiguration may achieve higher performance outcomes
Tackling physical inactivity and inequalities: implementing a whole systems approach to transform community provision for disabled people and people with long-term health conditions
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The data that support the findings of this study are available on request from the corresponding author, (AP). The data are not publicly available due to their containing information that could compromise the anonymity of research participants.Electronic supplementary material is available online at: https://link.springer.com/article/10.1186/s12889-024-18051-6#Sec17 .Background:
Physical inactivity is a global public health priority. There are known health and well-being consequences of being inactive, and the benefits of being physically active are well established. However, there are persistent inequalities when it comes to how physically active people are, with disabled people, people living with long-term health conditions, and people residing in areas of socio-economic deprivation being particularly affected. Methods such as whole system approaches (WSAs), which are dynamic, multifaceted, and engage all relevant stakeholders, have gained momentum as an approach to address such complex public health problems. However, evidence relating to the implementation of WSAs to address physical inactivity is lacking. The aim of the Prevention and Enablement Model (PEM) was to take a whole system approach in Essex to encourage and support disabled people and/or individuals living with long-term health conditions to be more active, happier, and to live more independently.
Methods:
The aim of this study was to explore the enablers, challenges, and reflections associated with the process of designing and implementing the PEM. Semi-structured interviews (n = 12) were used to collect data from people involved in the PEM’s design, implementation and/or delivery. Data was analysed using Braun and Clarke’s reflexive thematic analysis.
Results:
Four themes were identified: (1) Working collaboratively: Specific enablers of time and space were identified as important in the planning and implementation of a WSA (2) Leadership and planning: Distributed and flexible leadership was identified as central to successful implementation (3) Re-orientating practice: Highlighted the transformative potential of a whole system approach and how it contrasts with conventional work practices, and (4) Reflection and learning: Informing ongoing refinements and further implementation of successful system change.
Conclusions:
These findings highlight the challenge and complexity of implementing a WSA that involves diverse stakeholders from across adult social care, the NHS, and the third sector. Several important enablers are identified, such as leadership and planning, and the challenges and discomfort that can arise whilst changing systems. Ongoing efforts are required to ensure that different elements of the system collaborate effectively to address inequalities in physical activity participation, through the implementation of a WSA.Essex County Council, as part of an evaluation of the Sport England funded Essex Local Delivery Pilot
Institutional suicide as anomie: decedents speak out for work-related suicides through a Durkheimian exploration of suicide notes in a context without institutional responsibilization for suicide prevention
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Publicly available information has been analyzed in this study. Links to the online sources have not been included with the article in order to protect the privacy of the individuals affected. Queries regarding the source material should be directed to the corresponding author.Introduction: Drawing on Durkheim’s historical theorization of suicide, we extend his concept of anomic suicide, which is suicide due to a lack of social regulation, to introduce the concept of institutional suicide. We define institutional suicide as suicide due to the absence or decline of institutional policies, practices, and discourses for prevention. In this study, we explore the mechanisms for institutional suicides based on suicide notes Turkey, in a context without institutional responsibilization for prevention. Turkey provides a significant context for studying institutional suicides as policies, practices, and discourses for suicide prevention have been declining for some decades.
Methods: Drawing on publically available suicide notes and narratives in Turkish media outlets, we analyze 17 suicide notes and responses from their institutions of work and friends, family, and colleagues.
