Past literatures have not studied the impact of real-world events or information on the return and volatility of virtual currencies, particularly on the COVID-19 event, day-of-the-week effect, daily high-low price spreads and information flow rate. The study uses the ARMAGARCH model to capture Bitcoin’s return and conditional volatility, and explores the impact of information flow rate on conditional volatility in the Bitcoin market based on the Mixture Distribution Hypothesis (Clark, 1973). There were 3,064 samples collected during the period from 1st of January 2012 to 20th April, 2020. Empirical results show that in the Bitcoin market, a daily high-low price spread has a significant inverse relationship for daily return, and information flow rate has a significant positive relationship for condition volatility. The study supports a significant negative relationship between information asymmetry and daily return, and there is a significant positive relationship between daily trading volume and condition volatility. When Bitcoin trades on Saturday & Sunday, there is a significant reverse relationship for conditional volatility and there exists a day-of-the-week volatility effect. Under the impact of COVID-19 event, Bitcoin’s condition volatility has increased significantly, indicating the risk of price changes. Finally, the Bitcoin’s return has no impact on COVID-19 events and holidays (Saturday & Sunday).

This paper examines the effect of COVID-19 pandemic on the Philippine stock exchange, peso-dollar rate and retail price of diesel using robust least squares regression and vector autoregression (VAR). The robust least squares regression using MM-estimation method concluded that COVID-19 daily infection has negative and statistically significant effect on the Philippine stock exchange index, pesodollar exchange rate and retail pump price of diesel. This is consistent with the results of correlation diagnostics. As for the VAR model, the lag values of the independent variable disclose significance in explaining the Philippine stock exchange index, peso-dollar exchange rate and retail pump price of diesel. Moreover, in the short run, the impulse response function confirmed relative effect of COVID-19 daily infections and the variance decomposition divulge that COVID-19 daily infections have accounted for only minor portion in explaining fluctuations of the Philippine stock exchange index, peso-dollar exchange and retail pump price of diesel. In the long term, the influence levels off. The Granger causality test suggests that COVID-19 daily infections cause changes in the Philippine stock exchange index and peso-dollar exchange rate in the short run. However, COVID-19 infection has no causal link with retail pump price of diesel.

This study aims to add insight into the effectiveness of e-training, e-leadership, work-life balance, and work motivation on millennial generation employees’ performance in today’s work life amid the outbreak of the COVID-19 pandemic that requires to work more online. Unlike previous generations, millennials are technology-literate, intent on succeeding quickly, give up easily, and seek instantaneous gratification. The population in this study are millennial generation employees at one of Honda motorcycle dealers in Jakarta, Indonesia. The number of samples collected was 200. The sampling technique used is the side probability method, with proportional random sampling technique. The research method used is an associative quantitative approach through survey methods and Structural Equation Modeling. Data were collected through questionnaires distributed to millennial generation employees, with results then processed through the Lisrel 8.5 program. The results of this study show, first, that e-training, e-leadership, and work-life balance have positive effect on work motivation. Second, e-training, e-leadership, work-life balance, and work motivation have positive effect on employees’ performance. The findings indicate that companies must pay attention to the factors of e-training, e-leadership, and work-life balance to keep employees motivated and to maintain optimal employee performance, especially during the COVID-19 pandemic through working online.

Credit capital from customers’ savings deposit (CSD) of banks has an important meaning in the business activities of the banking industry. There are many factors that influence the CSD satisfaction with banks. Certain changes have been made when there are fluctuations due to COVID-19. The article is based on an analysis assessing the factors that influence the CSD satisfaction of Vietnamese commercial banks in the context of COVID-19. The authors use a sample of 1,639 CSD. The results show that there are three variables that positively affect CSD satisfaction, including legal provisions of the Central bank (Legal), policies and mechanisms of commercial banks (Policy), and products of commercial banks (Product). Accordingly, in order to contribute to strengthening this capital mobilization of savings deposit, the Central bank of Vietnam needs to play a pivotal role in the regulations of the banking system to ensure its stability; control well monetary policy, interest rates, and inflation to keep a stable position in the economy; and provide timely financial support packages to enhance the confidence of CSD. Moreover, Vietnamese commercial banks need flexible policies and mechanisms to stimulate CSD; strengthen support on deposit rates for CSD; and diversify products to easily adapt to each CSD’s situation.

