Unleashing the pandemic volatility: A glimpse into the stock market performance of developed economies during COVID-19.

The COVID-19 pandemic has resulted in significant financial losses globally, increasing the volatility of financial assets. Thus, this study models the stock market volatility of developed economies during the COVID-19 pandemic. For this purpose, we used the GJR-GARCH (Albulescu, 2020; Albulescu, 2020) [1,1] econometric model on the daily time series returns data ranging from 01st-July-2019 to 18th-November-2020. The entire dataset was equally divided into two subsets; before COVID-19, and after the COVID-19. The empirical results of this study showed the presence of volatility clustering, leverage effect, and excess kurtosis indicating leptokurtic phenomena in all stock indices returns. In addition to this, it can be noted that compared to before COVID-19, the stock markets showed negative returns, and increased volatility during the COVID-19. Hence, based on these findings, this study provides significant insights for global stock market investors and economic policymakers regarding financial portfolio construction particularly during crises times.

The dynamic volatility nexus of geo-political risks, stocks, bond, bitcoin, gold and oil during COVID-19 and Russian-Ukraine war.

We investigate the dynamic volatility connectedness of geopolitical risk, stocks, bonds, bitcoin, gold, and oil from January 2018 to April 2022 in this study. We look at connectivity during the Pre-COVID, COVID, and Russian-Ukraine war subsamples. During the COVID-19 and Russian-Ukraine war periods, we find that conventional, Islamic, and sustainable stock indices are net volatility transmitters, whereas gold, US bonds, GPR, oil, and bitcoin are net volatility receivers. During the Russian-Ukraine war, the commodity index (DJCI) shifted from being a net recipient of volatility to a net transmitter of volatility. Furthermore, we discover that bilateral intercorrelations are strong within stock indices (DJWI, DJIM, and DJSI) but weak across all other financial assets. Our study has important implications for policymakers, regulators, investors, and financial market participants who want to improve their existing strategies for avoiding financial losses.

Corrigendum to "Second round statewide sentinel-based population survey for estimation of the burden of active infection and anti-SARS-CoV-2 IgG antibodies in the general population of Karnataka, India, during January-February 2021" [IJID Regions Vol 1(2021) pages 107-116].

[This corrects the article DOI: 10.1016/j.ijregi.2021.10.008.].

Emerging trends of carbon emissions and foreign direct investment: accounting for ecological footprints, renewable energy, globalization, and technological innovations in BRICS.

This paper investigates the intricate interplay between carbon emissions and foreign direct investment within the context of Brazil, Russia, India, China, and South Africa (BRICS) for the period spanning 2000 to 2022. In our comprehensive analysis, we incorporate ecological footprint, renewable energy, globalization, and technological innovations as exogenous variables. Employing a system of simultaneous equations across the BRICS panel, we aim to fully elucidate the proposed relationships. Our empirical findings underscore the following key insights: foreign direct investment, technological innovations, and the adoption of renewable energy sources significantly contribute to the mitigation of carbon emissions in these selected nations. However, it is essential to note that ecological footprints exhibit a positive association with carbon emissions, raising concerns on two fronts: escalating environmental degradation and increased land pressure, both of which contribute to rising ecological footprints in BRICS countries. Additionally, our analysis reveals that foreign direct investment is influenced by its capacity to reduce carbon emissions and bolster renewable energy adoption, while globalization amplifies investment trends within the BRICS nations. To address the environmental repercussions of mining activities, it is imperative to implement stringent control and regulation measures, given their potential adverse impacts, including soil pollution, acid mine drainage, erosion, biodiversity loss, excessive water resource consumption, and wastewater disposal challenges. Nevertheless, proactive steps such as recycling mining waste, adopting environmentally friendly mining equipment, combatting illegal mining, and enhancing overall mining sustainability offer promising avenues to mitigate the environmental footprint of mining operations.

Do implied volatilities of stock and commodity markets affect conventional & shariah indices differently? An evidence by OVX, GVZ and VIX.

