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- Are REITS hedge or safe haven against oil price fall?Publication . Hanif, Waqas; Andraz, Jorge; Gubareva, Mariya; Teplova, TamaraThis paper studies the hedge against falling oil prices and the safe haven properties of fourteen major country-specific real estate investment trusts (REITs) indices for the Asian, American, European, and worldwide geographies. Our analyses are performed from both, returns and conditional volatility perspectives. Our sample spans from January 2016 until August 2022, covering the COVID-19 pandemics and the ongoing Russia-Ukraine military conflict. We find that during COVID-19, only the Japan REITs, in terms of both returns and volatility, act as a hedge for oil whereas the only hedge during the Russia-Ukraine conflict is the Netherland REITs. In addi-tion, we document diverse degrees of safe-haven and diversifiers properties for REITS from diverse geographies along the full sample and the respective sub-samples for both bearish con-ditions and elevated volatility in the oil market. Our results imply that market regulators should focus on controlling volatility in crude oil and REITs markets, especially throughout times of financial distress, as daily return volatility monitoring is a pivotal requirement for optimized investment management. Our study provides important knowledge for investors, policymakers, and market regulators.
- Relevance of ecosystem services and disservices from green infrastructure perceived by the inhabitants of two portuguese cities dealing with climate change: implications for environmental and intersectional justicePublication . Barreira, Ana; Andraz, Jorge; Ferreira, Vera; Panagopoulos, ThomasGreen infrastructure provides ecosystem services (ESs) and disservices (EDSs), although EDSs are understudied. By considering both, this study contributes to the literature. The inhabitants' perception of the importance of ESs/EDSs is assessed through a survey in two Portuguese cities facing extreme climatic events. "Heat reduction" and "contact with nature" are the most perceived ESs while "risk of fire" and "excessive water consumption" are the most perceived EDSs, respectively, in Elvas and Faro. Using rank-ordered logistic regression models, this study finds that the relevance of ESs/EDSs is perceived differently throughout the different areas of the cities, with Elvas revealing the highest signs of environmental injustice, since the importance of ESs is perceived differently by the inhabitants, specifically those inhabiting impoverished areas. The inhabitants perceiving heatwaves acknowledge less relevance to some ESs and more relevance to several EDSs. Gender, age, and income affect the perceived relevance of some ESs/EDSs, signalling intersectional injustice.
- Downside and upside risk spillovers between precious metals and currency markets: evidence from before and during the COVID-19 crisisPublication . Hanif, Waqas; Mensi, Walid; Alomari, Mohammad; Andraz, JorgeThis paper investigates the tail dependence dynamics and asymmetric risk spillovers between the futures of four important precious metals (gold, silver, platinum, and palladium) and seven leading currencies (EUR, GBP, JPY, CAD, AUD, CHF, and CNY) before and during the COVID-19 crisis using the time-varying-parameter copula and the conditional Value-at-Risk (CoVaR) method. The results show the symmetric dependence between currencies and precious metals before the COVID-19 crisis. In contrast, we show negative and positive tail asymmetric dependences during the pandemic crisis. The COVID-19 crisis significantly amplifies the magnitude of spillover effects among the studied markets where the AUD currency exhibits the largest transmission and reception of downside and upside spillover to/from most precious metals before and during the pandemic crisis. Currency investors and portfolio managers could use the obtained results to better hedge and manage their investment positions when markets are affected by health crises.
- The moderating role of tourism intensity on residents’ intentions towards pro-tourism behavioursPublication . Lança, Milene; Silva, joão; Andraz, Jorge; Nunes, Rui; Pereira, LuisThis study analysed the complex dynamics of tourism based on perspectives and intentional behaviours of residents. The analysis focused on how residents perceive the effects of tourism, their satisfaction with it, their subjective well-being, and their inclinations towards pro-tourism behaviours. By merging social exchange theory and bottom-up spillover theory, it also investigates tourism intensity (TI) as a moderator, which has been understudied. A representative sample of 990 residents, in both high and low TI municipalities of the Algarve region, was surveyed. The model was estimated using PLS-SEM. The results revealed significant differences in residents' perceptions based on TI. Residents in high TI areas perceived stronger effects on satisfaction due to negative and positive impacts of tourism. However, TI did not affect the relationships between satisfaction with tourism, subjective well-being, and intentions for pro-tourism behaviours. The economic gains created by tourism may differ from the social and psychological factors shaping residents' well-being. These outcomes offer valuable insights for destination managers and politicians, aiding in the development of strategies to alleviate the adverse effects of tourism. Directing efforts towards improving residents' satisfaction with tourism, subjective well-being, and support for tourism can also contribute to securing long-term and sustainable benefits for host communities.
