Short-term Reactions Research Articles

Market Reaction to ESG Information Disclosure A Case Study of Midea Group

Abstract: As global environmental issues become increasingly severe, investors are paying more attention to corporate sustainability. They realize that focusing solely on financial performance is insufficient; a company's environmental, social, and governance (ESG) performance must also be considered. In China, with the goal of carbon neutrality highlighting the importance of ESG, concepts such as ESG investment, reporting, and rating are flourishing. Corporate ESG actions are becoming a new focal point for investors. This paper takes the ESG information disclosure of Midea Group as a case study, using an event study model to explore the stability of the companys stock price and the variation in its returns during the event window, thus analyzing the market's short-term reaction to ESG information. The study finds that the ESG reports issued by Midea Group have a positive impact on the stock market to some extent, significantly reducing stock price volatility and inducing a positive trend in abnormal returns.

Stock market effects of military conflicts on defence industry

PurposeThis paper aims to examine the short-term market reaction for the world’s 100 largest listed defence firms at and around the three recent largest threats to the global economy – Ukraine–Russia war, Fourth Taiwan Strait Crisis and the Hamas terrorist attack on Israel.Design/methodology/approachThe author examine the impact of the three recent largest threats to the global economy in the largest listed defence firms using an event study methodology.FindingsThe results show a positive and statistically significant short-term reaction around the three geopolitical threats. The results also reveal the existence of higher abnormal returns for defence firms with greater weight of defence sales, in line with the captured regulator theory and for firms with higher research and development and capital expenditure intensity.Originality/valueThe effect of the war on stock markets has been relatively little examined in the financial theory. This study intends to fill this gap in the literature through the analysis of the three recent largest threats to the global economy.

RESPONSIVENESS AS A DEFINING PRINCIPLE OF PUBLIC ADMINISTRATION IN THE MODERN CONDITIONS OF STATE-BUILDING

The article deals with responsiveness as a defining principle of public administration in the modern conditions of state-building in Ukraine. The author emphasizes the need to study responsiveness as a methodological tool for analyzing modern public administration. Responsiveness is defined as receptivity to the opinions, complaints and suggestions of users of management services by introducing and implementing changes in the organizational structure, culture and model of management services. Responsiveness is also the ability of the institutional management system to respond promptly to the challenges of the social environment, to the demands of internal and external influential policy actors. It is proved that the democratization of all processes of public life depends crucially on the effectiveness of the dialogue between the state and society, which is specified primarily as the relationship between people and authorities. This is where the question of whether and to what extent the government hears the voice of the people becomes most acute. The authors identify certain features of the responsiveness of the public administration system in Ukraine in the form of a set of contradictions and problems of social development. The authors emphasize that ensuring the principle of responsiveness requires harmonization of domestic reforms with world and European events and taking into account current global trends. The analysis suggests that responsive governance creates a reservoir of goodwill that is formed through support, and this reservoir facilitates the adoption of difficult and sometimes unpredictable decisions. The reservoir of goodwill creates space for responsible decision-making and constructive cooperation at different levels of government, as citizens who are satisfied with the political system are more likely to accept that government sometimes has to make decisions based on long-term responsibility rather than short-term reactions.

Probing sustained attention and fatigue across the lifespan.

Trait fatigues reflects tiredness that persists throughout a prolonged period, whereas state fatigue is a short-term reaction to intense or prolonged effort. We investigated the impact of sustained attention (using the SART) on both trait and state fatigue levels in the general population. An online version of the SART was undertaken by 115 participants, stratified across the whole adult lifespan. While pre-task trait fatigue was a strong indicator of the initial state fatigue levels, undergoing the task itself induced an increase in reported subjective state fatigue, and an accompanying reduction in subjective energy rating. Consistent with this finding, greater subjective state fatigue levels were associated with reduced accuracy. In addition, age was the best predictor of inter-participant accuracy (the older the participants, the greater the accuracy), and learning (i.e., task duration reducing reaction times). Moreover, a ceiling effect occurred where participants with higher trait fatigue did not experience greater state fatigue changes relative to those with low trait scores. In summary, we found improved accuracy in older adults, as well as a tight coupling between state fatigue and SART performance decline (in an online environment). The findings warrant further investigation into fatigue as a dynamic, task-dependent state and into SART performance as an objective measure and inducer of fatigue.

