This study aims to investigate whether the relationship between the real effective exchange rate and the stock market in Türkiye exhibits a time–varying and regime–dependent structure. To this end, monthly data covering the period from January 2003 to November 2025 are utilized, and the causal relationship between the BIST100 closing price index and the CPI–based real effective exchange rate is analyzed within the framework of the time–varying Granger causality approach. The empirical findings indicate that the relationship between the exchange rate and the stock market is not stable throughout the entire sample period; rather, it strengthens or weakens in a time–dependent manner, particularly during periods of economic crises, heightened uncertainty, and regime shifts. The results further suggest that the causality running from the stock market to the real effective exchange rate (DLNBI → DLNRE) is more dominant and, in certain periods, tends toward a persistent regime, whereas reverse causality from the exchange rate to the stock market (DLNRE → DLNBI) remains relatively limited and is confined to specific periods. Overall, these findings suggest that the exchange rate–stock market nexus in Türkiye cannot be adequately captured by linear and time–invariant models and underscore the leading role of financial market dynamics in shaping exchange rate movements.

Purpose – The objective of this study is to explore the contribution of inventory management and levels in manufacturing and industrial companies to the competitiveness of the company in an uncertain macroeconomic environment, such as during times of crisis. The objective of the research is to ascertain the impact of consciously devised inventory strategies on cost efficiency, the amount of tied-up capital, and customer service levels, and, consequently, corporate performance. Design/methodology/approach – The study's methodology is based on a combination of primary and secondary research methods. The present study focuses on the period of crisis, which is defined as 2020-2022. The present study draws upon empirical data (i.e. inventory levels, turnover, orders, and average price) from a global market-leading manufacturing company in order to apply a range of inventory analysis techniques. Such techniques include ABC and XYZ analysis, as well as inventory turnover rate and inventory efficiency indicators. The objective of the analyses is to explore the relationships between inventory levels and the efficiency of company operations, supplemented by a synthesis of the relevant literature. Findings The findings indicate that an inventory strategy not devised with due rigour can give rise to excessively high inventory levels and consequent immobilisation of capital, whilst offering no assurance of enhancement in customer service. The integrated application of ABC and XYZ analysis methodologies facilitates targeted inventory management, thereby reducing inventory carrying costs and enhancing inventory turnover. Originality – The originality of the study lies in its interpretation of inventory management within the context of corporate competitiveness, thereby exceeding the conventional operational approach. The research is based on an empirical analysis of the total inventory of a global manufacturing company, which examines the economic implications of inventory decisions in a data-rich manner. A novel contribution is the integrated and critical application of ABC and XYZ analysis methods, which provides an opportunity to reinterpret corporate inventory practices. The study thus reinforces the strategic approach to inventory management on an empirical basis.

ABSTRACT This article examines how a long-standing, in situ study abroad programme in Greece at a large American public university was transformed into a fully virtual model during the COVID-19 pandemic, and what this shift reveals about the historical relationship between mobility, experiential learning, and academic tourism. Drawing on programme records, instructional materials, and forty-one in-depth interviews conducted with Greek residents by participating students in the programme in August and September 2021, the study analyzes the pedagogical, methodological, and experiential consequences of replacing embodied travel with digital engagement. Placing the case within the scholarship on educational mobility, presence and authenticity in tourism, and mediated forms of travel, the article argues that the virtual programme disrupted long-held assumptions that study abroad depends solely on physical displacement. The findings demonstrate both continuity and rupture: while virtual encounters facilitated rich, often unusually intimate conversations during a period of global crisis, the absence of physical presence also reframed traditional expectations of immersion and cross-cultural contact. This case study contributes to tourism history by showing how global emergencies and technological infrastructures can reshape the forms, meanings, and future trajectories of academic travel.

This article analyzes the concept of the production chain as a response to the crisis of traditional economic analysis. It reviews the history and uses of the concept, particularly in French industrial economics, and discusses its relevance for understanding firm strategies, input-output relations, industrial policy, and systems of representation. The article argues that the production chain is both an analytical tool and a way to rethink the organization of productive systems during periods of economic crisis.

