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The Systematic Nature of COVID: A Journey towards a New...
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The Systematic Nature of COVID: A Journey towards a New Economic and Financial Paradigm

A special issue of Journal of Risk and Financial Management (ISSN 1911-8074). This special issue belongs to the section "Economics and Finance".

Deadline for manuscript submissions: closed (30 June 2023) | Viewed by 9170

Special Issue Editors

Prof. Dr. Gabriele Tedeschi

E-Mail Website
Guest Editor
Department of Economics, Management and Business Law, University of Bari "Aldo Moro", 70124 Bari, Italy
Interests: interbank markets; behavioural finance; systemic risk; agent-based models; network
Dr. Rocco Caferra

E-Mail Website
Guest Editor
1. Department of Economics, Management and Business Law, University of Bari “Aldo Moro”, 70121 Bari BA, Italy
2. Department of Economics, University of Castellón“Jaume I”, 12071 Castelló de la Plana, Castelló, Spain
Interests: experimental economics and finance; networks; financial stability

Special Issue Information

Dear Colleagues,

This Special Issue tackles the spread of COVID-19, as well as its causes and consequences, employing both theoretical and empirical analysis.

Specifically, it aims at identifying the key macroeconomic consequences of the pandemic, offering an understanding of the aggregate effects, and identifying the most effective policies to tackle the aftermath of the shock. The outcomes of the proposed works will serve as a roadmap to face future systemic shocks, regardless of whether they stem from a pandemic or not, helping to build a resilient system.

Potential topics include but are not limited to the following:

  • Bottom-up approaches (such as agent-based models) identifying aggregate stability from micro-interaction;
  • Network models;
  • Macroeconomic theoretical and empirical essays;
  • Financial studies on markets dynamics.

Prof. Dr. Gabriele Tedeschi
Dr. Rocco Caferra
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 100 words) can be sent to the Editorial Office for announcement on this website.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Journal of Risk and Financial Management is an international peer-reviewed open access monthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 1400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

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Further information on MDPI's Special Issue polices can be found here.

Published Papers (3 papers)

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Research

16 pages, 645 KiB  
Article
The Sectoral Effects of Value-Added Tax: Evidence from UAE Stock Markets
by Anagha Ann Gopakumar, Avneet Kaur, Vikash Ramiah and Krishna Reddy
J. Risk Financial Manag. 2022, 15(10), 429; https://doi.org/10.3390/jrfm15100429 - 26 Sep 2022
Cited by 3 | Viewed by 2378
Abstract
This paper investigates the impact of 19 announcements pertaining to the introduction of value-added tax (VAT) in the United Arab Emirates (UAE) on equities listed on the Abu Dhabi Stock Exchange (ADX). Using a well-established event study methodology over the period 2015 to [...] Read more.
This paper investigates the impact of 19 announcements pertaining to the introduction of value-added tax (VAT) in the United Arab Emirates (UAE) on equities listed on the Abu Dhabi Stock Exchange (ADX). Using a well-established event study methodology over the period 2015 to 2018, a sector-wise assessment of the value constructiveness or destructiveness of these announcements is conducted. In addition, an estimation of sector-wise changes in systematic risk following these announcements is provided. Significant sectoral differences in abnormal returns are observed with industries such as insurance and retail showing higher sensitivity. Certain announcements are identified as exerting more impact than others. The results document the outcome of the implementation of VAT and provide guidance to other countries in the Gulf region that plan to introduce VAT. Full article
(This article belongs to the Special Issue The Systematic Nature of COVID: A Journey towards a New Economic and Financial Paradigm)
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13 pages, 294 KiB  
Article
Paradigm Shift in Finance: The Transformation of the Theory from Perfect to Imperfect Capital Markets Using the Example of Company Valuation
by Dietmar Ernst and Werner Gleißner
J. Risk Financial Manag. 2022, 15(9), 399; https://doi.org/10.3390/jrfm15090399 - 8 Sep 2022
Cited by 4 | Viewed by 3924
Abstract
In the capital market and financing theory, we are currently observing major upheavals. For decades, the neoclassical paradigm has dominated in science and practice. Triggered by economic and political crises, transformations, the COVID-19 pandemic, and political instabilities, a paradigm shift is currently occurring [...] Read more.
In the capital market and financing theory, we are currently observing major upheavals. For decades, the neoclassical paradigm has dominated in science and practice. Triggered by economic and political crises, transformations, the COVID-19 pandemic, and political instabilities, a paradigm shift is currently occurring in finance. This paradigm shift leads to models and theories that can explain imperfections in capital markets and provide decision support for managers. The aim of this article is to analyse the paradigm shift and to demonstrate it using an example of business valuation theory. We draw on the insights of the philosopher Thomas Samuel Kuhn. He vividly explains the paradigm shift in science in his major work “The Structure of Scientific Revolutions”. A paradigm shift in science always encounters resistance. The reasons for this include the strong neoclassical school in finance and the dependence on research funds. Funders expect the use of established methods and the simplicity and dissemination of the models that have prevailed so far. On the other hand, the neoclassical models are unsuitable to explain the transformation processes on financial markets. This fact has been empirically proven. We show a variety of arguments that speak clearly about this paradigm shift. Their importance clearly outweighs the reasons to continue subscribing to the old paradigm. Accordingly, new theories and models have been developed to better explain the changes in the markets. With the simulation-based business valuation, an approach has been developed that considers different degrees of market imperfections. The simulation-based valuation can also depict the special case of the neoclassical paradigm, so that all market constellations can be covered. Full article
(This article belongs to the Special Issue The Systematic Nature of COVID: A Journey towards a New Economic and Financial Paradigm)
13 pages, 326 KiB  
Article
Systematic and Idiosyncratic Risks of the U.S. Airline Industry
by Rafiqul Bhuyan, André Varella Mollick and Md Ruhul Amin
J. Risk Financial Manag. 2022, 15(8), 343; https://doi.org/10.3390/jrfm15080343 - 3 Aug 2022
Cited by 1 | Viewed by 2073
Abstract
Understanding the risky nature of the airline industry has received attention in the tourism literature from separate angles. Although the systematic risk of the airline industry has been examined before, idiosyncratic risk has largely been ignored. This study fills this gap in the [...] Read more.
Understanding the risky nature of the airline industry has received attention in the tourism literature from separate angles. Although the systematic risk of the airline industry has been examined before, idiosyncratic risk has largely been ignored. This study fills this gap in the tourism literature by investigating the effect of passengers’ air travel on systematic and idiosyncratic risks of the U.S. airline industry. Using historical air travel data and utilizing both OLS and fixed-effect models, this paper documents negative relationships between the occupancy of airline seats and idiosyncratic risks for 21 U.S. airline companies. This negative effect of occupancy is more pronounced if air travel distances are shorter, companies have lower leverage ratios, and companies are smaller in size. Policy implications for both airline managers and investors are provided. Full article
(This article belongs to the Special Issue The Systematic Nature of COVID: A Journey towards a New Economic and Financial Paradigm)
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