Do green and low-carbon development policies affect carbon markets? Evidence from China

ABSTRACT Responses of carbon prices to emission reduction policies can imply the market incentive effect of certain policies and effectiveness of carbon markets. The article collects 51 policy events related to green and low-carbon development implemented by the Chinese government from December 2013 to December 2023. Applying the event study method, it discusses the short-term reaction of carbon prices in China’s regional carbon markets to individual events, classified events, and events as a whole. In addition, five diplomatic statements of the Chinese government in multilateral climate governance process are selected, and a panel regression model is constructed to analyse the long-term reaction of carbon prices to each statement. The results are as follows: First, statements of the Chinese government in climate diplomacy have long-term incentive effect on carbon markets. Second, China’s green and low-carbon development policies have brought significant market incentives overall. Among the national, regional and industrial policies, the national and industrial policies have the most significant positive influence on carbon prices in the short term. Third, Hubei, Fujian and Shenzhen carbon markets are more effective. China should actively participate in multilateral climate diplomacy and climate governance, establish a more detailed low-carbon policy system, and improve the scale and activity of carbon markets.

The connected airport: How actionable insights are driving more strategic operations for Manchester Airports Group

Airport operators have long known the importance of data collection. While many still struggle to utilise data in daily operations, best practice is emerging in the form of Connected Operations — a software-enabled approach whereby data is used proactively and flows through all operational areas. Manchester Airports Group (MAG) is committed to adopting this approach and is partnering with software company Copenhagen Optimization to help achieve its mission of operating the most intelligent airports in the world. The focus of the near two-year partnership has been the creation of an Airport Intelligence Platform. The platform is now reaching a level of maturity where, thanks to the effective use of artificial intelligence (AI) and algorithms, MAG’s airports can predict what will happen in their operations, and through the use of prescriptive analytics, understand how to react. The result is a shift from siloed, short-term reactions to connected, proactive scenario planning in pursuit of strategic goals. This paper outlines the vision of the Connected Airport, reflects on the authors’ shared experiences, the steps taken to make the vision a reality, and details the challenges experienced along the way.

The Brexit Unknown—Britain's Boom or Bust?

This case invites students to assess the impact that Brexit, the withdrawal of the United Kingdom from the European Union, might have on a New York–based hedge fund's portfolio and, specifically, its UK assets. The case is designed to prompt students to make market assumptions and investment hypotheses based on a combination of numerical data and qualitative information. It requires no numerical computations; instead, it asks the student to interpret both markets' short-term reactions to the Brexit vote and strategy shifts from UK and European business leaders in order to evaluate longer-term implications for the economies of the United Kingdom, Europe, and the world.

Pozzolanic Metakaolin Reactions: Stoichiometric and Kinetic Modeling

In the pursue of environmentally-friendly binders for the construction industry, metakaolin (MK) has emerged as promising material, with its hardening performance primarily driven by pozzolanic reactions. However, in systems containing MK and calcium hydroxide (CH), transformation reactions from metastable to stable phases, particularly in excessive CH conditions, can adversely affect material properties. To anticipate these processes, this study introduces a stoichiometry-based reaction modeling approach for pozzolanic MK reactions, encompassing both short-term kinetics and long-term transformation processes. The primary pozzolanic reactions of MK are briefly outlined, highlighting two sequential, partially overlapping reactions forming C4AH13 and C2ASH8. Short-term reaction kinetics are modeled using isothermal calorimetry measurements and deconvoluting the two reaction peaks. The model is in good agreement with experimental quantitative X–ray diffraction (qXRD), thermogravimetric analysis (TGA) and helium pycnometer (density, i.e. solid volume) results. Model limitations are discussed based on qualitative scanning electron microscopy with energy-dispersive X-ray spectroscopy (SEM/EDX) analysis. Leveraging the proposed model, the temperature dependency of pozzolanic MK reactions is analyzed, revealing an activation energy for the primary reaction of 84 kJ/mol. The model is intended to lay a foundation for designing innovative binder systems based on metakaolin, while paving the way for sustainable construction in the future.

