Research background: Covid-19 has affected the global economy and has had an inevitable impact on capital markets. In the week of February 24?28, 2020, stock markets crashed. The index FTSE 100 decreased 13%, while the indices DJIA and S&P 500 fell 11?12%, the biggest drop since the 2007?2008 financial and economic crisis. It is therefore of interest to test the random walk hypothesis in developed capital markets, European and also non-European, in order to understand the different predictabilities between them. Purpose of the article: The aim is to analyze capital market efficiency, in its weak form, through the stock market indices of Belgium (index BEL 20), France (index CAC 40), Germany (index DAX 30), USA (index DOW JONES), Greece (index FTSE Athex 20), Spain (index IBEX 35), Ireland (index ISEQ), Portugal (index PSI 20) and China (index SSE) for the period from December 2019 to May 2020. Methods: Panel unit root tests of Breitung (2000), Levin et al. (2002) and Hadri (2002) were used to assess the time series stationarity. The test of Clemente et al. (1998) is used to detect structural breaks. The tests for the random walk hypothesis follows the variance ratio methodology proposed by Lo and MacKinlay (1988). Findings & Value added: In general, we found mixed confirmation about the EMH (efficient market hypothesis). Taking into account the conclusions of the rank variance test, the random walk hypothesis was rejected in the case of stock indices: Dow Jones, SSE and PSI 20, partially rejected in the case indices: BEL 20, CAC 40, FTSTE Athex 20 and DEX 30, but accepted for indices: IBEX 35 and ISEQ. The results also show that prices do not fully reflect the information available and that changes in prices are not independent and identically distributed. This situation has consequences for investors, since some returns can be expected, creating opportunities for arbitrage and for abnormal returns, contrary to the assumptions of random walk and information efficiency.

Research background: Covid-19 pandemic had a strong impact on the economy and capital market. In times of crisis, it is important for investors to be able to diversify their investment portfolio in order to mitigate risk. However, the growing trend towards capital market integration may make it ineffective. Research on financial integration, during the Covid-19 period, has started to develop, mainly in major global capital markets. It is, therefore, important to extend this research to other capital markets. The purpose of the article: This contribution aims to analyze financial integration in the stock indexes of the capital markets of Austria (ATX), Slovenia (SBITOP), Hungary (BUDAPEST SE), Lithuania (OMX VILNIUS), Poland (WIG), the Czech Republic (PX PRAGUE), Russia (MOEX) and Serbia (BELEX 15), in the context of the global pandemic (COVID-19). Methods: To measure the unit roots in the time series, we used ADF, PP, and KPSS tests, and Clemente et al. (1998) test to detect structural breaks. To ana-lyse financial integration, we applied the Gregory and Hansen integration test, and to validate the robustness of results, we use the impulse-response function (IRF) methodology, with Monte Carlo simulations, as they provide a dynamic analysis generated from the VAR model estimates. Findings & Value added: The results suggest very significant levels of integration, which decreases the chances of portfolio diversification in the long-term. Evidence shows 47 pairs of integrated stock market indexes (out of 56 possible). The stock indexes ATX, BUDAPESTE SE, BELEX 15 show financial integration with all other indexes. On the contrary, the index of OMX VILNIUS shows only 3 integrations. Results also show that most of the significant structural breaks occurred in March 2020. The analysis of the relationship between markets, in the short term, shows positive/negative co-movements, with statis-tical significance and with a persistence longer than one week.

This study aims to estimate the potential portfolio diversification in the financial markets of Indonesia, Malaysia, Philippines, Singapore and Thailand (ASEAN-5), and of China, in the context of China stock market crash, in 2015. For this purpose, we establish two research questions: i) China stock market crash promoted financial integration between the ASEAN-5 and China markets? ii) if so, does this effect had a positively influence in the occurrence of short-term co-movements between markets? Using stock market data from January 2015 to January 2019, we found that, during the crash, the level of financial integration rose 533%, which supports our first research question. However, during the 2015 stock market crash, most markets decreased the co-movements with their regional peers, which does not corroborate the second assumption. Additionally, analysis to the relationship between the markets, through the impulse response function showed evidence of positive co-movements, with statistical significance and persistence longer than one week. Thus, the ASEAN-5 and China markets may not be efficient in their weak form, since there was no immediate adjustment in prices between markets, due to the high levels of market shocks identified. However, we believe that the implementation of efficient portfolio diversification strategies, based on historical prices, remains beneficial for investors.

This article analyzes consumer, local producer, and retailer green orientation regarding local food production and consumption in an urban food market context. This approach extends previous research, mainly focused on green orientation of consumers, by including a broader analysis of the perceptions of different relevant stakeholders. For this purpose, an empirical study was carried out in the context of a local urban market of a medium-sized city through the application of a survey to producers, retailers, and consumers, which included a green orientation scale. Results showed that local consumers and local retailers have a similar high level of green orientation, while local producers are less green-oriented. These conclusions highlight the importance of the green “values” in local communities and the need to reinforce marketing efforts and specific training programs to different stakeholders, namely local producers focused on sustainability.

AVALIAÇÃO E DIVULGAÇÃO DE INDICADORES DE DESEMPENHO DOS MUNICÍPIOS PORTUGUESES: O CASO DO DISTRITO DE SETÚBAL