Economics Commons^™

Working Remotely And Corporate Culture Wars In The Post-Pandemic Era, David M. Savino, Danielle C. Foster

Journal of the North American Management Society

Organizational culture is a sacred element of any organization. It is the lifeblood and the guiding force that makes each organization unique in its ability to navigate day-to-day and longer-term perspectives of corporate operations. Strong cultures help identify direction and philosophy and provide confidence in how to proceed to pursue innovative ideas and solve problems. Since 2020, the core value and the strength of many organizational cultures have been tested as a result of the increased reliance on working remotely and the adoption of a hybrid model of business operations not previously utilized to a great degree. While many survived …

The Covid-19 Pandemic And Work From Home, 2019-2021, Maryam Raja, Caitlin J. Saladino, William E. Brown Jr.

Economic Development & Workforce

This fact sheet presents data from the American Community Survey (ACS) Report, “Home Based Workers and the COVID-19 Pandemic,” which examines how the COVID-19 pandemic affected commuting patterns and workplace systems. The data examine how the pandemic shifted norms in work culture and conditions in Mountain West states and metropolitan statistical areas (MSAs).

The Prevalence Of Herding In Indian Auto Sector: Implications For Market Efficiency, Arundhathi P S, Aslam P S, Libison K B

Arab Economic and Business Journal

The worldwide catastrophes due to the spread of Wuhan virus, India had witnessed an explosive change in the economic activity, mainly in the investment pattern. This made the investors to do panic trading by following what others were doing in the market. We offer an empirical analysis to examine the presence of herding in Indian Automobile Sector during pre-pandemic and pandemic period (COVID-19). To detect the presence of herding, we applied Cross Sectional Absolute Deviation (CSAD) and One-way ANOVA was employed to examine whether there is any significant difference in the auto index during Pre pandemic and pandemic period. The …

The Impact Of Covid-19 And Associated Policy Responses On Global Food Security, Edward J. Balistreri, Felix Baquedano, John C. Beghin

Department of Economics: Faculty Publications

We analyze the impact of the COVID-19 pandemic and associated policy responses on the global economy and food security in 80 low- and middle-income countries. We use a global economy-wide model with detailed disaggregation of agricultural and food sectors and develop a business-as-usual baseline for 2020 and 2021 called “But-for-COVID” (BfC). We then shock the model with aggregate income shocks derived from the IMF World Economic Outlook for 2020 and 2021. We impose total-factor productivity losses in key sectors as well as consumption decreases induced by social distancing. The resulting shocks in prices and incomes from the CGE model simulations …

The Paycheck Protection Program's Effect On Real Estate Prices, Someswar Amujala

CMC Senior Theses

This paper investigates the relationship between the Paycheck Protec- tion Program (PPP) and real estate price increases. The Paycheck Protection Program was established by the Small Business Association in 2020 to pro- vide forgivable loans to businesses to aid with potential losses from COVID- 19 impacts. I leverage zip code level data across the United States and a fixed effects panel data model to quantitatively measure the PPP’s influence on housing and rental prices. I find a positive and significant relationship between the number of PPP loans disbursed and housing and rental rates. Specifically, a 1% change in the number …

Science, Technology, Society, And Law, Paolo Davide Farah, Justo Corti Varela

Book Chapters

Traditionally, science and technology have been granted as sources of knowledge and objective truth. However, much more recently, they are also seen as human activities, conducted in a social environment. This new approach focuses on the intersections between science, technology and society, and particularly their regulation by the law. Concerns on how to best regulate the interaction come up in modern societies, and when either their use or their impacts are global, international law and international organizations become involved. The impact of the fourfold relation is so high that science and technology are seen as one of the reasons for …

When Does Csr Payoff?, John A. Doukas, Rongyao Zhang

Finance Faculty Publications

We investigate whether firms engaging in corporate social responsibility (CSR) can preserve firm value during normal and unprecedented exogenous adverse events. Our evidence shows, in regular times, a negative relation between CSR engagement and firm value, but under adverse economic conditions, CSR protects firm value by decreasing firm risks. We also find that firms with high managerial attributes engage in greater CSR activities that benefit shareholders in both normal and aberrant financial times. Despite the controversy surrounding CSR, our evidence points out that CSR can be viewed as a set of intangible assets that can improve firm value across good …