: Hydatid disease is a parasitic condition that causes significant morbidity in endemic regions, with surgery being the standard treatment. However, extraordinary circumstances, particularly crises such as the COVID-19 pandemic and major earthquakes, have led to the postponement of elective surgeries and delayed patient presentation to healthcare facilities. This situation has resulted in more complicated clinical presentations of hydatid cysts and an increased need for emergency surgical interventions. The aim of this study was to evaluate the clinical characteristics, surgical approaches, complications, and outcomes of emergency hydatid cyst surgeries performed during crisis periods. : This retrospective study included 32 patients who underwent surgery for hydatid disease. Demographic data, presenting symptoms, surgical techniques, complications, and length of hospital stay were analyzed. Patients presenting with acute abdomen and requiring emergency surgery were defined as crisis-period cases and formed the main focus of the study, while those undergoing elective surgery were evaluated for comparison. Descriptive statistics were used; continuous variables were expressed as mean ± standard deviation, and categorical variables as frequency and percentage. : The mean age of patients was 51.9 years, and 62.5% were male. The most common presenting symptom was abdominal pain (71.9%). The rate of emergency surgery due to acute abdomen was 28.1%. The most frequently performed procedure was cystectomy (71.9%), and open surgery was required in 65.6% of cases. Preoperative complications included biliary fistula (9.4%) and rupture (6.3%), while postoperative complications most commonly included biliary fistula (9.4%) and atelectasis (9.4%). The mean length of hospital stay was 6.6 days. : During crisis periods, patients with hydatid disease more frequently present with conditions requiring emergency surgery. Our findings highlight the importance of emergency surgical preparedness under extraordinary circumstances and provide clinical insight into surgical practice during crisis periods.

This paper applies the Temporal Fusion Transformer (TFT) model to learn dynamic time-series patterns in mutual fund performance and to assess whether these patterns predict future alpha. I summarize the model’s cross-sectional ranking power using diagnostic portfolio spreads: a top-minus-bottom decile exhibits an annualized Carhart four-factor alpha spread of 2.8%, with dispersion persisting for up to four years. In panel regressions controlling for standard predictors and fund and time fixed effects, TFT forecasts improve explanatory power by more than 25% in adjusted R 2 . Leveraging TFT’s interpretable outputs, I show that historical fund returns receive the largest weight (about 29%), their importance displays earnings-cycle seasonality, and attention to past observations rises by 46% during crisis periods. Using fund-by-month variable-importance weights, I define fund-specific informativeness states and construct conditional skill measures that predict and persist precisely when the same signal becomes informative again, beyond coarse macro conditioning. Together, these results provide an alternative explanation for why unconditional performance persistence appears weak: skill is episodic and becomes visible when a manager’s key signals regain relevance. • TFT deep learning model predicts mutual fund alpha from time-series patterns. • Top-minus-bottom decile spread yields 2.8% annualized four-factor alpha. • Model attention to past observations rises 46% during crisis periods. • Conditional skill measures persist when key signals regain informativeness. • Episodic skill explains why unconditional persistence appears weak.

The psychological fallout of war media: A path analysis of media exposure, nuclear war threat anxiety, and mental wellbeing among older adults.

