COVID-19 Sentiment and the Chinese Stock Market: Evidence from the Official News Media and Sina Weibo

This study quantitatively measures the Chinese stock market’s reaction to sentiments regarding the Novel Coronavirus 2019 (COVID-19). Using 6.3 million items of textual data extracted from the official news media and Sina Weibo blogsite, we develop two COVID-19 sentiment indices that capture the moods related to COVID-19. Our sentiment indices are real-time and forward-looking indices in the stock market. We discover that stock returns and turnover rates were positively predicted by the COVID-19 sentiments during the period from December 17, 2019 to March 13, 2020. Consistent with this prediction, margin trading and short selling activities intensified proactively with growth sentiment. Overall, these results illustrate how the effects of the pandemic crisis were amplified by the sentiments.     

Too afraid to Travel? Development of a Pandemic (COVID-19) Anxiety Travel Scale (PATS)

Pandemics are affecting tourism in many ways. Being a niche research field before, the coronavirus (COVID-19) pandemic created a strong urgency to develop this topic. For researching pandemic-induced changes in tourist beliefs and travel behaviour, we developed a construct that measures the intra-personal anxiety of travellers (and non-travellers): the Pandemic (COVID-19) Anxiety Travel Scale (PATS), using two large online studies (N = 2180; N = 2062) and including two different cultural contexts (US and Denmark). In Study 1, explorative and confirmative factors analysis confirms a short and easy-to-use 5-item solution, while the presented model adds face validity. Study 2 confirmed the structure (reliability) and tested nomological validity, by putting PATS into the context of different constructs (xenophobia and prevention focus). Although the proposed scale arose from the coronavirus (COVID-19), it is not limited to this specific pandemic and will hopefully prove to be a valuable measurement tool for future pandemics as well.     

Stress can help or hinder novelty seeking: The role of consumer life history strategies

Previous research shows mixed findings on whether stress increases or decreases novelty seeking. In three studies, using both archival and experimental data, and including more than 61,000 consumers from over 55 different countries, we show that it can do both, albeit for consumers differing in “life history strategies” (LHSs), that is, short-term, impulsive, and reward-sensitive (fast) versus long-term, reflective, and controlled (slow) strategies. We find that stress increases (helps) novelty seeking for fast, but decreases (hinders) novelty seeking for slow LHS consumers. Moreover, under baseline (low stress) conditions, fast LHS consumers display a lower tendency for novelty seeking than slow LHS consumers. Interestingly, these effects are present for acute stress but not for chronic (pandemic) stress. We discuss the implications of our findings for public policy and positioning strategies, specifying when and for whom novel (versus familiar) products and services might be most effectively and efficiently marketed.     

Evolution of hoteliers’ organizational crisis communication in the time of mega disruption

This research note explores the evolutionary process of corporate crisis communication to understand how international hotel enterprises respond to the present pandemic. Corpus linguistics was used as a computer-aided approach in assessing a large collection of naturally occurring texts. Press releases from hotel corporations listed in Fortune 500 within the period of January to April 2020 were curated and built into three corpora. Lexical patterns that evolved over the course of the first quarter of 2020 reveal that the lodging industry did not fully prepare for the crisis until March, while management was still dwelling on their past achievements even in February 2020. The overall tone, pre-crisis, reflected top management's demonstration of success and performance, attributed to the CEOs themselves; while it completely changed during the crisis. This study draws upon crisis management and organizational communication streams of work to advance prevailing theoretical accounts of organizational crisis communication.     

Stock markets’ reaction to COVID-19: Cases or fatalities?

In this paper, we examine the stock markets’ response to the COVID-19 pandemic. Using daily COVID-19 confirmed cases and deaths and stock market returns data from 64 countries over the period January 22, 2020 to April 17, 2020, we find that stock markets responded negatively to the growth in COVID-19 confirmed cases. That is, stock market returns declined as the number of confirmed cases increased. We further find that stock markets reacted more proactively to the growth in number of confirmed cases as compared to the growth in number of deaths. Our analysis also suggests negative market reaction was strong during early days of confirmed cases and then between 40 and 60 days after the initial confirmed cases. Overall, our results suggest that stock markets quickly respond to COVID-19 pandemic and this response varies over time depending on the stage of outbreak.     

