Hajam Abid Bashir

In this study, we investigate the impact of physical and transition climate risks on international tourism demand in Europe. Using monthly data from 31 countries for the period 2005-2024, we find that both types of climate risk are significant determinants of tourism demand in Europe. Notably, the influence of physical risk is stronger than that of transition risk. The findings highlight the susceptibility of European tourism to climate change and have important implications for policymakers and industry stakeholders.

We investigate the impact of stock-specific investor sentiment, investor attention, and analyst coverage on stock price synchronicity in the Indian market. We develop a stock-level investor sentiment index using nine sentiment proxies. The results show that investor sentiment has a negative impact on price synchronicity, supporting the notion that lower stock co-movement is associated with more noise rather than firm-specific information in the presence of stock-specific investor sentiment. Using the Google Search Volume Index as a measure of investor attention, we find that investor attention positively impacts the stock price synchronicity. Moreover, our findings reveal that the negative (positive) impact of investor sentiment (attention) on stock price synchronicity lessens (improves) the effect of analyst coverage on price synchronicity. JEL Codes: G02, G14, G12

Purpose: This paper aims to examine the impact of investor attention due to the COVID-19 pandemic, Twitter-based sentiment towards uncertainty and public sentiment on the performance of cryptocurrencies.Design/methodology/approach: The authors employ the simple linear regression, quantile regression (QR), the exponential generalised autoregressive conditional heteroskedasticity (EGARCH) model, and sentiment analysis to examine this phenomenon. The authors utilise the daily closing price of the 20 leading cryptocurrencies, the Google search volume index of the “Coronavirus” keyword, the Twitter-based economic uncertainty index, and textual data collected from the Reddit social media platform.Findings: The results show that investor attention and Twitter uncertainty have a negative (positive) effect on cryptocurrency returns (volatility). The QR results indicate a heterogeneous effect of investor attention and Twitter economic uncertainty on cryptocurrency returns with a higher effect in the lower quantiles. The findings indicate that cryptocurrencies fail to act as a safe haven during this pandemic.Originality/value: The study is amongst the very few studies that capture the impact of investor attention/sentiment due to COVID-19 on the performance of cryptocurrencies.

The outbreak of the COVID-19 pandemic and the steps taken to contain its spread resulted in a decline in tourism sector stock prices. Using linear and quantile regressions, we examine the impact of Twitter-based investor sentiment for COVID-19 and Twitter-based sentiment towards uncertainty on the performance of tourism stocks. The findings indicate a heterogenous effect of tweets and Twitter economic uncertainty on tourism sector equity returns with a major impact on the lower quantiles.

Purpose: This study aims to investigate the impact of business strategy on the classification shifting practices of Indian firms.Design/methodology/approach: The study considered cost leadership and differentiation strategy. Two forms of classification shifting, namely, expense misclassification and revenue misclassification have been examined in this study. Panel data regression models are used to analyze the data for this study.Findings: The results show that managers of cost leadership strategy firms are more likely to be engaged in expense misclassification, whereas firms following differentiation strategy are likely to be engaged in revenue misclassification. Subsequent tests of this study suggest that firms following a hybrid strategy (mix of cost leadership and differentiation) prefer revenue misclassification over expense misclassification for reporting inflated operating performance. These results imply that firms prefer the shifting tool based on the ease and need of each shifting strategy. These results are consistent with several robustness measures.Practical implications: The results suggest that investors should understand business strategy before developing insights about the accounting quality of firms. Investors should conduct a comprehensive review of income statement items before using items for portfolio evaluation.Originality/value: To the best of the authors’ knowledge, this is the first study to examine the association between business strategy and classification shifting.

This study examines the impact of investor attention, and economic policy uncertainty on travel & leisure stocks returns amid the COVID-19 pandemic. We use Google search volume (GSV) and economic policy uncertainty (EPU) as a proxy for investor attention and uncertainty. Our findings indicate greater sensitivity of travel & leisure stock returns to investor attention and economic policy uncertainty amid the COVID-19 crisis period.