Safety analysis of quinolones use in minors-based on the FAERS database.

This study utilizes the FDA Adverse Event Reporting System (FAERS) to investigate adverse drug event (ADE) signals linked to quinolones use (ciprofloxacin, moxifloxacin, levofloxacin, ofloxacin) in minors, offering insights for clinical use. Minors were categorized into four age groups. ADE reports for these quinolones from the first quarter of 2015 to the third quarter of 2023 were extracted from the FAERS database. Data analysis used reporting odds ratio (ROR) and the MHRA method. Most ADE cases in minors involved ciprofloxacin (575)and levofloxacin (477). In the infant group, various injury, poisoning, and procedural complication events were more frequently associated with ciprofloxacin, levofloxacin, and moxifloxacin (19.83%, 31.25%, and 100.00%, respectively). In the preschool children group, psychiatric disorders were more frequently reported with levofloxacin and ofloxacin use (59.00% and 47.62%, respectively). Ocular disorders were notably associated with moxifloxacin in the children group (62.50%), In the adolescent group, more gastrointestinal diseases occurred with ciprofloxacin (12.96%). ADE occurrence with quinolones in minors varies by age. Strict adherence to indications, rational use, avoiding prolonged use, and monitoring for short-term reactions are essential. Enhanced monitoring of interactions and drug education are crucial to reducing ADE.

Do Violations of Democratic Norms Change Political Attitudes? Evidence From the January 6th Insurrection

How do citizens respond to extreme violations of democratic institutions, such as the January 6th, 2021 insurrection at the US Capitol? Using an online survey of 900 employed respondents conducted January 5–9, 2021, I find that those interviewed just hours after the insurrection were about 10% points less likely to identify as Republicans, reported greater dislike for Donald Trump, and expressed less attachment to conservatism even controlling for prior levels of party identification. Self-reported Trump voters interviewed after the insurrection were also less likely to identify as Republican and expressed a less favorable view of Donald Trump. The findings only reflect the short-term reactions of employed respondents but are robust to alternative specifications and the very narrow temporal window of the analyses helps to isolate the impact of the insurrection. These results offer evidence in the on-going debate over how to interpret the events of January 6th, 2021.

Reactivity of glauconitic clasts during burial diagenesis

Palaeogene glauconitic reservoir sandstones in the produced Nini West oilfield in the Siri Canyon, Danish North Sea, are chosen as the first pilot CO2 storage site in Denmark. Since glauconitic clasts comprise up to 35 vol% of the sandstones, their stability is crucial for the reservoir permanence. The likely reactivity of glauconitic clasts during CO2 injection is evaluated from their changes during burial diagenesis (long-term reactions) as a contribution to experimental testing (short-term reactions) of sandstone resilience towards CO2. Cored wells penetrate the Palaeogene gravity-flow sandstone units in depth intervals of 1700 m (<52 °C) to 3100 m (107 °C). The depth range allows a detailed microscopic and geochemical investigation of diagenetic changes in mineralogical composition with increasing burial depth. Although the glauconitic clasts show a large variation in chemical composition, clear average trends of increasing K2O and decreasing Fe2O3 in glauconitic clasts are recorded with increasing burial depth down to 2600 m. This trend is caused by the gradually reduced number of expandable layers (smectite) in the mixed-layer glauconitic mica/Fe-smectite. This shift in smectitic content is accompanied by a change in authigenic minerals from berthierine, siderite, microquartz and opal coatings at shallow burial depth to chlorite, calcite and quartz overgrowths at burial > 2200 m. Chloritisation of glauconitic clasts is intensive in the central parts of the gravity-flow sandstone units in the deepest (2800–3000 m) and most distal settings. Consequently, authigenic chlorite precipitation in pores occurs at shallower burial depth than chloritisation of glauconitic clasts. The microporous structure of the glauconitic clasts controls the slow gradual illitisation during increased burial. Abrupt lowering of pore-water salinity is considered the main reason for expansion of smectite components in the mixed-layer glauconitic mica/Fe-smectite, opening of the micropores and thereby intense chloritisation of glauconitic clasts in the deep and distal gravity-flow units. Hence, glauconitic clasts are potentially highly reactive, although slow to react due to their microporous structure unless the water composition is distinctly changed.