In this paper, we propose the new time-varying coefficient GARCH-in-Mean model. The benefit of our model is to allow the risk-return parameter in the mean equation to vary over time. At the end of 2019 to the beginning of 2020, the world witnessed two shocking events: COVID-19 pandemic and 2020 oil price war. So, we decide to use the daily data from December 2, 2019 to May 29, 2020, which cover these two major events. The purpose of this study is to find the dynamic movement between risk and return in four major oil markets: Brent, West Texas Intermediate, Dubai, and Singapore Exchange, during COVID-19 pandemic and 2020 oil price war. For the European oil market, our model found a significant and positive risk-return relationship in Brent during March 26-April 21, 2020. For the North America oil market, our model found a significant positive risk return relationship in West Texas Intermediate (WTI) during March 12-May 8, 2020. For the Middle East oil market, we found a significant and positive risk-return relationship in Dubai during March 12-April 14, 2020. Lastly, for the South East Asia oil market, we found a significant positive risk return relationship in Singapore Exchange (SGX) from March 9-May 29, 2020.

Purpose: This research aims to explore the level of air pollution in Jakarta, the epicenter of COVID-19 Pandemic in Indonesia and its surrounding provinces during the first month of the Pandemic. Research design, data and methodology: This study uses data, which have been obtained real time from API (Application Programming Interfaces) of air quality website. The measurements of Air Quality Index (AQI), temperature, humidity, and other factors from several cities and regencies in Indonesia were obtained eight times a day. The data collected have been analyzed using descriptive statistics and mapped using QGIS. Results: The finding of this study indicates that The Greater Jakarta Area experienced a decrease in pollutant levels, especially in the Bogor area. Nevertheless, some areas, such as the north Jakarta, have exhibited slow reduction. Furthermore, the regions with high COVID-19 confirmed cases have experienced a decline in AQI. Conclusions: The study concludes that the air quality of three provinces, Jakarta, Banten, and West Java, especially in cities located in the Jakarta Metropolitan Area during COVID-19 pandemic and large-scale social restrictions, is getting better. However, in some regions, the reduction of pollutant concentrations requires a longer time, as it was very high before the pandemic.

The outbreak of a recent strain of Coronavirus, known as ‘COVID-19’, has spread sharply from China across the globe, resulting in a dramatic recession in the global economy. This uncertainty has therefore negatively influenced the business perspective and the various formulated strategies that may not considered such [extreme] circumstances. Using baseline analysis and archival data, this paper reports some of the major implications of COVID-19 on global business and strategy and puts forward suggested research agenda as potential future directions for organizations. In order to survive and remain sustainable, this paper argues that businesses need to revisit their strategies during current COVID-19 crises from three perspectives, including supporting human resources financial commitment, forming crossfunctional teams and connecting with their supply chains, as well as investing in corporate social responsibility and doubling down efforts with regard to partnerships. The study also represents a preliminary analysis to the implications of COVID-19 on the business and strategies across the globe and is considered the first such in the field of business, as to date all research papers on COVID-19 have been published in medical-related journals. Directions for future research are also proposed at the end of this study.

This study investigates the behavior of foreign investors in the Stock Exchange of Thailand (SET) in the time of coronavirus disease 2019 (COVID-19) as to whether trading is abnormal, what strategy is followed, whether herd behavior is present, and whether the actions destabilize the market. Foreign investors’ trading behavior is measured by net buying volume divided by market capitalization, whereas the stock market behavior is measured by logged return on the SET index portfolio. The data are daily from Tuesday, August 28, 2018, to Monday, May 18, 2020. The study extends the conditional-regression model in an event-study framework and extracts the unobserved abnormal trading behavior using the Kalman filtering technique. It then applies vector autoregressions and impulse responses to test for the investors’ chosen strategy, herd behavior, and market destabilization. The results show that foreign investors’ abnormal trading volume is negative and significant. An analysis of the abnormal trading volume with stock returns reveals that foreign investors are not positive-feedback investors, but rather, they self-herd. Although foreign investors’ abnormal trading does not destabilize the market, it induces stock-return volatility of a similar size to normal trade. The methodology is new; the findings are useful for researchers, local authorities, and investors.