- Assessment and determinants of the quality of life in portuguese citiesPublication . Barreira, Ana; Amado, Carla; Santos, Sérgio; Andraz, Jorge; Guimaraes, Maria Helenathe quality of life (QoL) in cities has increasingly been used as a symbol of urban success. Studies addressing this issue tend to focus, however, on large cities and/or on cities from different countries. By using a set of data from a single country, comprehending cities with different population sizes and densities, observations for 11 performance dimensions, and an approach combining the Data Envelopment Analysis (DEA) technique and multivariate regression modeling, this study analyses the QoL of Portuguese cities and explores some of its determinants. the results of this analysis show that both small and large cities can offer high levels of QoL with "transport and accessibility," "safety," "housing," "education," and "culture and entertainment" being the dimensions that most contribute to the QoL assessment. While Lisbon and Oporto (the two largest Portuguese cities) are benchmark cities, some of the highly populated cities located in their Metropolitan Areas present the most potential for improvement in terms of QoL. the results also show that cities located in the hinterland tend to present higher QoL scores than those on the coast. Equally, cities with lower population size and density, those that are district capitals and those with higher per capita current public expenditures present higher levels of QoL. These findings suggest, therefore, that the cities' typology, their population size and density, and their dependence from local governments' public expenditures can significantly contribute to the differences identified in their QoL performance.
- Residents’ perceptions about the tourism in the Algarve: contributions for a sustainable tourism developmentPublication . Silva, João Albino; Andraz, Jorge; Pereira, Luis; Nunes, Rui Miguel da Cunha; Franz, Hannah; Ferreira, JoanaSince the construction of Faro Airport in 1965, the Algarve has developed into a mass tourism (Costa, 2005) and sun, sea and sand destination (Do Valle et al., 2012), becoming one of the most popular tourist destinations in Europe (Andraz & Rodrigues, 2016), and a crucial one for Portugal (Soler et al., 2019). The 5,412 square kilometre region has several features contributing to its atractiveness, such as mild weather conditions, over 3,000 hours of sunshine per annum and low rainfall (Visit Algarve, 2018). Natural areas occupy 70% of the 318 km Algarvian Coast and 37% of its territory consists of natural reservations, nature parks or protected landscape areas (Visit Algarve, 2018). The region hosts 31 of the 70 golf courses of Portugal and is a reputable golf destination, having received titles such as “Best Worldwide Golf Destination” by the International Association of Golf Tour Operator (IAGTO) on several occasions (Oliveira et al., 2019). The main source markets of the Algarve are domestic tourism and Europeans seeking a beach or golf holiday (Oliveira et al., 2019). With its high contribution to the GDP, the region strongly relies on tourism as a contributor to the economy (Do Valle et al., 2012).
- Tourists’ perceptions about the tourism in the Algarve: contributions for a sustainable tourism developmentPublication . Silva, João; Andraz, Jorge; Pereira, LN; Nunes, Rui Miguel da Cunha; Rijo, Ana RitaSince the construction of Faro Airport in 1965, the Algarve has developed into a mass tourism (Costa, 2005) and sun, sea and sand destination (Do Valle et al., 2012), becoming one of the most popular tourist destinations in Europe (Andraz & Rodrigues, 2016), and a crucial one for Portugal (Soler et al., 2019). The 5,412 square kilometre region has several features contributing to its atractiveness, such as mild weather conditions, over 3,000 hours of sunshine per annum and low rainfall (Visit Algarve, 2018). Natural areas occupy 70% of the 318 km Algarvian Coast and 37% of its territory consists of natural reservations, nature parks or protected landscape areas (Visit Algarve, 2018). The region hosts 31 of the 70 golf courses of Portugal and is a reputable golf destination, having received titles such as “Best Worldwide Golf Destination” by the International Association of Golf Tour Operator (IAGTO) on several occasions (Oliveira et al., 2019). The main source markets of the Algarve are domestic tourism and Europeans seeking a beach or golf holiday (Oliveira et al., 2019). With its high contribution to the GDP, the region strongly relies on tourism as a contributor to the economy (Do Valle et al., 2012).
- An assessment model of the Algarve as a sustainable tourism destination: a conceptual frameworkPublication . Nobre Pereira, Luis; Muhs, Christina Susanne; Andraz, Jorge; Nunes, Rui Miguel da Cunha; Lança, Milene; Silva, joãoSustainable tourism assessment models emphasize the need for holistic, integrated evaluations of tourism destinations, particularly in mature and mass tourism areas. While best practices can be shared, each destination requires a tailored approach, considering its unique features like infrastructure and natural assets. Research shows that sustainable tourism should involve continuous evaluation rather than a one-time assessment. This article develops a model for the ongoing review of sustainable tourism in the Algarve, a famous sun, sea, and sand destination in Portugal. Using qualitative and quantitative methods, the model was designed by analyzing existing frameworks and their relevant dimensions. A questionnaire was then administered to local stakeholders to validate and refine the selected indicators, which were ultimately used to create a framework for monitoring sustainable tourism in the region.