The current study aims to investigate how index returns of conventional and shariah indices of the USA, Europe, and Asia are affected by changes in oil prices, gold prices, VIX, gold-VIX, and oil-VIX. In our investigation, we used the S&P 500, S&P Europe 350, S&P Pan Asia, and their relevant shariah counterparts for the USA, Europe, and Asia. To examine how the explanatory factors affect the overall distribution of the explained variables, we used OLS and quantile regression. For the time frame prior to Covid-19, we discover that all volatility indices-OVX, GVZ, and VIX-influence returns of all indices simultaneously, and that all variables-aside from the spot price of oil-have a greater impact during the bear phase according to QR findings. Further, Volatility indices have a greater impact on volatility of index returns during the Covid-19 period. This is largely because the Covid-19 outbreak had a rapid impact on economies all around the world, and the only thing that affected financial markets consistently was high volatility. This is further supported by the findings of BEKK, which demonstrate that volatility extends across all markets and originates from commodities like gold, oil, gold-VIX, and VIX. Evidence for this can be seen in the fact that during the COVID-19 period, stock prices reacted more favorably to oil price volatility than to oil spot prices, which even went negative on April 20, 2020. Because of this, market stability can be promoted by reducing volatility through the prompt dissemination of crucial information, even while governments have little direct control over the prices of significant commodities like gold and crude oil.

Unpacking the asymmetric impact of exchange rate volatility on trade flows: A study of selected developed and developing Asian economies.

Maintaining a stable exchange rate is a challenging task for the world, especially for developing economies. This study examines the impact of asymmetric exchange rates on trade flows in selected Asian countries and finds that the effects of increased exchange rate volatility on exports and imports differ among Pakistan, Malaysia, Japan, and Korea. The quarterly data from the period 1980 to 2018 is collected from the International Financial Statistics (IFS) database maintained by the International Monetary Fund (IMF). We employ both linear and non-linear Autoregressive Distributed Lag (ARDL) models for estimation. The non-linear models yielded more significant findings, while the linear models did not indicate any significant effects of exchange rate volatility on trade flows. The results of the study suggest that in the case of Pakistan, both the linear and non-linear models indicate that increased exchange rate volatility adversely affects exports and imports, while decreased volatility enhances both. This implies that stabilizing the exchange rate would be beneficial for Pakistan's trade. In contrast, the linear model applied to Malaysia shows no long-run effects of exchange rate volatility on exports. However, the result suggests that decreased volatility stimulates Malaysia's exports. Therefore, in the case of Malaysia, stabilizing the exchange rate could contribute to boosting exports. We also found that increased exchange rate volatility boosts exports of Japan. On the other hand, decreased volatility hurts exports of Japan. As for the long-run effects of exchange rate volatility on imports, we found that increased volatility boosts imports of Korea. The study provides various policy implications regarding the impact of exchange rate volatility on trade flows in developing economies. The study highlights the importance of country-specific considerations in understanding the impact of exchange rate volatility on trade flows, and has important policy implications for promoting trade and economic growth in these nations. It emphasizes the need to model exchange rate volatility separately for developed and developing countries and to continue research and analysis to identify ways to mitigate its negative effects on the economy.

Delta variant SARS-CoV-2 infections in pediatric cases during the second wave in India.

BACKGROUND: During October 2020, Delta variant was detected for the first time in India and rampantly spread across the globe. It also led to second wave of pandemic in India which affected millions of people. However, there is limited information pertaining to the SARS-CoV-2 strain infecting the children in India. METHODS: Here, we assessed the SARS-CoV-2 lineages circulating in the pediatric population of India during the second wave of the pandemic. Clinical and demographic details linked with the nasopharyngeal/oropharyngeal swabs (NPS/OPS) collected from SARS-CoV-2 cases (n = 583) aged 0-18 year and tested positive by real-time RT-PCR were retrieved from March to June 2021. RESULTS: Symptoms were reported among 37.2% of patients and 14.8% reported to be hospitalized. The E gene CT value had significant statistical difference at the point of sample collection when compared to that observed in the sequencing laboratory. Out of these 512 sequences 372 were VOCs, 51 were VOIs. Most common lineages observed were Delta, followed by Kappa, Alpha and B.1.36, seen in 65.82%, 9.96%, 6.83% and 4.68%, respectively in the study population. CONCLUSION: Overall, it was observed that Delta strain was the leading cause of SARS-CoV-2 infection in Indian children during the second wave of the pandemic. We emphasize on the need of continuous genomic surveillance in SARS-CoV-2 infection even amongst children.