Profitability structure of tourist companies during and after crises

Background: The American Society of Anesthesiologists Physical Status (ASA-PS) classification is widely used for perioperative risk stratification but is subject to inter-rater variability. The 2024 South Korean medical crisis abruptly shifted preoperative ASA-PS assessment from resident-led to specialist-centered care, providing a natural opportunity to examine how this transition affected ASA-PS distribution and prognostic performance. Methods: In this single-center retrospective cohort study, surgical patients during the pre-crisis (January 2022–December 2023) and crisis (March 2024–August 2025) periods were matched 1:2 by propensity score on age, sex, Charlson Comorbidity Index, surgical specialty, emergency status, and anesthesia type. The primary outcome was 30-day mortality; secondary outcomes were postoperative intensive care unit (ICU) admission and length of stay. ASA-PS discrimination was compared between periods using DeLong’s test, and ASA × crisis interaction terms were assessed by the likelihood ratio test. Results: A total of 53,895 cases (35,930 pre-crisis; 17,965 crisis) were matched, with all post-matching standardized mean differences below 0.1. ASA-PS demonstrated higher discrimination for 30-day mortality during the crisis than the pre-crisis period (area under the curve [AUC], 0.891 [0.863–0.919] vs. 0.827 [0.803–0.851]; ΔAUC = 0.064, p < 0.001). The ASA-PS × crisis interaction remained significant after adjustment (p = 0.014). Discrimination for ICU admission was similar between periods. Conclusions: ASA-PS classifications assigned during the crisis period were associated with higher discrimination for 30-day mortality than those from the pre-crisis period, suggesting that the operational performance of perioperative risk-assessment tools may vary with evaluator context and broader healthcare system conditions.

The article explores strategic approaches to scaling the construction business in times of economic instability and market turbulence. The author substantiates the thesis that the «wait and see» strategy during crisis periods is erroneous and leads to business degradation due to the outflow of intellectual capital and the loss of technological advantage. Instead, a concept of managed growth is proposed, based on the optimization of the internal architecture of business processes. The main attention is paid to the mechanisms of vertical integration and diversification. The paper analyzes in detail the advantages of creating autonomous ecosystems (own architectural bureaus, building materials factories, logistics parks), which allows the developer to control the cost and quality of the product. Based on a comparative analysis, it was found that the combination of «deep» integration (control of the value chain) and «lateral» diversification (mastering new market niches) provides multi-level protection against industry crises. A special emphasis is placed on the stage of preparation for scaling. Key areas of internal transformation are identified: the implementation of ERP systems and BIM technologies for digital management, the use of Lean methodology to minimize losses, the establishment of an internal transfer pricing system and a change in corporate culture. The author emphasizes the importance of financial stress testing and the implementation of strict financial discipline (elimination of cash gaps, formation of reserve funds) as the foundation of stability. The conclusions emphasize that a successful strategy in conditions of war and economic fluctuations is based on balancing the portfolio by financing areas (B2C, B2B, B2G) and geographical expansion. It is proven that only a comprehensive restructuring of the management model allows turning external chaos into a tool for redistributing spheres of influence and strengthening market positions.

Crisis periods-defined as sustained disruptions to the clinical environment resulting in increased workload, exposure to high-acuity patient care, or limited access to coping resources-can lead to posttraumatic stress disorder (PTSD) among residents and fellows (trainees). By examining self-reported pandemic-related PTSD symptoms, associated risk factors, and their consequences, this study aims to identify vulnerable groups and inform institutional strategies to support trainee well-being during and after crisis events. A multi-institutional cross-sectional survey was conducted at three U.S. academic medical centers between April-May 2022. Measures included the Primary Care PTSD Screen for DSM-5 (PC-PTSD-5, range 0 to 5, scores ≥4 indicate probable PTSD), 4-item PROMIS Social Isolation scale (normed T-score range 0-100 scale with higher scores indicating greater isolation), items exploring intent to stay at one's institution, and demographics. Multivariable analysis adjusted for demographics, specialty, and post-graduate year. Of 6057 eligible trainees, 3185 (53%) participated in the survey, with 3109 completing the PTSD screening. A total of 190 (6%) trainees screened positive for self-reported PTSD symptoms. Multivariable analysis revealed that female trainees had a higher odds of screening positive for self-reported PTSD symptoms compared to males (OR 1.45, 95% CI 1.03-2.04, P=.03). Greater social isolation was independently associated with increased PTSD risk (OR 1.09, 95% CI 1.07-1.11, P<.001). Additionally, trainees who did not intend to remain at their institution after training were more likely to screen positive for PTSD (OR 1.74, 95% CI 1.17-2.58, P=.01). Female gender, greater social isolation, and reduced intention to remain at one's institution are independently associated with self-reported PTSD symptoms in trainees. Recognizing these relationships may enable healthcare leaders to proactively identify trainees at higher risk during crisis periods and to implement targeted, evidence-based interventions that promote well-being and workforce retention.