Purpose: This study uses ‘Autoregressive Integrated Moving Average Model’ to predict the impact of a sharp drop in the base rate due to COVID-19 at the present time when government policies for stabilizing house prices are in progress. The purpose of this study is to predict implications for the direction of the government's house policy by predicting changes in house transaction prices and house rental prices after a sharp cut in the base rate. Research design, data, and methodology: The ARIMA intervention model can build a model without additional information with just one time series. Therefore, it is a time-series analysis method frequently used for short-term prediction. After the subprime mortgage, which had shocked since the global financial crisis in April 2007, the bank's interest rate in 2020 is set at a time point close to zero at 0.75%. After that, the model was estimated using the interest rate fluctuations for the Bank of Korea base interest rate, the house transaction price index, and the house rental price index as event variables. Results: In predicting the change in house transaction price due to interest rate intervention, the house transaction price index due to the fall in interest rates was predicted to change after 3 months. As a result, it was 102.47 in April 2020, 102.87 in May 2020, and 103.21 in June 2020. It was expected to rise in the short term. In forecasting the change in house rental price due to interest rate intervention, the house rental price index due to the drop in interest rate was predicted to change after 3 months. As a result, it was 97.76 in April 2020, 97.85 in May 2020, and 97.97 in June 2020. It was expected to rise in the short term. Conclusions: If low interest rates continue to stimulate the contracted economy caused by COVID-19, it seems that there is ample room for house transaction and rental prices to rise amid low growth. Therefore, In order to stabilize the house price due to the low interest rate situation, it is considered that additional measures are needed to suppress speculative demand.

목적: 본 연구는 코로나19를 경험한 학생선수의 인식을 은유(metaphor)분석의 방법을 통해 이해하는데 목적이 있다. 방법: 중.고교 선수 87명과 대학선수 116명을 대상으로 온라인을 활용한 은유 질문과 일상, 학업, 훈련, 미래 진로 영역으로 구성된 개방형 설문을 진행하였다. 수집된 자료는 은유분석에 근거한 은유 범주에 따라 개방형 설문의 영역별 답변을 귀납적 내용분석으로 범주화 하였다. 결과: 체계적 은유분석을 통한 분석 결과 ‘걸림돌로서의 코로나19’, ‘가보지 않은 길로서의 코로나19’, ‘사막의 오아시스 같은 코로나19’ 총 3개의 은유 범주가 도출되었다. 은유 범주를 토대로 진행한 4개 영역의 귀납적 범주화 결과는 일상과 훈련영역에서는 감염확산 방지 우려에 따른 사회적 거리두기 실천으로 훈련 제한 및 지도자 부재에 따른 운동 의욕 감소와 체계적 훈련 불가에 대한 어려움을 공통적으로 보고하였다. 반면에 다양한 경험과 새로운 배움의 체험, 재충전을 통한 반성적 성찰의 시간, 효율적 학습과 자기주도적 훈련을 통한 긍정적 정서 체험은 코로나19를 의미있는 사건으로 인식하였다. 결론: 은유분석을 통한 코로나19 사태에 대한 학생선수의 경험은 훈련 제한과 출전기회 상실에 따른 미래 진로의 불안, 학습환경의 변화 등을 주요 어려움으로 인식하였다. 하지만 위기 상황에 대처하는 방법을 습득하고, 운동 이외의 새로운 배움의 체험 기회는 긍정적 대처 경험의 시간이 되기도 하였다. 은유는 내담자의 인식과 태도를 변화시키는 중요한 역할로 이를 활용한 상담의 진행은 내담자의 감정이나 생각의 이해를 수월하게 한다. 본 연구가 스포 츠 분야의 심리상담에 은유를 활용한 연구의 기초자료로 활용되기를 기대해본다.

