Order book approach to price impact

Buying and selling stocks causes price changes, which are described by the price impact function. To explain the shape of this function, we study the Island ECN orderbook. In addition to transaction data, the orderbook contains information about potential supply and demand for a stock. The virtual price impact calculated from this information is four times stronger than the actual one and explains it only partially. However, we find a strong anticorrelation between price changes and order flow, which strongly reduces the virtual price impact and provides for an explanation of the empirical price impact function.     

Public-private collaboration for disaster risk management: A case study of hotels in Matsushima,Japan

This research paper focuses on public-private collaboration for disaster risk management in coastal destinations, particularly between the hotel industry and local government. To guide its research, this paper applies collaborative planning theory in developing a research framework to discover gaps between stakeholders attitudes towards collaboration, its outcomes, and obstacles preventing the adoption of specific hotel-based disaster management actions. A case study is used on Matsushima, Japan, a popular coastal destination in the Tohoku Region, which was devastated by the 2011 tsunami. Through surveys and interviews, this study found that hotels can play a key role in working together with the local government towards disaster risk management of coastal destinations. However collaboration gaps between the stakeholders limited the extent of the adoption of hotel-based disaster risk management initiatives.     

跨界搜寻、组织复原力与企业绩效——基于278家瞪羚企业的实证分析

不确定情境下，企业如何更好地应对挑战、抓住机遇成为关键问题。引入组织复原力和跨界搜寻概念，从资源和动态能力视角回答上述问题。对278份瞪羚企业调查问卷进行回归分析，结果表明，跨界搜寻和组织复原力均能够显著提升企业绩效；跨界搜寻有助于组织复原力培育和提升，但环境不确定性负向调节两者之间的关系；组织复原力能够将跨界搜寻所得资源转化为能力从而进一步促进绩效提升，即组织复原力在二者之间存在中介效应。结论可为企业在不确定环境下实现发展提供一定思路，同时可为企业更好地提升动态性、建立更加柔性化的组织、培养更强的复原力提供解释路径。     

Resiliency of the limit order book

This study contributes to our understanding of the liquidity replenishment process in limit order book markets. A measure of resiliency is proposed and quantified for different liquidity shocks through the impulse response functions generated from a high frequency vector autoregression. The model reveals a rich set of liquidity dynamics. Liquidity shocks were found to have immediate detrimental effects on other dimensions of liquidity but the replenishment process generally occurs quickly, indicating limit order books are resilient. Cross-sectionally, resiliency is found to be consistently high across all large stocks, consistent with competition for liquidity provision coming from computerized algorithms. For other stocks, greater variation in resiliency is observed, indicating more selective participation by these liquidity providers.     

Public-private partnership for building a resilient broadband infrastructure in Puerto Rico

This article will explore the use of an innovative approach to a public-private partnership (PPP) to spur the deployment of broadband and create more resilient telecommunications networks in Puerto Rico. Such a partnership is a critical ingredient of the plan for rebuilding the telecommunications sector of Puerto Rico after the island was devastated by Hurricanes Irma and Maria in September 2017. The proposed partnership also has the potential for enabling the expansion of citizen access to broadband services throughout Puerto Rico. This work was done as part of the Congressionally mandated economic and disaster recovery plan for the island.     

Resilience of Environmental and Social Stocks under Stress: Lessons from the COVID-19 Pandemic

This paper examines whether environmental and social (ES) activities affect the resiliency of firms during the COVID-19 crisis. We study a sample of 330 firms operating in five developed countries: Canada, France, Japan, the UK and the US. Our analysis shows that US firms with a high ES ranking experienced a significantly lower stock price range volatility during the Covid stock market rundown of February-March 2020. Such findings also hold for Japanese firms but only later on after the introduction of government support. In terms of returns, compared to their peers with a low ES ranking, Japanese and UK stock prices with a high ES ranking suffered more during and after the market rundown. For other countries, we do not find significant differences in stock price behavior based on ES ratings. Our findings suggest that engaging with ES activities is not associated with a better or worse performance during crisis times, which has important implications for investors and managers.     

Strategies to develop a sustainable and resilient vaccine supply chain in the context of a developing economy

Developing a vaccine supply chain (VSC) is an intricate process due to product perishability issues and cross-border supply complexities. On top of that, developing a pandemic-driven VSC is more challenging due to having significant operational, infrastructural, and policy-related disruptions. From the perspective of a developing economy such as Bangladesh, handling the global COVID-19 pandemic through the proper establishment of a VSC has been disrupted by a multitude of organizational, economic, and policy barriers. This has hindered the process of establishing a resilient VSC let alone ensuring the sustainability of the supply chain (SC). Therefore, this study strives to identify the key VSC strategies and their interrelationships under four groups: Intra-organizational, Inter-organizational, Legislative, and Environmental, based on previous literature and the expert opinions of industrial practitioners and policymakers. 20 strategies are ranked, and their causal relationships are discussed using the fuzzy DEMATEL method. This study utilizes the fuzzy set theory to deal with the vagueness of human beings' perceptions, and the DEMATEL method to form a structural model to find out the cause (influencing and independent) and effect (influenced and dependent) relationships among different strategies. The outcome of this study shows that ‘developing local production facilities for vaccines’, ‘creating extensive governmental policy to ensure efficient distribution of vaccines’, ‘ensuring sustainable investment in vaccine manufacturing and distribution’, ‘integrating advanced data analytics for robust and resilient demand prediction’ and ‘promoting public-private-people partnership for sustainable investment’ are the most prominent strategies. The findings provide stakeholders and policymakers with a practical framework for developing a sustainable VSC prepared for any virus outbreak, such as COVID-19, while also achieving the Sustainable Development Goals (SDGs).     

Towards a responsive-sustainable-resilient tea supply chain network design under uncertainty using big data

Nowadays, issues such as limited natural resources, environmental problems, social matters, and significance of resilience in agricultural supply chain (ASC) have dragged considerable attention worldwide. In this research, a five-level multi-objective stochastic mixed-integer linear programming model is designed for tea supply chain (TSC) in Iran. The objective functions of the suggested network are minimizing total costs of the supply chain (SC), the total water consumption, and non-resilience measures, and maximizing job opportunities of facilities. Literally, considering uncertainty for SC networks is extremely beneficial due to the existence of some variations in different parameters like demand. As a consequence, a robust possibilistic optimization (RPO) is implemented to manage the uncertainty. Due to the nature of the multi-objective optimization problem, the weighted-normalized-extended goal programming (WNEGP) approach is employed to solve the model. In order to credit the model, real data is collected from the tea organization of Iran. It is worth mentioning that parameters are gathered according to three aspects of big data: volume, velocity, and variety. The results validated the functionality of the model regarding planning strategy. In addition, it showed applying more costs on SC triggers an effective sustainable-resilient-responsive network. In terms of managerial insights, this study offers a far-reaching perspective to managers especially in ASC to develop their industries. Finally, some sensitivity analyses are discussed on key parameters such as demand, robustness coefficients, and also the value of the objective functions in various states. It is worth mentioning that sensitivity analyses on different states of the problem show how sustainability and resiliency affect the supply chain efficiency.