Environmental innovation and firm value: The moderating role of organizational capital.

Since last decade, firms are facing the challenge of strict compliance in response to the stakeholders' awareness about climate change and environmental degradation. Considering these trends, we examine the effect of environmental innovation such as product innovation and process innovation on firm value and the moderating effect of organizational capital on environmental innovation-firm value nexus. Using the data of U.S. listed firms from 2002 to 2019, we find a significantly positive impact of environmental innovation on firm value. Our findings also reveal that organizational capital strengthens the positive association between environmental innovation and firm value, suggesting that firms with higher organizational capital are more likely to consider the demands of stakeholders to be environment friendly which in turn enhances their market value. These findings are aligned with the resource-based view (RBV) and highlight that organizational capital can play a significant role to increase the firm value through environmental innovation. Our results remain robust to subsample analyses, alternative proxies of main variables and are not subject to potential endogeneity concerns. Our study provides new insights into the environmental innovation-firm value nexus and presents important policy implications.

A review on literature of Islamic microfinance from 2010-2020: lesson for practitioners and future directions.

This study reviews the literature related to Islamic microfinance institutions (IMFI) published in reputable international journals. The manuscripts that have been collected consist of 71 papers that are classified into several study topics. The most researched topic is Poverty alleviation with as many as 25 papers (35%). Next are the papers with the topic of Waqf-based microfinance as many as 12 papers (17%). This follows with 11 papers on the topic of Marketing & Fintech (15%), and 10 papers on the topic of Sustainability & Outreach (14%). Meanwhile, the paper with the theme Maqashid Shariah ranks fifth with a total of 7 papers (10%). Finally, there are 6 papers with the theme of Risk management & Governance (8%). At the end of each topic, the essence of research is presented for future research, which will be useful for academics and practitioners.

The burden of active infection and anti-SARS-CoV-2 IgG antibodies in the general population: Results from a statewide sentinel-based population survey in Karnataka, India.

OBJECTIVE: To estimate the burden of active infection and anti-SARS-CoV-2 IgG antibodies in Karnataka, India, and to assess variation across geographical regions and risk groups. METHODS: A cross-sectional survey of 16,416 people covering three risk groups was conducted between 3-16 September 2020 using the state of Karnataka's infrastructure of 290 healthcare facilities across all 30 districts. Participants were further classified into risk subgroups and sampled using stratified sampling. All participants were subjected to simultaneous detection of SARS-CoV-2 IgG using a commercial ELISA kit, SARS-CoV-2 antigen using a rapid antigen detection test (RAT) and reverse transcription-polymerase chain reaction (RT-PCR) for RNA detection. Maximum-likelihood estimation was used for joint estimation of the adjusted IgG, active and total prevalence (either IgG or active or both), while multinomial regression identified predictors. RESULTS: The overall adjusted total prevalence of COVID-19 in Karnataka was 27.7% (95% CI 26.1-29.3), IgG 16.8% (15.5-18.1) and active infection fraction 12.6% (11.5-13.8). The case-to-infection ratio was 1:40 and the infection fatality rate was 0.05%. Influenza-like symptoms or contact with a COVID-19-positive patient were good predictors of active infection. RAT kits had higher sensitivity (68%) in symptomatic people compared with 47% in asymptomatic people. CONCLUSION: This sentinel-based population survey was the first comprehensive survey in India to provide accurate estimates of the COVID-19 burden. The findings provide a reasonable approximation of the population immunity threshold levels. Using existing surveillance platforms coupled with a syndromic approach and sampling framework enabled this model to be replicable.

