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This rapid propagation of the Novel Coronavirus Disease (COVID-19) has caused the global healthcare system to break down. The infectious disease originated from East Asia and spread to the world. This unprecedented pandemic further damages the global economy. It seems highly probable that the COVID-19 recession changes stock market volatility. Therefore, this study resorts to the Generalized Autoregressive Conditional Heteroscedastic (GARCH) model with a smooth transition method to capture the influences of the COVID-19 pandemic on the dynamic structure of the stock market index volatilities for some Asian countries (the Four Asian Tigers and Japan). The empirical results show that the shocks of the COVID-19 change the dynamic volatility structure for all stock market indices. Moreover, we acquire the transition function for all stock market index volatilities and find out that most of their regime adjustment processes start following the outbreak of the COVID-19 pandemic in the Four Asian Tigers except South Korea and Japan. Additionally, the estimated transition functions show that the stock market index volatilities contain U-shaped patterns of structural changes. This article also computes the corresponding calendar dates of structure change about dynamic volatility patterns. In the light of estimation of location parameters, we demonstrate that the structure changing the date of stock market index volatility for South Korea and Japan has occurred in late 2019.

This article analyzes the factors affecting the sales revenue of sports lottery from the perspective of innovative diffusion theory by system dynamics analysis. With the quantification and simulation of system dynamics, the sales revenue of sports lottery is affected is found. With the daily sales amount during the FIFA World Cup 2018 as samples, six variables (reach frequency, adoption rate, betting among per person per day, advertisement expenditure, advertisement successful rate, and potential bettor increase rate) are used to find out the key factors. According to the simulation result of this study, it indicates that all the variables exert a positive influence on the sales revenue. The magnitude of influence on sales, from large to small, they are betting among per person per day, reach frequency and adoption rate in word-to-mouth, potential bettors increase rate, advertisement expenditure and advertisement successful rate in the advertisement effects. During the FIFA World Cup 2018, advertising effects initiated the diffusion of sports lottery. Compared to the advertising effects, word-to-mouth effects were bigger. In the same situation and with the same resources, Taiwan Sports Lottery, the operator could change the betting among per person per day and change the word-to-mouth advertising with priority. When major matches take place in the future, Taiwan Sports Lottery is suggested to judge if it maintains an optimistic attitude for future growth, it shall begin to promote advertising effects. When more people learn more about the sports lottery, with the diffusion of word-to-mouth advertising, the effects will be most significant.   

The present phenomena of globalization and market liberalization have attracted considerable attention from foreign investors. Several member states of the Caricom Single Market and Economy are becoming heavily dependent on foreign investments. Consequently, this study intends to investigate the effect of economic freedom on foreign portfolio investments in the case of the Caricom Single Market and Economy. For this purpose, this study has used data from 2012 to 2016. The results of the stationarity test showed that data of all variables considered in the study are stationary at level. Moreover, the fixed-effect model better modeled the data as suggested by the results of the Hausman test. Based on the results of the fixed effect models, economic freedom has a significant and positive effect on the total foreign portfolio investments. Therefore, an increase in economic freedom among the Caricom Single Market and Economy member countries will attract more investors to invest in their country stocks and debt instruments. Furthermore, for the robustness of the results, the study has also estimated a separate regression model for foreign debt portfolio investments and foreign equity portfolio investments which also support the baseline regression results and showed a significant and positive effect of economic freedom on both foreign debt and foreign equity portfolio investments. This study suggests that the member countries of the Caricom Single Market and Economy improve their economic freedom which will attract foreign investors to invest in their countries.