新时代财政应急保障机制研究

2020年新冠肺炎疫情的爆发,凸显了我国新时代财政应急保障机制的困境.在不断推进国家治理体系和治理能力现代化的进程中,我国数字经济与共享经济的突飞猛进为改良传统财政应急机制提供了契机.本文通过借鉴国外先进经验,结合中国实际情况,提出了完善财政应急保障机制的几点建议.     

Airport user experience unpacked: Conceptualizing its potential in the face of COVID-19

Given the unprecedented challenges imposed on the aviation industry by the COVID-19 pandemic, this paper proposes a new perspective on airport user experience as a field of study to unlock its potential as a basis for strategic roadmapping. Through an integrative literature review, this study points out a dominant focus, in practice and research, on customer experience and service quality, as opposed to user experience, to help airports gain a competitive edge in an increasingly commoditized industry. The review highlights several issues with this understanding of experience, as users other than passengers, such as employees, working for the airport and its myriad stakeholders, as well as visitors, are largely omitted from study. Given the complexity of the system, operationally, passengers are generally reduced to smooth flows of a passive mass, which this study argues is both a missed opportunity and a vulnerability exacerbated by the COVID-19 pandemic. Major events apart from COVID-19 are used to show the negative effects this simplification of user experience has had. Based on solutions and models proposed in previous studies, a conceptual model has been developed to illustrate the postulated potential of a deeper and more holistic study of airport user experience to make airport systems generally more agile, flexible and future-proof. As such, the paper advocates to utilize the user experience as a basis for strategic planning to equip airports with the know-how to manage not just daily operations more effectively but also the aftermath of and recovery from major events like the COVID-19 pandemic. Moreover, with the user experience at the center of the strategic roadmap, airports can plan ahead to mitigate the impact of future scenarios. The importance of future research and the use of existing research are discussed.     

唐人咏史与"小说家言"

唐人好奇尚异，咏史诗逐渐背离“叙史”传统，将子部、集部所载之山川胜迹、人物逸闻、传说甚至寓言、文学作品中的人物与故事熔铸入诗；用史部文献也更喜采用别史、杂史、杂传记等，颇具“小说家言”的特色，形成唐代咏史诗的一种独特风貌。     

应对突发公共卫生事件的税收政策探讨

近年来国内外突发公共卫生事件发生频率增加,其对经济造成的负面影响不容小觑。税收政策是国家治理和宏观调控的重要工具,对中国这样一个拥有超大规模市场的巨型经济体,建立和完善应对突发公共卫生事件的税收政策体系,发挥其在疫情防控及经济恢复中的保障作用,不仅很有必要,而且对完善国家治理体系现代化具有深远意义。基于此,本文以新冠肺炎疫情为背景,运用相关理论阐述了税收政策应对突发公共卫生事件的必要性,对现有相关应对疫情的税收政策进行系统梳理,提出完善我国突发公共卫生事件的税收政策建议。     

空间重组背景下城市社区疫情防控的挑战与策略——以安徽省Y县城C社区为例

新型冠状病毒肺炎疫情的发生,对我国城镇化及人居环境提出了严峻的挑战。在这场事关人民健康和社会安全的疫情防控战"疫"中,城市社区是整体疫情防控工作的重要堡垒,是阻断疫情蔓延的重要空间。以安徽省Y县城C社区疫情防控实践为例,分析了大规模城镇化推动的城市空间重组给疫情防控带来的挑战,认为物理空间重组加大了疫情扩散与异地传播的风险,社会空间重组凸显了疫情联控与人口结构的矛盾,心理空间重组加深了疫情恐惧与社会心态危机,网络空间重组促使疫情防控与信息管理更加复杂。基于此,提出城市社区疫情防控的基本策略,即建章立制辅以精细化管理,严控物理空间的越轨行为;协同适应,营造社区共同体,筑牢群防群治的社会基础;扩展心理空间,释放情绪压力;净化网络空间,维护舆情健康与信息透明。