Evidence-based policymaking in the legislatures: timeliness and politics of evidence in Finland

Scholarship on evidence-based policymaking (EBP) has long called for more a realistic understanding of how politicians use evidence, especially the ways that use of evidence is negotiated with political goals. This article offers a new perspective on this question by drawing from research on legislative organisations. It introduces a new framework for the study of evidence-based policy, developed by reviewing key insights from legislative studies and interpreting their relevance for the study of EBP. It then applies this framework in an interview-based case-study of the Parliament of Finland. Previous studies have identified timeliness and relevance as some of the key barriers to using evidence, and our data focus on how key actors in legislative organisations understand and manage timeliness. Our findings show that timeliness is dominated by short-term reactions to new bill proposals, but the window for timely evidence in the legislatures can vary from months to days. Our study identifies three strategies used in legislative organisations to overcome the problems of reactivity: programmatic work, specialisation and network building. Practices relating to these strategies are discussed across legislators, political parties and committees. Our findings suggest that it is important for research on EBP in a legislative context to go beyond the study of committees and individual legislators, to explore the role of political parties. This strategy allows researchers to discover the often non-linear and indirect ways that evidence can influence policy through political parties.

Potential impact of unregulated dolphin watching activities in Patagonia

Since 1997, dolphin watching activities have increased in Patagonia, with dusky and Commerson’s dolphins as the target species. To assess the impact of this activity, dolphin watching tours were monitored. For dusky dolphins, the number of tourists increased from 1,393 in 1997 to 1,840 in 2000. The encounter rate grew from 25% during 1999 to 90% in 2001. Most of the groups observed ranged from 50-100 animals. Data were recorded from both a commercial and a research boat. Dusky dolphins showed a short-term reaction to boats and feeding was the most affected behaviour. For Commerson’s dolphins, the number of tourists increased from 532 in 1999 to 2,113 in 2001. The encounter rate averaged 95.58%. There is seasonality in the abundance of Commerson’s dolphins in the area during the colder months (May-December), when schools are larger, than in the warmer months. Dolphins showed a short-term reaction to the presence of the boat, performing aerial displays which are otherwise rarely seen. The direct gross estimated income for the companies carrying out dolphin watching is around US$60,000 per year. The activity has great potential to become an industry of its own. Nevertheless, the activity is at present undertaken on an irregular basis.

Complex Relationships between Milking-Induced Changes in Teat Structures and Their Pre-Milking Dimensions in Holstein Cows.

The study aimed to explore the relationship between teat structure dimensions and their short-term reaction to milking, to find the optimal dimensions of teat structures in relation to milking-induced teat tissue changes. Teat structures (teat length, canal length, thickness at barrel and apex, wall and cistern width) were measured by ultrasonography before and after milking for 38 Holstein cows at the beginning, middle, and end of lactation. We found that milking-induced changes in teat structures significantly depended on their pre-milking size. Furthermore, we observed that some teat structures and their changes were interconnected, and some did not affect each other. For example, changes in the barrel thickness and cistern width were affected by all structures, while the canal and apex did not influence each other. We deduced that more favorable changes were observed for teats of medium length, medium barrel and apex thickness, with teat canals of medium length, but with wider cisterns and thinner walls. The results of this study may help improve research in the area of milking-induced changes in teat morphology. Our findings could help understand potential health risks to animals in relation to teat morphology, milking equipment, and machine settings.

