The Coronavirus (COVID-19) outbreak has become one of the biggest threats to the global economy and financial markets. This study aims to analyze the effects of COVID-19 on 56 global stock indices from October 15, 2019 to August 7, 2020 by using a complex network method. Furthermore, the change of the network structure is analyzed in depth by dividing the stock markets into developed, emerging and frontier markets. The findings reveal a structural change in the form of node changes, reduced connectivity and significant differences in the topological characteristics of the network, due to COVID-19. A contagion effect is also identified in the network structure of emerging markets, with the nodes behaving synchronously. The findings also reveal substantial clustering and homogeneity in the world stock market network, based on geographic positioning. Besides, the number of positive correlations in the global stock indices increased during the outbreak. The stock markets of France and Germany seem to be the most relevant developed markets, while Taiwan and Slovenia have this relevance in emerging and frontier markets. The findings of this study help regulators and practitioners to design important strategies in the light of varying stock market dynamics during COVID-19.
This study assesses how the coronavirus pandemic (COVID-19) affects the intraday multifractal properties of eight European stock markets by using five-minute index data ranging from 1 January 2020 to 23 March 2020. The Hurst exponents are calculated by applying multifractal detrended fluctuation analysis (MFDFA). Overall, the results confirm the existence of multifractality in European stock markets during the COVID-19 outbreak. Furthermore, based on multifractal properties, efficiency varies among these markets. The Spanish stock market remains most efficient while the least efficient is that of Austria. Belgium, Italy and Germany remain somewhere in the middle. This far-reaching outbreak demands a comprehensive response from policy makers to improve market efficiency during such epidemics.
While the world population continues to grow, increasing the need to produce more and better-quality food, climate change, urban growth and unsustainable agricultural practices accelerate the loss of available arable land, compromising the sustainability of agricultural lands both in terms of productivity and environmental resilience, and causing serious problems for the production-consumption balance. This scenario highlights the urgent need for agricultural modernization as a crucial step to face forthcoming difficulties. Precision agriculture techniques appear as a feasible option to help solve these problems. However, their use needs to be reinvented and tested according to different parameters, in order to define both the environmental and the economic impact of these new technologies not only on agricultural production, but also on agricultural sustainability. This paper intends, therefore, to contribute to a better understanding of the impact of precision agriculture through the use of unmanned aerial vehicles (UAV)/remotely piloted aircraft systems (RPAS) and normalized difference vegetation index (NDVI) techniques in small Mediterranean farms. We present specific data obtained through the application of the aforementioned techniques in three farms located along the Portuguese-Spanish border, considering three parameters (seeding failure, differentiated irrigation and differentiated fertilization) in order to determine not only the ecological benefits of these methods, but also their economic and productivity aspects. The obtained results, based on these methods, highlight the fact that an efficient combination of UAV/RPAS and NDVI techniques allows for important economic savings in productivity factors, thus promoting a sustainable agriculture both in ecological and economic terms. Additionally, contrary to what is generally defended, even in small farms, as the ones assessed in this study (less than 50 ha), the costs associated with the application of the aforementioned precision agriculture processes are largely surpassed by the economic gains achieved with their application, regardless of the notorious environmental benefits introduced by the reduction of crucial production inputs as water and fertilizers.
The rapid development of cryptocurrencies has drawn attention to this particular market, with investors trying to understand its behaviour and researchers trying to explain it. The evolution of cryptocurrencies’ prices showed a kind of bubble and a crash at the end of 2017. Based on this event, and on the fact that Bitcoin is the most recognized cryptocurrency, we propose to evaluate the contagion effect between Bitcoin and other major cryptocurrencies. Using the Detrended Cross-Correlation Analysis correlation coefficient (ΔρDCCA) and comparing the period after and before the crash, we found evidence of a contagion effect, with this particular market being more integrated now than in the past—something that should be taken into account by current and potential investors.
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