Characterization of bio-fabricated silver nanoparticles for distinct anti-fungal activity against sugarcane phytopathogens.

Advanced research, development, and application of silver nanoparticles is proceeding in recent times due to their incredible utilization in various fields. Present study was focused on the production, characterization, and antifungal activities of silver nanoparticles (AgNPs). An environment friendly extracellular biosynthetic approach was adopted to produce the AgNPs by using bacteria, fungi, and sugarcane husk. Agents used for reduction of silver to nanoparticles were taken from culture filtrate of plant growth promoting bacteria, Fusarium oxysporum and supernatant extract of sugarcane husk. Nanoparticles were also characterized by scanning electron microscopy (SEM). Synthesis of colloidal AgNPs was observed by UV-Visible diffused reflectance spectroscopy (UV-Vis DRS). Primary peak of surface plasmon resonance band was noticed around 339.782, 336.735, and 338.258 nm for bacterial, fungal, and sugarcane husk produced AgNPs. Structure of all biologically produced nanoparticles were crystalline cubic with nano size of 45.41, 49.06, and 42.75 nm for bacterial, fungal, and sugarcane husk-based nanoparticles, respectively as calculated by Debye-Scherrer equation using XRD. Fourier transform infrared spectroscopy (FTIR) analysis revealed the presence of various compounds that aid in the reduction, capping, and stability of AgNPs. The antifungal activity of AgNPs was also investigated for sugarcane fungal pathogens Colletotricum falcatum and Fusarium moniliforme. All nanoparticles exhibit prominent antifungal activities. Maximum zone of fungal inhibition was noticed about 18, 19, and 21 mm for C. falcatum while 21, 20, and 24 mm for F. moniliforme in case of bacterial, fungal, and plant-based nanoparticles (15 ppm), respectively. Best fungal inhibition was observed under application of sugarcane husk based AgNPs. Moreover, biologically produced AgNPs responded better towards the suppression of F. moniliforme in comparison to C. falcatum. Mentioned sources in present study can be ecofriendly nano-factories for biosynthesis of AgNPs and mankind should benefit from their commercial application.

Second round statewide sentinel-based population survey for estimation of the burden of active infection and anti-SARS-CoV-2 IgG antibodies in the general population of Karnataka, India, during January-February 2021.

Objective: Demonstrate the feasibility of using the existing sentinel surveillance infrastructure to conduct the second round of the serial cross-sectional sentinel-based population survey. Assess active infection, seroprevalence, and their evolution in the general population across Karnataka. Identify local variations for locally appropriate actions. Additionally, assess the clinical sensitivity of the testing kit used on account of variability of antibody levels in the population. Methods: The cross-sectional study of 41,228 participants across 290 healthcare facilities in all 30 districts of Karnataka was done among three groups of participants (low, moderate, and high-risk). The geographical spread was sufficient to capture local variations. Consenting participants were subjected to real-time reverse transcription-polymerase chain reaction (RT-PCR) testing, and antibody (IgG) testing. Clinical sensitivity was assessed by conducting a longitudinal study among participants identified as COVID-19 positive in the first survey round. Results: Overall weighted adjusted seroprevalence of IgG was 15.6% (95% CI: 14.9-16.3), crude IgG prevalence was 15.0% and crude active infection was 0.5%. Statewide infection fatality rate (IFR) was estimated as 0.11%, and COVID-19 burden estimated between 26.1 to 37.7% (at 90% confidence). Further, Cases-to-infections ratio (CIR) varied 3-35 across units and IFR varied 0.04-0.50% across units. Clinical sensitivity of the IgG ELISA test kit was estimated as ≥38.9%. Conclusion: We demonstrated the feasibility and simplicity of sentinel-based population survey in measuring variations in subnational and local data, useful for locally appropriate actions in different locations. The sentinel-based population survey thus helped identify districts that needed better testing, reporting, and clinical management. The state was far from attaining natural immunity during the survey and hence must step up vaccination coverage and enforce public health measures to prevent the spread of COVD-19.