This study utilizes a mixed-methods design (survey N = 389; focus groups N = 17) to examine xenophobic hate speech against Syrian and Sudanese refugees among Egyptian social media users. We identify dominant “threat narratives”—specifically economic burden and security risks—amplified primarily through Facebook. Results highlight a complex dynamic where economic precarity drives hostility yet coexists with humanitarian ambivalence. The findings suggest that despite skepticism toward platform accuracy, social media may contribute to scapegoating perceptions within this sample during periods of crisis. The article concludes by recommending structural interventions, including platform accountability and targeted media literacy, to mitigate digital xenophobia in the Global South context.

ABSTRACT This study examines the impact of the COVID-19 pandemic on parent-practitioner communication in Early Childhood Education and Care (ECEC) settings across five countries: Croatia, England, Israel, Poland, and Spain. Using qualitative methods, the research investigates how the pandemic reshaped communication, trust, and collaboration between parents and practitioners. Semi-structured interviews with parents and practitioners revealed key adaptations to digital communication tools, highlighting their dual role as enablers of continued collaboration and barriers to personal connection. The study also identified significant variations in parental involvement and differences in national ECEC policies. While some parents experienced reduced engagement due to pandemic-related restrictions, others benefited from innovative approaches, such as hybrid communication strategies and flexible educational practices. Despite challenges such as unequal access to technology and disrupted routines, practitioners and parents demonstrated resilience and creativity in maintaining supportive and nurturing environments for toddlers. This research emphasises the importance of adaptive communication strategies and collaborative efforts to strengthen ECEC practices globally. The findings suggest that fostering mutual trust, addressing technological disparities, and leveraging innovative practices are essential for enhancing parent-practitioner communication, particularly during periods of crisis. The study provides valuable insights for policymakers and practitioners to improve ECEC systems and support families effectively.

Research Originality: This study systematically analyzed the relationship between financial development and the unemployment rate using data from 38 OECD countries from 2000 to 2024. It not only examines differences across income levels but also deeply investigates the impact of the COVID-19 pandemic, thereby overcoming the limitations of previous studies that relied on alternative indicators of economic growth. Research Objectives: The purpose of this study is to assess whether a robust financial market can reduce unemployment rates, as well as how this effect changes under different economic backgrounds. Research Method: This study, using panel data from the World Bank and the OECD for the period 2000 to 2024, employs the fixed-effects model to test the direct impact of financial development level and the moderating effect of the epidemic. Empirical Results: The pandemic has weakened the effect of financial development on reducing the unemployment rate by optimizing capital allocation, but fiscal stimulus measures have boosted economic recovery. Therefore, even after excluding the data from the crisis period, the research findings remain robust. Implications: High-income countries must focus on improving the efficiency of fiscal resource allocation while maintaining labor-market stability. In contrast, middle- and high-income countries need to support the development of manufacturing and small and medium-sized enterprises while reducing financial instability risks, especially during times of crisis. JEL Classification: E24, G20, O40

BackgroundThe COVID-19 pandemic raised concerns about the mental health of an already burdened healthcare workforce. This study examined mental health trajectories among healthcare workers (HCWs) across the pandemic and identified personal and employment factors associated with different symptom patterns.MethodsLongitudinal data were drawn from the NHS CHECK cohort, including clinical and non-clinical staff from 18 NHS Trusts in England (April 2020–April 2023). Growth curve and growth mixture models identified latent classes of HCWs characterized by distinct trajectories of probable common mental disorders. Secondary outcomes included anxiety, depression, alcohol misuse, and post-traumatic stress symptoms. Logistic regression examined associations between baseline personal and employment characteristics and class membership.ResultsThe analytical sample included 22,764 participants. For each outcome, growth mixture models identified two latent classes. Approximately 31% of HCWs experienced persistently high symptoms of probable common mental disorders, while 69% experienced persistently low symptoms. Similar patterns were observed for secondary outcomes, with small subgroups demonstrating worsening symptoms followed by improvement. Logistic regression analyses showed that being female, younger, single, working as a nurse, or having a pre-existing mental health diagnosis increased the odds of belonging to a high symptom class. Perceived support from colleagues and managers was protective.ConclusionsWhile many HCWs reported consistently low mental health symptom levels, almost a third belonged to a latent class characterized by persistently high symptoms across all time points. These findings underscore the need for mental health support for vulnerable HCW groups, embedded within routine NHS practice rather than limited to crisis periods.