Behavioural responses of humpback whales (Megaptera novaeangliae) to whalewatching boats near Isla de la Plata, Machalilla National Park, Ecuador

Machalilla National Park, on the coast of mainland Ecuador, supports a growing whalewatching industry that focuses on Southern Hemisphere humpback whales, which spend the austral winter (June-September) in this area. This study was designed to measure short-term reactions of whales to the whalewatching vessel activity typically seen in this area for two reasons: (1) to identify the nature of whales’ avoidance response, if any, in order to draft whalewatching guidelines that help local mariners identify when they may be disturbing whales; and (2) to quantify the magnitude of any avoidance response, to examine how this relatively understudied population behaves around boats compared with whales in other whalewatching areas. A shore-based theodolite tracking team created a ‘natural’ experiment to observe relationships between whalewatching traffic and whale behaviour in 1998 and 1999. Swim speed and path directness of humpback whales were measured in the absence of boats, and how those parameters changed when boats arrived was recorded. When whales entered the study area accompanied by boats, a record was made of how their behaviour changed after the boats left. Humpback whales reacted to the approach of whalewatching boats by increasing swim speed significantly, and adopted a much more direct path after boats left. Future research is needed to determine whether responses vary with number, proximity or type of vessel. Similarly, future studies are recommended to determine whether different age-sex classes vary in vulnerability to disturbance. Meanwhile, this study enables provision of much-needed, practical advice to local operators who are concerned that they may be disturbing whales: one way that mariners can tell if they are causing disturbance is if they need to increase their vessel’s speed to keep pace. The average behavioural responses measured were strong enough to recommend that Machalilla National Park adopt precautionary management procedures to limit number and proximity of vessels.

Has the Russian invasion of Ukraine reinforced anti-globalization sentiment in Austria?

The Russian invasion of Ukraine has caused disruptions in international trade and highlighted the dependency of small open economies in Europe on imports, especially of energy. These events may have changed Europeans’ attitude towards globalization. We study two waves of representative population surveys conducted in Austria, one right before the Russian invasion and the other two months later. Our unique dataset allows us to assess changes in the Austrian public’s attitudes towards globalization and import dependency as a short-term reaction to economic turbulences and geopolitical upheaval at the onset of war in Europe. We show that two months after the invasion, anti-globalization sentiment in general has not spread, but that people have become more concerned about strategic external dependencies, especially in energy imports, suggesting that citizens’ attitudes regarding globalization are differentiated.

Dietary Strategies for Relieving Stress in Pet Dogs and Cats.

A variety of physical, emotional, and mental factors can induce a stress response in pet dogs and cats. During this process, hypothalamus-pituitary-adrenal (HPA) and sympathetic-adrenal medulla (SAM) axes are activated to produce a series of adaptive short-term reactions to the aversive situations. Meanwhile, oxidative stress is induced where there is an imbalance between the production and scavenging of reactive oxygen species (ROS). Oxidative damage is also incorporated in sustained stress response causing a series of chronic problems, such as cardiovascular and gastrointestinal diseases, immune dysfunction, and development of abnormal behaviors. In this review, the effects and mechanisms of dietary regulation strategies (e.g., antioxidants, anxiolytic agents, and probiotics) on relieving stress in pet dogs and cats are summarized and discussed. We aim to shed light on future studies in the field of pet food and nutrition.

'Being a mother is not child's play': The capabilities of mothers in a low-resource setting in South Africa.