Findings and Discussion: We identify two mechanisms that lead to institutional suicides: (1) dehumanization due to lack of recognition and (2) misrecognition through a devaluation of potential. We extend the theory of anomie to institutional settings and offer social policy suggestions to improve institutional responses based on co-design based on suicide notes to prevent institutional suicides and call for institutional responsibilization for preventing work-related suicides.The author(s) declare that no financial support was received for the research, authorship, and/or publication of this article
MindTheDApp: A Toolchain for Complex Network-Driven Structural Analysis of Ethereum-based Decentralised Applications
Get PDFThis paper presents MindTheDApp, a toolchain designed specifically for the structural analysis of Ethereum-based Decentralized Applications (DApps), with a distinct focus on a complex network-driven approach. Unlike existing tools, our toolchain combines the power of ANTLR4 and Abstract Syntax Tree (AST) traversal techniques to transform the architecture and interactions within smart contracts into a specialized bipartite graph. This enables advanced network analytics to highlight operational efficiencies within the DApp’s architecture. The bipartite graph generated by the proposed tool comprises two sets of nodes: one representing smart contracts, interfaces, and libraries, and the other including functions, events, and modifiers. Edges in the graph connect functions to smart contracts they interact with, offering a granular view of interdependencies and execution flow within the DApp. This network-centric approach allows researchers and practitioners to apply complex network theory in understanding the robustness, adaptability, and intricacies of decentralized systems. Our work contributes to the enhancement of security in smart contracts by allowing the visualisation of the network, and it provides a deep understanding of the architecture and operational logic within DApps. Given the growing importance of smart contracts in the blockchain ecosystem and the emerging application of complex network theory in technology, our toolchain offers a timely contribution to both academic research and practical applications in the field of blockchain technology.10.13039/501100015595-Ethereum Foundation (Grant Number: FY23-1048
Outline of a Critical Sociology of Free Speech in Everyday Life: Beyond Liberal Approaches
Get PDFCritical sociologists have been conspicuous by their absence in theoretical debates about free speech in everyday life. The aim of this article is to address this missing gap in critical sociology by making some tentative suggestions about how such a theory might advance. Drawing mainly from the ideas of Pierre Bourdieu and Judith Butler, the article suggests that free speech occurs when coalitions come together in venues to discuss the possession and dispossession of certain resources; resources that coalitional members enjoy or are denied from enjoying in social fields. If a coalition engages in dialogue and other types of expression that pushes for an equal distribution of different resources so as to make lives more liveable, then the coalition will most likely also be constructing subversive ‘heretical discourse’. Furthermore, the coalition will also most likely be challenging dominant and hegemonic symbolic constructions of ‘linguistic competence’ in a social field. The article develops these points by analysing two prominent liberal schools of thought on free speech: the marketplace of ideas school and the deliberative school. The article argues that these liberal schools cannot satisfactorily account for power relations and complexity of identity formation in relation to free speech.Leverhulme Trust for a Research Fellowship (RF-2020-387)
Boundary-Domain Integral Equations for Variable-Coefficient Helmholtz BVPs in 2D
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There are no data associated with the manuscript to be made available.In this paper, we construct boundary-domain integral equations (BDIEs) of the Dirichlet and mixed boundary value problems for a two-dimensional variable-coefficient Helmholtz equation. Using an appropriate parametrix, these problems are reduced to several BDIE systems. It is shown that the BVPs and the formulated BDIE systems are equivalent. Fredholm properties and unique solvability and invertibility of BDIE systems are investigated in appropriate Sobolev spaces.EPSRC (EP/M013545/1) Mathematical Analysis of Boundary-Domain Integral Equations for Nonlinear PDEs; the first and the second author gratefully acknowledge the support from International Science Program (ISP) in Uppsala University, Sweden
Linking institutional context to the community and career embeddedness of skilled migrants: The role of destination- and origin-country identifications
Get PDFSupplementary Information is available online at: https://link-springer-com.ezproxytest.brunel.ac.uk/article/10.1057/s41267-024-00683-w#Sec140 .Migration is one of the most pressing global issues of our time. However, relatively little is known about the factors and mechanisms that govern the post-migration experiences of skilled migrants. We adopt an acculturation- and social identity-based approach to examine how differences between institutional characteristics in the destination and origin country, as well as migrants’ experiences with formal and informal institutions shape their identification with the destination and origin country and contribute to their community and career embeddedness. Our study of 1709 highly skilled migrants from 48 origin countries in 12 destination countries reveals that the institutional environment migrants encounter provides both sources of opportunity (potential for human development and value-congruent societal practices) and sources of disadvantage (experienced ethnocentrism and downgrading). These contrasting dynamics affect migrants’ destination-country identification, their origin-country identification and, ultimately, their embeddedness in the destination country. Our results have important implications for multinational enterprises and policy makers that can contribute to enhancing skilled migrants’ community and career embeddedness. For example, these actors may nurture a work environment and provide supportive policies that buffer against the institutional sources of disadvantage we identified in this study, while helping migrants to leverage the opportunities available in the destination country.Open access funding provided by Vienna University of Economics and Business (WU).. Sebastian Reiche gratefully acknowledges the support from the Ministerio de Ciencia e Innovación, grant ECO2015-68272-P funded by MCIN/AEI/https://doi-org.ezproxytest.brunel.ac.uk/10.13039/501100011033, and by “ERDF A way of making Europe”, by the European Union. Mila Lazarova acknowledges the support of the Canada Research Chairs Program. Lena Zander would like to gratefully acknowledge Jan Wallanders och Tom Hedelius stiftelse and Tore Browaldhs stiftelse, Sweden, for financially supporting her research project (P17-0117) and the workshop organized at Sigtuna Folkhögskola for the research team in June, 2022. Eric Davoine gratefully acknowledges the NCCR LIVES for their financial support