The COVID-19 pandemic has profoundly disrupted social and public health systems worldwide, with emerging evidence indicating a surge in intimate partner violence (IPV) and a decline in health-related quality of life (HRQoL). In Canada, the link between pandemic-related stressors, IPV, and HRQoL remains insufficiently characterized. This study aimed to assess the prevalence, frequency, and directionality of IPV during the COVID-19 pandemic in Quebec, Canada, and to evaluate its impact on HRQoL and mental health. A population-based survey was conducted online and IPV was assessed using a revised New Zealand Crime and Victims Survey (NZCVS2) instrument, capturing psychological, physical, and sexual violence. The prevalence and frequency of IPV peaked during the initial lockdown period (January-June 2020), with physical and sexual violence prevalence reaching 11% and 5%, respectively, while psychological violence approached 23%. Psychological and physical violence constituted nearly three quarters of these acts. IPV was frequently bidirectional, particularly for psychological violence. Men reported higher rates of psychological and physical victimization, while sexual victimization was predominantly reported by women. Individuals experiencing IPV reported significantly lower HRQoL scores, and higher psychological distress compared to those not exposed to IPV. Younger age, urban residence, and lower household income were identified as significant risk factors for both perpetrating and sustaining IPV. The COVID-19 pandemic was associated with a substantial increase in IPV and a concomitant decline in HRQoL in Quebec. These findings underscore the necessity for integrated public health strategies that address violence prevention, mental health support, and social inequalities, particularly during periods of societal crisis.

ABSTRACT Extensive research has examined municipal resilience to external shocks; however, quantitative assessments of financial resilience based on performance remain limited. This paper addresses this gap by analysing financial sustainability in Victorian local governments across three phases: pre-crisis (2017/18–2018/19), the COVID-19 pandemic (2019/20–2020/21), and recovery (2021/22–2022/23). Using bias-corrected Data Envelopment Analysis, we find that councils’ financial resilience declined during the pandemic. Although recovery was relatively rapid, performance did not return to full efficiency. Both urban and rural councils experienced reduced resilience, with rural councils closely mirroring the overall sectoral decline. Strengthening rural councils’ financial capacity may generate system-wide benefits, particularly during shocks. Second-stage fractional regression results show that factors such as council size, taxable income, and local unemployment significantly influence financial sustainability, especially during crisis periods. Overall, the findings highlight important policy implications, emphasising improved shock-response mechanisms and stronger governance, particularly for rural municipalities.

This report evaluates the structure, impact, and resource demands of a Proactive Drug Shortage Committee (PDSC) within a large, multicenter health system, highlighting its response to the 2024 intravenous fluid (IVF) shortage and associated financial and labor burdens. The PDSC model described is implemented across an 11-hospital health system and consists of pharmacy leaders, buyers, informatics specialists, and clinical and operational staff. Meeting weekly, the committee monitors shortages utilizing real-time data to influence mitigation strategies rooted in coordination, collaboration, and communication. The 2024 natural disaster Hurricane Helene resulted in a widespread IVF shortage during which the PDSC implemented conservation protocols, electronic health record alerts, clinical restrictions, and internal compounding. These efforts led to a 33% reduction of IVF usage within 25 days of the event. Time assessments revealed significant increases in shortage-related FTE requirements during crisis periods, with roles such as clinical pharmacists and data analysts experiencing up to 400% increases. Financially, the health system shifted from 8.45% under budget in September 2024 to 8.55% over budget during the peak shortage months due to overtime, compounding resources, and alternative sourcing. A PSDC is an integral part of a health system, with the model demonstrated to be effective in enabling a scalable, multidisciplinary approach to successfully managing drug shortages. Its proactive nature, use of real-time data, and cross-functional collaboration are essential to preserving patient care and operational continuity. Crisis-level shortages demand heightened labor and financial investment, reinforcing the need for dedicated, system-wide preparedness and response mechanisms.