A Comparison Of M&T Bank And Citizens Bank Net Income Changes During The Coronavirus Pandemic, Alex R. Glasier

Applied Economics Theses

The COVID-19 pandemic had a tremendous impact on every aspect of life, particularly within the world of banking & finance. All banks saw sharp drops in their stock prices and net income, but my hypothesis is that larger, more established banks maintained more stability during 2020 than smaller banks. This paper analyzes the income statements and balance sheets of M&T Bank (an older, more well-established bank) and Citizens Bank (a less-established bank) during this difficult time.

The first part of my thesis describes similarities and differences between M&T Bank and Citizens Bank. I explain how these similarities and differences may …

United States: Primary Dealer Credit Facility, Carey K. Mott

Journal of Financial Crises

In March 2020, the uncertain outlook for the United States in the face of the COVID-19 pandemic prompted extremely high demand for cash and near-cash assets. Amid intense selling pressure from investors, securities dealers were unable to fully absorb the high volume of trade orders into their inventory due to balance sheet capacity and funding constraints. As dealer capacity declined and demand for liquidity continued rising, volatility spread to the critical and normally highly liquid market for US Treasury securities, prompting the Federal Reserve to increase open market operations (March 12) and begin historically large purchases of US Treasuries (March …

United States: Money Market Mutual Fund Liquidity Facility, Carey K. Mott, Mallory Dreyer

Journal of Financial Crises

At the onset of the COVID-19 pandemic in March 2020, prime and tax-exempt money market funds (MMFs) faced increased demands for redemption. Meeting redemptions required MMFs to sell assets into increasingly illiquid markets. Using the emergency authority outlined in Section 13(3) of the Federal Reserve Act, the Board of Governors of the Federal Reserve established the Money Market Mutual Fund Liquidity Facility (MMLF), a facility similar in structure and purpose to a program that the Fed implemented in 2008 amidst the Global Financial Crisis (GFC). The MMLF extended nonrecourse loans to banks and their affiliates for the purchase from some …

Sweden: Corporate Bond Purchases, Carey K. Mott

Journal of Financial Crises

In the spring of 2020, corporate revenues in Sweden felt the direct effects of the coronavirus pandemic and the resulting public health measures. With future cash flows in question, many investors sold corporate debt for safe assets. Sweden's corporate bond market-particularly vulnerable to stress due to its heterogeneity, fragmentation, and lack of transparency-saw diminished liquidity. On March 19, 2020, the Sveriges Riksbank (Riksbank) announced it would purchase commercial paper and corporate bonds as part of a much larger bond-buying scheme, announced three days earlier, that included Swedish government, municipal, and covered bonds. It authorized the program under Chapter 6, Article …

Sweden: Commercial Paper Purchases, Carey K. Mott

Journal of Financial Crises

In March 2020, governments took measures to curb the spread of the COVID-19 pandemic that significantly impacted corporate revenues. The uncertainty surrounding the pandemic drove investors out of corporate securities and into safe assets, complicating the ability of Swedish nonfinancial corporations to finance their operations. As the volume of commercial paper issuance dropped, the Sveriges Riksbank (Riksbank) announced on March 19, 2020, it would purchase commercial paper and corporate bonds as part of a much larger bond-buying scheme that included Swedish government, municipal, and covered bonds. It authorized the program under Chapter 6, Article 5 of the Sveriges Riksbank Act. …

Israel: Corporate Bond Purchase Program, Natalie Leonard

Journal of Financial Crises

By March 2020, the quickly spreading novel coronavirus began disrupting business activity and industry, generating uncertainty throughout the global economy. As financial panic spread, Israeli investors fled to liquidity, impacting equities, corporate bonds, and even Israeli treasury securities. As short-term horizon mutual funds experienced high withdrawals in the first few weeks of March, they were forced to sell corporate bonds. This increase in supply pushed corporate bond prices down, and yields spiked. Between March and May, domestic rating agencies downgraded 23 companies (12% of all rated companies), and by July 2020, yields remained in the double-digits for 23% of corporate …

