The COVID-19 Outbreak and Risk–Return Spillovers between Main and SME Stock Markets in the MENA Region

This study investigates return and asymmetric volatility spillovers and dynamic correlations between the main and small and medium-sized enterprise (SME) stock markets in Saudi Arabia and Egypt for the periods before and during the COVID-19 pandemic. Return and volatility spillovers are modelled using a VAR-asymmetric BEKK–GARCH (1,1) model, while a VAR-asymmetric DCC–GARCH (1,1) model is employed to model the dynamic conditional correlations between these markets, which are then used to determine and explore portfolio design and hedging implications. The results show that while bidirectional return spillovers between the main and SME stock markets are limited to Saudi Arabia, shock and volatility spillovers have different characteristics and dynamics in both main–SME market pairs. In addition, the dynamic correlations between the main and SME markets are mostly positive and have notably increased during the COVID-19 pandemic, particularly in Saudi Arabia, suggesting that adding SME stocks to a main stock portfolio enhances its risk-adjusted return, especially during tranquil market phases. One practical implication of our results is that the development of SME stock markets can indirectly contribute to economic development via the main market channel and provide an avenue for portfolio diversification and risk management.

Understanding the core elements of event portfolio strategy: lessons from Auckland and Dunedin

Purpose An event portfolio is a vital part of economic and socio-cultural processes designed around the use of public events in cities and destinations around the world. The purpose of this paper is to suggest a new research framework for comparative studies of diverse event portfolio strategies. Design/methodology/approach The discussion in this paper is based on a review of the literature and content analysis of event strategies from two New Zealand cities: Auckland and Dunedin. Findings The paper suggests an empirically tested framework for exploring event portfolios. It entails such dimensions as the event portfolio strategy, event portfolio focus, portfolio objectives and evaluation tools and event portfolio configuration. Originality/value This exploratory research provides a comparative analysis of diverse portfolio contexts and offers insights on developing sustainable event strategies while considering diverse local contexts. Core conditions and processes shaping event portfolio design and management are evaluated and strategic factors articulated.

Putting the ‘e’ in portfolio design: an intervention research project investigating how design students and faculty might jointly reimagine the design portfolio activity

The use of portfolios is deeply embedded in practice within Design education. However, as trends change and technology improves, tensions often arise in the interpretation and presentation of the portfolio activity. Additionally, as more and more digital artefacts are produced by design students, the question arises as to whether the traditional portfolio could be accompanied or replaced by an eportfolio, which could present students’ digital artefacts in a structured fashion. This research investigates how students and faculty in the Design Department of one higher education institution might come together to examine and re-model practices in the context of the design portfolio activity. The study uses Cultural Historical Activity Theory with a Change Laboratory methodology and expansive learning to build transformative agency amongst those involved in the design portfolio activity, with a view to reaching consensus of what a future model of the design eportfolio might look like. Findings indicate that the methodology was successful in collaboratively examining work practices and exposing tensions relating to the current portfolio activity. A tentative future model of a design eportfolio was presented to the group, using institute graduate attributes to provide structure. While the lack of a designer’s ‘personality’ when using a generic eportfolio tool was pointed out, it was agreed that having student work available and accessible in a structured digital format was a requirement for today’s design graduate. Finally, this research approach is considered useful for educational research projects that require collaborative input from various stakeholders into changes in work practices.