Random walks and market efficiency tests: evidence on US, Chinese and European capital markets within the context of the global Covid-19 pandemic

Dias, Rui; Teixeira, Nuno; Machová, Veronika; Pardal, Pedro; Horák, Jakub; Vochоzka, Marek

doi:10.24136/oc.2020.024

Cited by 81 publications

(43 citation statements)

References 48 publications

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“…The impact of Covid-19 on the economy and small firms The media coverage is dominated by suggestions claiming that the coronavirus pandemic will lead to a recession in the economy. This seems a fairly obvious observation resulting from the rising number of infections in most countries, school closings, the promotion of social distancing measures, economic lockdowns, and drastic drops in global stock markets (Ramelli & Wagner, 2020;Pardal et al, 2020;Dias et al, 2020). The subject literature emphasizes that the Covid-19 pandemic -unlike previous crises -has many different dimensions, including economic.…”

Section: Literature Reviewmentioning

confidence: 99%

Consolidation strategies of small family firms in Poland during Covid-19 crisis

Marjański¹,

Sułkowski²

2021

EBER

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The objective of the article is to contribute to research into family businesses by understanding how small family businesses are responding and adapting to the Covid-19 crisis. Research Design & Methods:The research method is based on a comparative analysis of case studies. To investigate the impact of Covid-19 on small family businesses in Poland, we conducted exploratory studies in 12 entities, based on 29 partially structured interviews with managers of these companies. Findings: The sudden spread of the Covid-19 pandemic around the world took many lives and caused severe restrictions in social and private life, including the business sector. While almost every firm has been affected by the pandemic crisis, small businesses, dominated by family businesses, are particularly vulnerable to it. Our findings show that the Covid-19 crisis affects all companies and presents a completely new challenge that has so far had no precedent. Small family businesses are not prepared for the prolonged state of uncertainty and tension threatening the continuity of their operations, which particularly endangers financial stability and employee maintenance. In responding to the crisis, small family firms cannot refer to previous experience or developed methods and patterns of operation. Implications & Recommendations: Small family businesses must quickly adapt their operations to changing conditions, regardless of their size and industry in which they operate. Covid-19 in small family businesses causes changes in their approach to running the business and family life. Contribution & Value Added: According to our knowledge, this is the first empirical study in Poland on the impact of Covid-19 on small family businesses. Article type:research article

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Section: Literature Reviewmentioning

confidence: 99%

Consolidation strategies of small family firms in Poland during Covid-19 crisis

Marjański¹,

Sułkowski²

2021

EBER

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“…The end of the twentieth century saw a dynamic development of globalization processes [1][2][3]. The changes caused by the progressing globalization mainly concern the increase in interdependence between economies, changes in the functioning of selected markets and institutional changes [4][5][6][7][8]. Undoubtedly, the globalization processes have led to systematic socio-economic development in most world economies, combined with a significant increase in the level of innovation, the level of investment outlays and the level of foreign direct investment [9][10][11][12][13][14][15][16].…”

Section: Introductionmentioning

confidence: 99%

Energy Transition in Poland—Assessment of the Renewable Energy Sector

et al. 2021

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The topic of the article considers the functioning of the renewable energy (RE) sector in Poland. This is really important in the context of the energy transition of the national economy because it influences the creation of modern technologies and increases the competitiveness and innovation of the country. Poland is in a process of energy transition where the RE sector has been developing for two decades. The authors aimed to research the RE sector improvement possibilities in Poland, including the influence of this sector on chosen social and economic aspects. Because of this research’s aim a critical situation assessment of RE in Poland was conducted and a survey of a group of experts in this field was also involved. Legal, physical and mental determinants and their influence on RE sector were looked into. In the legal determinant context a necessity to simplify relevant legislation acts in Poland was found. Undoubtedly there is a need to improve several legal acts, including the Distance Act. In physical determinants it was found that solar, wind and biomass energy have the biggest chances for development. In the case of mental determinants the authors paid attention to the need of educating the public about using and obtaining energy. It is also important to make people aware how the RE sector influences the low emission economy positively. This will improve the creation of new jobs and reduce the emissions of harmful substances to the environment.

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“…In recent months, demand and supply in road freight transport have changed significantly in connection with the measures taken to prevent the spread of COVID-19 (Dias et al, 2020;Korzeb & Niedziolka, 2020;Kufel, 2020;Kuc-Czarnecka, 2020;Pardal et al, 2020;Zinecker et al, 2021). Some plants stopped production, which significantly reduced the demand for transportation.…”

Section: Discussionmentioning

confidence: 99%

New paradigms of quantification of economic efficiency in the transport sector

Poliak

Švábová

Konečný

et al. 2021

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Research background: In determining the prices in road transport, carriers usually use the calculations based on a so-called routes utilisation coefficient, which allows the carrier to also take the possibility of the return rides without load into account. Currently, it is usually used as a constant from the interval from zero to one. Purpose of the article: Considering a different offer of return transport from individual European Union (EU) countries, it can be assumed that the routes utilisation coefficient should have different values because there is a varying level of non-zero probability that the vehicle will return without a load. This study therefore proposes a new approach to determining the value of this coefficient based on transport direction. The study also aims to identify clusters of EU countries, for which the common value of the coefficient should be set. Methods: The Analysis of Variance (ANOVA) test was used to verify the assumption of the differences among the means of transport offers. Cluster analysis was used to identify the aforementioned groups of countries. This analysis is based on real data on transport offers to Slovakia from 18 different EU countries. Findings & value added: The results of the analysis can also be used in other EU countries because if significant differences in transport offers to Slovakia exist in individual countries, there is a reasonable assumption that this conclusion will also be valid in other countries. The analysis demonstrated that it is more appropriate to use the routes utilisation coefficient with various values, dependent on the transport direction. For the transport companies, implementation of the obtained results into practice is beneficial to increase their competitiveness through the more precise setting of transport prices, but also to the optimisation of the transport price itself with regard to the expected costs.

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Random walks and market efficiency tests: evidence on US, Chinese and European capital markets within the context of the global Covid-19 pandemic

Cited by 81 publications

References 48 publications

Consolidation strategies of small family firms in Poland during Covid-19 crisis

Consolidation strategies of small family firms in Poland during Covid-19 crisis

Energy Transition in Poland—Assessment of the Renewable Energy Sector

New paradigms of quantification of economic efficiency in the transport sector

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