Canada: Provincial Bond Purchase Program, Natalie Leonard

Journal of Financial Crises

In the beginning of 2020, the outbreak of the novel coronavirus placed significant strain on financial markets and especially affected commodity-producing countries like Canada. As the broad economy contracted, oil-exports fell, and the government imposed public health restrictions to contain coronavirus, the Bank of Canada (BoC) announced emergency measures to ensure functioning of financial markets and to "reach companies and households and foster a robust recovery" (Poloz 2020, 1). One market that faced acute strain was the Canadian provincial bond market. The BoC announced the Provincial Bond Purchase Program (PBPP) through a notice published on April 15, 2020. The stated …

Canada: Corporate Bond Purchase Program, Sharon M. Nunn

Journal of Financial Crises

The Bank of Canada (BoC) activated its Corporate Bond Purchase Program (CBPP) from May 26, 2020, to May 26, 2021, in response to liquidity strains in corporate bond markets that stemmed from economic uncertainty and the COVID-19 pandemic. Policymakers enacted the CBPP as part of a broader suite of policies meant to stabilize the Canadian economy. Through the CBPP, the BoC purchased Canadian corporate bonds through a tender process on the secondary market. The CBPP could hold up to CAD 10 billion (USD 7.7 billion) par value of eligible bonds issued by specific non-deposit-taking firms incorporated in Canada. The bonds …

A General Equilibrium Assessment Of Covid-19’S Labor Productivity Impacts On China’S Regional Economies, Xi He, Edward J. Balistreri, Gyu Hyun Kim, Wendong Zhang

Department of Economics: Faculty Publications

This study introduces a database for analyzing COVID-19’s impacts on China’s regional economies. This database contains various sectoral and regional economic outcomes at the weekly and monthly level. In the context of a general equilibrium trade model, we first formulate a mathematical representation of the Chinese regional economy and calibrate the model with China’s multi-regional input-output table. We then utilize the monthly provincial and sectoral value-added and national trade series to estimate COVID-19’s province-by-month labor-productivity impacts from February 2020 to September 2020. As a year-on-year comparison, relative to February 2019 levels, we find an average 39.5% decrease in labor productivity …

Nevada Economic Development And Public Policy 2022-2026: A Sustainable Future For All Nevadans, The Lincy Institute, Brookings Mountain West

Policy Briefs and Reports

This report evaluates economic development efforts in the State of Nevada since the 2011 publication of Unify, Regionalize, Diversify: An Economic Development Agenda for Nevada; assesses demographic and economic trends for Nevada and its regions; examines how state and federal actions since the onset of COVID-19 can position Nevada and its regions to address long-standing economic, educational, and social deficits; and offers policy recommendations to be implemented in the next four years to facilitate a sustainable future for all Nevadans.

The Great Resignation: A Content Analysis Of News Sources' Portrayals Of The Covid-19 Labor Shortage., Mackenzie Williams

College of Arts & Sciences Senior Honors Theses

When workers left the labor market in large numbers during the COVID-19 pandemic, proclamations of a labor shortage emerged extensively throughout the news. In this study, I analyze the coverage of the worker shortage among three news sources with different political orientations. Several themes emerged from analyzing a total of 75 articles. The findings showed that the perspective shown in the article, the cause of the labor shortage, restaurant worker portrayal, support of solutions, and opinion of the labor shortage all differed based on the political identity of the news source. This research supports previous findings that show there is …

A Note On The Relationship Between Covid-19 And Stock Market Return: Evidence From South Asia, Md Arafat Rahman, Md Mohsan Khudri, Muhammad Kamran, Pakeezah Butt

Research outputs 2014 to 2021

Purpose:

