Purpose: The objective of this paper is to investigate the pandemic’s function as a driver of investor herding in international stock markets, given that the current coronavirus disease 2019 (COVID-19) crisis has caused a large rise in uncertainty.Design/methodology/approach: The paper investigates the presence of herding behavior among the developed and BRICS (Brazil, Russia, India, China and South Africa) stock market indices during the COVID-19 crisis, by using a modified Cross-Sectional Absolute Deviation (CSAD) measure which is considered a proxy for herding and the wavelet coherence (WC) analysis between CSAD that captures the different inter-linkages between stock markets.Findings: Using the CSAD model, the authors' findings indicate that the herding behavior of investors is present in stock markets during the four waves of COVID-19 crisis. The results also demonstrate that the transaction volume improve the herding behavior in the stock markets. As for the news concerning the number of cases caused by the pandemic, the results show that the pandemic does not stimulate herding; however, the number of deaths caused by this pandemic turns out to be a great stimulator of herding. By using the WC analysis, the authors' findings indicate the presence of herding behavior between the Chinese and stock markets (developed and emerging), especially during the first wave of the crisis and the presence of herding behavior between the Indian and stock markets (developed and emerging) in the medium and long run, especially during the third wave of the COVID-19 crisis.Originality/value: The authors' study is among the first that examines the influence of the recent COVID-19 pandemic as a stimulator of herding behavior between stock markets. The study also uses the WC analysis next to the CSAD model to obtain robust results. The authors' results are consistent with the mental bias of behavioral finance where herding behavior is considered effective in volatility predictions and decision-making for international investors, specifically during the COVID-19 crisis.

This article attempts to assess the hedging, diversification and safe haven characteristics of gold, Bitcoin and Tether for G7 investors during the political and health crises. For this end, we use the Generalized Autoregressive Conditional Heteroskedasticity-A-Dynamic Conditional Correlation model. The findings prove that gold can be considered as a strong safe haven asset for the G7 investors during the Russia–Ukraine crisis. In contrast, cryptocurrencies fail to retain their safe haven features for Japanese investors during the COVID-19 pandemic. But, they act as diversifier assets for the rest of the G7 stock markets. The computed optimal hedge and hedging effectiveness reveal that Bitcoin displays the best hedging instrument for the United States, British, Japanese and Canadian investors during the Russia–Ukraine crisis whereas gold is considered as the best instrument for German, French and Italian investors.

This paper investigates the diversification, hedging, and safe-haven capabilities of Bitcoin and gold against blue economy and green finance assets using three different MGARCH models (DCC, ADCC, and GO-GARCH) during adverse events such as the COVID-19 health crisis and the 2022 Russia-Ukraine conflict. Blue economy assets, which refer to sectors that sustainably utilize ocean resources, are a key focus alongside green finance assets. The findings reveal that during crises, Bitcoin demonstrates robust safe-haven characteristics, particularly against blue economy assets like BJLE and OCEN. Conversely, gold exhibits pronounced safe-haven properties against specific blue economy and green finance assets such as BJLE and FAN. The GO-GARCH model highlights gold’s strong diversification and safe-haven roles, especially against BJLE. Bitcoin, on the other hand, is more effective as a diversifier for PIO. Moreover, the GO-GARCH model consistently outperforms the DCC and ADCC models in terms of hedging effectiveness, showing that gold is the preferred hedging instrument for GNR and TAN, while Bitcoin is more effective for other blue and green assets. The results underscore the distinct roles of Bitcoin and gold in portfolio management strategies, offering insights for investors navigating market uncertainties in the context of sustainable investments.

This paper investigates the hedging and safe haven capacity of gold and Bitcoin against the G7 stock market indices during the COVID-19 pandemic, the Russia-Ukraine military conflict, and the Silicon Valley Bank collapse. Using a novel Quantile-VAR connectedness approach, the results show that, at the median quantile, both gold and Bitcoin act as effective hedges during normal market conditions and strong safe-haven assets during the three crises. Gold emerges as the most prominent safe haven asset, outperforming Bitcoin, especially during the war and the SVB collapse. Among the G7 stock market indices, the Japanese and the American stocks may be used as risk diversifiers during crises. As for the rest of the G7 stocks, they are regarded as “risk-on” investments. Next, we assessed the robustness of our results at various quantiles. We found them to be generally consistent with the outcomes obtained at the median quantile, with one exception related to the S&P500.The results show that the repercussions of the COVID-19 pandemic and the war are much stronger than the American banking crisis.

The recent global crises have heightened financial market instability, surging the need for diversification, hedging, and safe haven assets to mitigate stock market risks. This study employs a Quantile Vector Autoregression (Q-VAR) approach to analyze the interconnectedness between gold-backed cryptocurrencies and G7 stock market indices during crises spanning from December 1, 2020, to July 5, 2023. Our findings indicate a robust association between digital gold and financial assets, with a total connectedness index (TCI) of 58.64%. Remarkably, G7 stock indices emerge as significant contributors to market fluctuations compared to digital assets, exerting influence ranging from 24% to 37%, thereby underscoring the potential of gold-backed cryptocurrencies for effective diversification strategies. Dynamic analysis during crises indicates the pivotal role of DGX as a safe haven, alongside identifying NIKKEI as a significant net receiver. Furthermore, the total net directional connectedness examination corroborates the status of gold-backed cryptocurrencies as net receivers, reaffirming their safe-haven abilities. Intriguingly, an in-depth examination across quantiles validates symmetrical dynamic connectedness, with G7 indices predominantly functioning as net transmitters of spillover. Our empirical findings underscore the compelling safe-haven potential in gold-backed cryptocurrencies, offering valuable insights for investors, policymakers, and portfolio optimization during turbulent market conditions.

This study aims to investigate blockchain technology (BC) adoption behavior and potential barriers in the Libyan context. Leveraging the Unified Theory of Acceptance and Use of Technology (UTAUT) model, we empirically validated the extended UTAUT model in Libyan oil and gas firms. We used a quantitative and exploratory approach, collecting and analyzing data from 342 managers in Libyan oil and gas firms using the Partial Least Squares Structural Equation Modeling (PLS-SEM) method. Our findings emphasize that facilitating conditions, perceived trust, regulatory support, and subjective norms are key enablers for blockchain adoption in Libyan oil and gas firms. Crucially, blockchain literacy emerged as a significant moderating variable, amplifying the effects of these enablers on behavioral intention. This highlights the pivotal role of blockchain literacy in strengthening the influence of organizational and institutional factors, particularly in low-digital-literacy environments such as Libya. This research contributes to the theoretical understanding of blockchain adoption behavior in emerging economies. The extended model, which incorporates blockchain literacy not only as a contextual driver but as a key moderator, offers valuable insights for policymakers and practitioners in industries with similar cultural and institutional environments.