The importance of a child's first 1000 days has now been widely accepted by the medical fraternity. Yet, we do not know much about caring practices in low-resource settings. This study aimed to investigate the caring capabilities of mothers in a low-resource setting. In this study, in-depth interviews were conducted with 18 mothers with children aged 30 months or younger to better understand the arrangements, means and ends that inform developmental health in a low-resource setting in South Africa. The study was conducted in a low-income area, the former black township of Mangaung in Bloemfontein. The mothers were recruited via pamphlets, and two interviews followed. Because of Covid-19, interviews took place via mobile phones, in Sesotho, the local language in the area. Trained fieldworkers conducted, translated and transcribed the interviews. We used thematic analysis and the capabilities approach as the theoretical framework to analyse the responses from the mothers. We used the following organizing themes: pregnancy and ante-natal care, nutrition, cognitive and physical development, the home environment and access to health care. Although short-term reactions to pregnancy were often negative, the longer-term responses showed that the respondents have agency. Most of them could change their nutrition habits, breastfeed and receive adequate nutrition support from the public health system. Most experienced joy when their children reached milestones (cognitive and others), although they became anxious if milestones were not reached. They emphasized children's play and had dreams for their children's futures. Technology was often mentioned as playing a role in their children's development. A large proportion of the respondents had disrupted homes (because of absent or abusive fathers), but some had stable homes. Most of them showed substantial capability to overcome adverse home environments. The public health system helped them deal with their health problems and their children's health problems, although it also created anxiety in many cases. Our data show how they develop their capabilities and overcome obstacles organically in the face of resource limitations. Despite pregnancies being unexpected and unplanned and fathers being absent, the respondents accepted the pregnancy, adjusted their diets and social behaviour, showed agency by attending primary healthcare facilities and ensured that their children received the required vaccinations. Their extended families played an important role in providing care. Despite the sacrifices, the respondents expressed joy and helped their children function by eating, playing, socializing, learning and using their senses. Our sample of mothers have the agency to adapt to the demands of parenthood and childcare and overcome adversity. Our data support the notion that mothers are held disproportionately and unfairly responsible for achieving the first 1000 days ideals. Despite considerable curtailment of their functionings and capabilities, they nevertheless showed agency to ensure their health and their children's health. A holistic approach should consider these findings in designing policy interventions for children's developmental health. We used paid fieldworkers to interact with the research participants.

Coming together in a digital age: Community twitter responses in the wake of a campus shooting.

Campus mass shootings have become a pressing policy and public health matter. Twitter is a platform used for processing events among interested community members. Examining the responses of invested community members to a mass shooting on a college campus provides evidence for how this type of violence affects the immediate community and the larger public. These responses may reflect either content (e.g. context-specific) or emotions (e.g. humor). Aims Using Twitter data, we analyzed the emotional responses as well as the nature of non-affective short-term reactions, in response to the April 2019 shooting at UNC Charlotte. Methods Drawn from a pool of tweets between 4/30/19-5/7/19, we analyzed 16,749 tweets using keywords related to the mass shooting (e.g. "shooting," "gun violence," "UNC Charlotte"). A coding team manually coded the tweets using content and sentiment analyses. Results Overall, 7,148 (42.67%) tweets contained negative emotions (e.g. anger, sadness, disgust, anxiety), 5,088 (30.38%) contained positive emotions (e.g. humor, hope, appreciation), 14,892 (88.91%) were communal responses to the shooting (e.g. prayers, healing, victim remembrance), 8,329 (49.73%) were action-oriented (e.g. action taken, policy advocacy), and 15,498 (92.53%) included information (e.g. death/injury, news). All tweets except positive emotions peaked one day following the incident. Conclusions Our findings point to peaks in most emotions in the 24 hours following the event, with the exception of positive emotions which peaked one day later. Social media responses to a campus shooting suggest college preparedness for immediate deployment of supportive responses in the case of campus violence is needed.

Observational constraints on the sensitivity of two calving glaciers to external forcings

AbstractFuture mass loss projections of the Greenland ice sheet require understanding of the processes at a glacier terminus, especially of iceberg calving. We present detailed and high-rate terrestrial radar interferometer observations of Eqip Sermia and Bowdoin Glacier, two outlet glaciers in Greenland with comparable dimensions and investigate iceberg calving, surface elevation, velocity, strain rates and their links to air temperature, tides and topography. The results reveal that the two glaciers exhibit very different flow and calving behaviour on different timescales. Ice flow driven by a steep surface slope with several topographic steps leads to high velocities, areas of extension and intense crevassing, which triggers frequent but small calving events independent of local velocity gradients. In contrast, ice flow under smooth surface slopes leaves the ice relatively intact, such that sporadic large-scale calving events dominate, which initiate in areas with high shearing. Flow acceleration caused by enhanced meltwater input and tidal velocity variations were observed for terminus sections close to floatation. Firmly grounded terminus sections showed no tidal signal and a weak short-term reaction to air temperature. These results demonstrate reaction timescales to external forcings from hours to months, which are, however, strongly dependent on local terminus geometry.