The transformation of coronavirus disease (COVID-19) from a regional health crisis in a Chinese city to a global pandemic has caused severe damage not only to the natural and economic lives of human beings but also to the financial markets. The rapidly pervading and daunting consequences of COVID-19 spread have plummeted the stock markets to their lowest levels in many decades especially in South Asia. This concern motivates us to investigate the stock markets’ response to the COVID-19 pandemic in four South Asian countries: Bangladesh, India, Pakistan and Sri Lanka. This study aims to investigate the causal impact of …

Three Papers On Sell-Side Financial Analysts, Zheng Liu

2022

This first paper (co-authored) tests the effect of Markets in Financial Instruments Directive II (MiFID II), which entered into force on 3 January 2018, on European-based sell-side financial analysts. We find that MiFID II, in part, unbundles brokers’ execution and research services. We assess the effectiveness of MiFID II in unbundling and find that the trading volume generated by the brokers that issued recommendation revisions declined significantly after the enactment of MiFID II. Further, in addition to a smaller price reaction to EU broker analysts’ recommendation revisions in the post period than in the pre period, these broker analysts appear …

Part 1: Inflation, Uncertainty, And Volatility Undermine Virginia's Recovery, Dragas Center For Economic Analysis And Policy, Old Dominion University

State of the Commonwealth Reports

If the story of 2020 was the pandemic and the tale of 2021 was the recovery, then rising inflation and interest rates dominated the narrative of 2022. The economic recovery remained incomplete, with jobs returning to pre-pandemic levels but some Virginians remaining outside the labor force. Now, with the possibility of a recession in 2023 looming, we ask how Virginia fared over the last 12 months and what are the prospects for future growth?

The Impact Of The Covid-19 Pandemic On Corporate Financial Fragility In The Vietnamese Manufacturing Industry, Trang Nguyen

Honors Theses

In the past decades, under the government’s export-led growth strategy, the Vietnamese manufacturing sector – the backbone of the whole Vietnamese economy – has established a deep tie with the international market and the reliance on foreign buyers has fueled the growth of this sector before COVID-19. However, during the pandemic, when the global market contracted at -3.5 percent and demand slumped globally, this existing growth model and the manufacturing sector’s reliance on foreign buyers induced significant risks to this sector from both the demand and supply side. Using the firm-level data on 41 manufacturing exporting companies from the Vietstock …

The Efficiency Of U.S. Public Space Utilization During The Covid-19 Pandemic, Seth G. Benzell, Avinash Collis, Christos Nicolaides

Economics Faculty Articles and Research

The COVID-19 pandemic has called for and generated massive novel government regulations to increase social distancing for the purpose of reducing disease transmission. A number of studies have attempted to guide and measure the effectiveness of these policies, but there has been less focus on the overall efficiency of these policies. Efficient social distancing requires implementing stricter restrictions during periods of high viral prevalence and rationing social contact to disproportionately preserve gatherings that produce a good ratio of benefits to transmission risk. To evaluate whether U.S. social distancing policy actually produced an efficient social distancing regime, we tracked consumer preferences …

The Perceived Impact Of Covid-19 Pandemic On Healthcare Cost In Bangladesh, Hasibul Islam, Fatema Johora, Asma A. Abbasy, Masud Rana, Niyungeko Antoine

Journal of Global Business Insights

The study showed the effect of the COVID-19 pandemic on healthcare expenses including the price of medicines, protective equipment, medical devices, healthcare facilities, and food. A self-administered questionnaire was used as the data collection tool and 400 people from different Bangladesh divisions (Dhaka, Chittagong, Barisal, Khulna, Mymensingh, Rajshahi, and Sylhet) participated in this study. Multiple regression analysis was used to estimate the impact of independent variables on dependent variables. R programming environment was used to perform the statistical analysis. Cronbach’s alpha was used for determination of reliability and found acceptable internal consistency. The price of protective equipment (POPE), the price …

How Did Homelessness Change During The Great Recession And Recovery?, Jenny Schuetz, Matthew Ring

