In addition to social damage, the first wave of the COVID-19 pandemic also caused huge economic losses in the beginning of 2020, especially for companies in the tourism sector. The airline market was no exception. This study examines the significance of the business model of European listed airlineslow cost carriers (LCCs), full service carriers (FSCs)for stock market performance. We use event study on the 11 airlines included in the sample. In terms of cumulative average abnormal returns, i.e. the most significant deviations from expected returns, negative phases can be detected in the entire and third stage of the pandemic. FSCs performed significantly better than LCCs at the time of the pandemic on 24 February, when European stock markets suffered the most damage; the business model overwrote financial indicators during the toughest period of the crisis. Although most LCCs had higher cash/ assets ratios, they still produced worse results than the average performance of companies with lower cash/assets ratios. This analysis helps to ensure that, in addition to examining financial indicators, the enumeration of the business model in this industry can also be decisive. The future possibilities of the research are discussed at the end of the study.
CsóKa imola-NeszVeda gábor-sebestyéN géza tudományos teljesítmény mérése a magyar felsőoktatás gazdasági képzéseiben A nemzetközi egyetemi rangsorokban a tudományos teljesítmény mérése kap nagy hangsúlyt, míg a magyar egyetemi rangsorolási gyakorlat kisebb mértékben jeleníti meg ezt, és a nemzetközi irodalomtól eltérően nem a publikációs teljesítmény alapján számolja. Tanulmányunk a Magyar Tudományos Művek Tárhelyén (MTMT) alapuló egyedi adatok segítségével arra ad több lehetséges példát, hogyan lehetne egy fontos szempontot a tudományos publikációk alapján beépíteni a magyar egyetemi rangsorokba. Azt is megmutatjuk, hogy számos megközelítés alkalmazható, de ezek nagyon hasonló következtetésre jutnak. Tehát a tudományos publikáción alapuló új szempont robusztus eredményt ad.* Journal of Economic Literature (JEL) kód: I23. * az elemzés az emberi erőforrások minisztériuma új Nemzeti Kiválóság Program (úNKP-18-3i-bCe-111) pályázatának támogatásával készült.
In this paper we investigate some implications of recent results about salience on loan decisions. Using the framework of focus-weighted utility we show that consumers might take out loans even when that yield them negative utility due to the focusing bias. We suggest, however, that this can be counterbalanced and consumers might be more prudent in their decisions and less likely to take out such loans when the usual fixed-installments plan is coupled with an equivalent decreasing-installments option. Moreover, we show that this is true even for loans with prepayment options or when borrowers take default into consideration. We argue that harmful loan consumption could be decreased if a policy would prescribe presentation of loan repayment schedules in a way that employs this effect.
In this Registered Report, we investigated the impact of a poverty alleviation program on cognitive performance. We analyzed data from a randomized controlled trial conducted on low-income, high-risk individuals in Liberia where a random half of the participants (n=251) received a $200 lump-sum unconditional cash transfer - equivalent approximately to 300% of their monthly income - while the other half (n= 222) did not.We tested both the short-term (2-5 weeks) and the long-term (12-13 months) impact of the treatment while administering several executive function measures. Our main analysis revealed that cash transfers have a positive, non-significant effect on cognitive performance both for the short (b = 0.13) and the long term (b = 0.08), but these observed effects are roughly four times smaller than prior non-randomized research suggested, and the evidence is inconclusive (BFshort-term = 1.21, BFlong-term= 0.56). The multiverse analysis showed that neither alternative analytical specifications nor alternatively processed datasets consistently change the results, but the tasks we use to assess cognitive performance matter.
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