Diet and lifestyle significantly influence health, and during periods of economic, social, or health-related instability, individuals are more likely to adopt unhealthy eating behaviours. This study aimed to evaluate changes in dietary patterns among the Spanish population during COVID-19 home lockdown, comparing them with data from the 2017 National Health Survey (NHS) and the 2020 European Health Survey in Spain (EHSS). This study is among the first to compare nationally representative data before, during, and after COVID-19 lockdown, enabling assessment of the persistence or reversibility of diet-related behavioural changes following a major public health crisis. A cross-sectional comparative analysis was conducted using food frequency questionnaire (FFQ) data from all three sources: the 2017 NHS (n = 23,089), a survey conducted during lockdown (n = 1640), and the 2020 EHSS (n = 22,072). Z-tests for independent proportions were used to compare adherence prevalence across the three cross-sectional samples, assuming normality due to the large sample size in all cohorts. The findings showed that adherence to nutritional recommendations decreased significantly during lockdown (p < 0.05), while the proportion of individuals consuming processed and highly palatable foods increased. Notably, during the lockdown, more than 97% of the population failed to meet the recommended daily intake for any of the food groups. The proportion of individuals consuming sweets, snacks, and fast food above recommended levels increased from approximately 30% before lockdown to 88% during lockdown (p < 0.05). Following the lockdown period, dietary habits largely returned to baseline levels; however, adherence to dairy (87.3% vs. 81.1%; p < 0.05) and cereals (96.8% vs. 89.2%; p < 0.05) decreased compared with 2017. In contrast, legume consumption remained high after the restriction period (76.1% vs. 86.2%; p < 0.05). Significant differences were observed between the periods before and during lockdown. Specifically, the consumption of fruits (+ 0.9%: p < 0.05), vegetables (+ 0.8%; p < 0.05), sweetened soft drinks (+ 2.6%; p < 0.05), sweets (+ 3.7%; p < 0.05), snacks (+ 0.6%; p < 0.05), and sausages/cold meats (+ 0.7%; p < 0.05) increased, whereas the intake of dairy products (- 6.2%; p < 0.05), cereals including pasta, rice, potatoes, and bread (- 7.6%; p < 0.05), meat (- 1.0%; p < 0.05), fish (- 2.1%; p < 0.05), eggs (- 2.9%; p < 0.05), and legumes (- 1.7%; p < 0.05) decreased. In line with these findings, the dietary diversity score (DDS) showed a marked reduction during lockdown compared with the pre-lockdown period, followed by a substantial increase after restrictions were lifted. These trends suggest that during crises, dietary quality tends to deteriorate. Although some dietary behaviours recovered after lockdown, the persistent decline in adherence to dairy and cereal recommendations, together with the high consumption of processed foods, highlights the need for public health interventions aimed at reinforcing dietary stability and promoting health during periods of crisis.

ABSTRACT This study examines the spillover effect of bank financial misconduct on the uninsured deposits of peer banks within local markets. We first validate that misconduct banks experience an increase in deposit spreads and a corresponding outflow of deposits following the misconduct. We then show local peer banks exhibit divergent deposit responses, contingent on how misconduct is perceived by information recipients in different economic contexts. During normal periods, depositors receiving a negative signal about bank misconduct reallocate their funds from misconduct banks to local peers, a local reallocation effect that decreases deposit spreads and increases deposit inflows for peer banks. Cross‐sectional analysis further reveals that this local reallocation effect is more pronounced for financially sophisticated depositors, amplified when peer banks have strong fundamentals, but attenuated when misconduct banks are financially sound. During financial crisis periods, however, bank misconduct leads to withdrawals from both misconduct banks and their peer banks, a local contagion effect whereby local peer banks face increased deposit spreads and deposit outflows following the misconduct.