This study aims to investigate the impact of COVID-19 pandemic on the stock markets of sixteen countries. Pooled OLS regression, conventional t-test and Mann-Whitney test are used to estimate the results of the study. We construct a weekly panel data of COVID-19 new cases and stock returns. Pooled OLS estimation result shows that the growth rate of weekly new cases of COVID-19 negatively predicts the return in stock market. Next, the returns on leading stock indices of these countries during the COVID-19 outbreak period are compared with returns during the non-COVID period. We use a t-test and Mann-Whitney test to compare the returns. The results reveal that investors in these countries do not react to the media news of COVID-19 at the early stage of the pandemic. However, once the human-to-human transmissibility had been confirmed, all of the stock market indices negatively reacted to the news in the short- and long-event window. Interestingly, we noticed that the Shanghai Composite Index, which was severely affected during the short-event window, bounced back during the long-event window. This indicates that the Chinese government’s drastic measures to contain the spread of the pandemic regained the confidence of investors in the Shanghai Stock Market.

The research investigates the impact of the lockdown period caused by the COVID-19 to the stock market of India. The study examines the extent of the influence of the lockdown on the Indian stock market and whether the market reaction would be the same in pre- and post-lockdown period caused by COVID-19. Market Model Event study methodology is used. A sample of 31 companies listed on Bombay Stock Exchange (BSE) are selected at random for the purpose of the study. The sample period taken for the study is 35 days (24 February-17 April, 2020). An event window of 35 days was taken with 20 days prior to the event and 15 days during the event. The event (t1) being the official announcement of the lockdown. The results indicate that the market reacted positively with significantly positive Average Abnormal Returns during the present lockdown period, and investors anticipated the lockdown and reacted positively, whereas in the pre-lockdown period investors panicked and it was reflected in negative AAR. The study finds evidence of a positive AR around the present lockdown period and confirms that lockdown had a positive impact on the stock market performance of stocks till the situation improves in the Indian context.

The Coronavirus disease (COVID-19), first identified in China in December 2019, has widely spread worldwide and is an ongoing pandemic. It is expected that the ripple effect of COVID-19 on the global economy including the agricultural sector will increase substantially if not properly controlled shortly. This study examines the potential impact of COVID-19 on the Korean beef cattle sector and farm labor demand for Korean beef cattle using a dynamic partial equilibrium model. The agricultural production value and farm labor demand for Korean beef cattle in the scenario assuming pessimistic GDP growth rate (-1.2% in 2020) with no direct supply shocks fell by up to 4.00% and 0.67%, respectively, compared to the baseline which represents the future without COVID-19 outbreak. On the other hand, the agricultural production value and farm labor demand for Korean beef cattle in the scenario assuming both pessimistic GDP growth rate and supply shocks (-12.7% beef imports and + 2.4% feed cost in 2020) increased by up to 12.08% and 1.99%, respectively, compared to the baseline.

목적: 본 연구는 코로나19에 의한 노인 운동행동 변화를 탐색하는 데 목적이 있다. 방법: 이를 위해 서울 및 경기권에 거주하며 운동경력이 3년 이상인 60세 이상 남녀 노인 70명을 선정하였다. 온라인을 활용한 개방형질문지와 심층면담을 통해 코로나19로 인해 체험한 운동행동 변화 사례를 탐색하였다. 수집된 자료는 귀납적 내용분석을 통해 범주화하였으며, 범주화된 각 주제는 연역적 전개를 통하여 구체화하였다. 결과: 원자료의 귀납적 내용분석 결과, 운동패턴의 변화, 운동 제약 강화, 운동 불안감 증폭, 운동 포기의 4개 상위범주와 8개의 하위범주가 도출되었다. 범주화 결과를 토대로 진행한 심층면담 결과, 코로나19로 인해 운동 종류나 운동 패턴 등 기존의 운동 방법 변화를 체험하였으며, 마스크 착용이나 사회적 거리 두기, 야외활동 자제 등의 사회적 지침에 의한 운동 제약, 노인 사망률이 높았던 코로나19의 메스컴 보도 등으로 인한 운동 불안감 증폭, 그리고 기초적인 활동량과 의도가 줄어듦으로 인한 운동 포기 등을 체험하였다. 결론: 코로나19 사태에 따라 온라인 학습 활성화, 사회적 거리 두기 등 여러 국책이 발표되고 있고, 이는 노인 뿐 아니라 전 계층의 운동행동과 운동참여에도 영향을 미칠 것이다. 추후 체육학계에서는 이러한 사회적 현상과 변화에 대비한 지속적 탐색과 관심이 요구된다.