Anger and disgust shape judgments of social sanctions across cultures, especially in high individual autonomy societies
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The datasets analyzed during the current study are available in the Center for Open Science repository, https://osf.io/djnfg/.Supplementary Information is available online at: https://link.springer.com/article/10.1038/s41598-024-55815-x#Sec17 .When someone violates a social norm, others may think that some sanction would be appropriate. We examine how the experience of emotions like anger and disgust relate to the judged appropriateness of sanctions, in a pre-registered analysis of data from a large-scale study in 56 societies. Across the world, we find that individuals who experience anger and disgust over a norm violation are more likely to endorse confrontation, ostracism and, to a smaller extent, gossip. Moreover, we find that the experience of anger is consistently the strongest predictor of judgments of confrontation, compared to other emotions. Although the link between state-based emotions and judgments may seem universal, its strength varies across countries. Aligned with theoretical predictions, this link is stronger in societies, and among individuals, that place higher value on individual autonomy. Thus, autonomy values may increase the role that emotions play in guiding judgments of social sanctions.This research was funded by the Swedish Foundation for Humanities and Social Sciences (Riksbankens Jubileumsfond) [P17-0030:1]. The contribution of J.W was supported by CAS Youth Innovation Promotion Association and fundings from the Institute of Psychology, Chinese Academy of Sciences (Y5CX052003 and E2CX3315CX). The contributions of M.H and S.G. for the Czech part of research was supported by a Grant 23-061770S of the Czech Science Foundation and by RVO: 68081740 of the Institute of Psychology, Czech Academy of Sciences. Open access funding provided by Linköping University
Adapting the Nominal Group Technique to a virtual version: an experience report
Get PDFObjective: To report on the adaptations made to the original Nominal Group Technique (NGT), allowing it to be applied to the virtual format, preserving all its key elements. Method: An experience report on the adaptations and adjustments made to the original NGT to the virtual format using Information and Communication Technologies (ICT), using digital tools that are available free of charge or are low cost and easy to use. Results: The NGT was carried out entirely virtually and underwent adaptations in each of its four stages through the incorporation of specific digital resources. It was possible to present the most voted ideas and obtain final approval from the participants. The participants had no difficulty in using the virtual resources provided and, based on the reaction evaluation, they were satisfied with the tools provided. Conclusion: The adapted NGT proved to be an effective method when used in a virtual setting, capable of producing a significant number of ideas and developing consensus. The adapted tool can be used by other researchers in countries with similar resources or dimensions to Brazil.RESUMEN.
Objetivo:
Informar sobre las adaptaciones realizadas a la Técnica de Grupo Nominal (TGN) original, permitiendo su aplicación al formato virtual, preservando todos sus elementos clave.
Método:
Se trata de un informe de experiencia sobre las adaptaciones y ajustes realizados a la TGN original para el formato virtual mediante el uso de las Tecnologías de la Información y la Comunicación (TIC), utilizando herramientas digitales disponibles de forma gratuita o de bajo coste y fácil uso.
Resultados:
El TGN se realizó íntegramente de manera virtual y sufrió adaptaciones en cada una de sus cuatro etapas mediante la incorporación de recursos digitales específicos. Fue posible presentar las ideas más votadas y obtener la aprobación final de los participantes. Los participantes no tuvieron dificultades para utilizar los recursos virtuales proporcionados y, según los comentarios recibidos, se mostraron satisfechos con las herramientas facilitadas.
Conclusión:
El TGN adaptado demostró ser un método eficaz cuando se utiliza en un entorno virtual, capaz de producir un número significativo de ideas y desarrollar el consenso. La herramienta adaptada puede ser utilizada por otros investigadores en países con recursos o dimensiones similares a las de Brasil.RESUMO.
Objetivo:
Relatar as adaptações realizadas na Técnica de Grupo Nominal (TGN) original, permitindo sua aplicação ao formato virtual, preservando todos os seus elementos-chave.
Método:
Relato de experiência sobre as adaptações e adequações realizadas na TGN original ao formato virtual aplicando as Tecnologias da Informação e Comunicação (TIC), por meio de ferramentas digitais disponibilizadas gratuitamente ou de baixo custo e de fácil manejo.
Resultados:
A TGN foi realizada integralmente de forma virtual e sofreu adaptações em cada uma das suas quatro etapas através da incorporação de recursos digitais específicos. Foi possível apresentar as ideias mais votadas e obter a aprovação final dos participantes. Os participantes não apresentaram dificuldade para utilizar os recursos virtuais disponibilizados, e, partir da avaliação de reação, mostram-se satisfeitos com as ferramentas disponibilizadas.
Conclusão:
A TGN adaptada mostrou-se um método efetivo quando utilizada em cenário virtual, sendo capaz de produzir um significativo número de ideias e desenvolver consenso. A ferramenta adaptada pode ser usada por outros pesquisadores em países com recursos ou dimensões semelhantes ao Brasil.Coordenação de Aperfeiçoamento de Pessoal de Nível Superior – Brasil (CAPES) – Finance Code 001
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