Policy Briefs and Reports

Job losses from the COVID-19 pandemic have exacerbated housing insecurity among low-income renters over the past year. Federal, state, and local policymakers have created temporary measures to help reduce displacement among people who have lost their jobs, but there is considerable uncertainty about what will happen when these temporary measures end. To gain insight into how homelessness changes over macroeconomic cycles, we examine changes in homelessness rates from 2007 to 2020. Our analysis focuses on four metro areas that were particularly hard-hit by the foreclosure crisis: Las Vegas, Los Angeles, Phoenix, and Riverside. Overall homelessness rates declined in all metros …

Struggle With Covid-19 Crisis Within The Scope Of Financial National Security: The Example Of The Republic Of Turkey, Silacan Karakus

University of South Florida (USF) M3 Publishing

The COVID-19 pandemic is a discovered infectious disease in the People's Republic of China. This disease was a transformation to pandemic, when to spread all over the world in a short time, within the research framework. The struggle of the COVID-19 in the scope of financial national security was an analytical issue with example of the Republic Turkey for this study. The initiation of the emergence process of the COVID-19 epidemic in China. The third part is an examination of the spread of the COVID-19 epidemic to the whole world. The evaluated struggle of COVID-19 within the scope of financial …

Tourism And Women Empowerment: Empirical Findings From Past Experience And Predictions For The Post-Covid Era, Burcu Turkcan

University of South Florida (USF) M3 Publishing

Tourism industry is one of the major industries of today’s world and hence it is in the forefront of current national and international policies. Tourism is perceived as one of the fundamental engines of economic growth and development due to the fact that it has many contributions to the economy. Moreover, tourism has a dimension of women empowerment which is one of the critical issues of modern world. Hence, researchers and policymakers have begun to pay more attention to the issue of gender discrimination and tourism relationships. There are some direct linkages between tourism and women empowerment, and what is …

Economic Cooperation Between Central Caucasus, China, And Eu, Under Covid-19 Challenges, Vakhtang Charaia, Mariam Lashkhi

University of South Florida (USF) M3 Publishing

Study analyses the China’s Belt and Road Initiative perspectives for EU and Central Caucasus countries of Georgia, Armenia and Azerbaijan, with the special focus on covid-19 global pandemic reality. Trade, investments and transit is considered as main factors of the given paper. At the same time, global competition for leadership, open and hidden trade and investment wars are taken into account. Study also suggest different alternative ways of including Central Caucasian states into the project as a corridor for China – EU connection. Coronomic challenges are considered as a new wave of challenge and at the same time as a …

Experiences And Coping Strategies During The Covid-19 Pandemic Among Fishers And Farmers In The Island Province Of Guimaras, Philippines, Gay Margarett A. Gange, Louie Marie T. Eluriaga, Alice Joan G. Ferrer

Journal of Economics, Management and Agricultural Development

This study describes the experiences and coping strategies related with the COVID-19 threat and the community quarantine policy by the fishers and farmers in the island province of Guimaras. Both food producers faced marketrelated problems such as low demand, low prices of catch and produce, and logistical problems. While the in-kind support (e.g., food provisions) received and adaptive measures (e.g., continued with fishing or adjusted harvest schedule; use of social media or delivery services in marketing) allowed them to get by during the pandemic, there is a need to develop more resilient farming and fishing households. Short-term support can be …

Government Support For Smes In Response To Covid-19: Theoretical Model Using Wang Transform, Shaun Shuxun Wang, Jing Rong Goh, Didier Sornette, He Wang, Esther Yang

Research Collection School Of Economics

Purpose: Many governments are taking measures in support of small and medium-sized enterprises (SMEs) to mitigate the economic impact of the COVID-19 outbreak. This paper presents a theoretical model for evaluating various government measures, including insurance for bank loans, interest rate subsidy, bridge loans and relief of tax burdens. Design/methodology/approach: This paper distinguishes a firm's intrinsic value and book value, where a firm can lose its intrinsic value when it encounters cash-flow crunch. Wang transform is applied to (1) calculating the appropriate level of interest rate subsidy payable to incentivize banks to issue more loans to SMEs and to extend …