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Bangladesh, an emerging economy in South Asia, has gone through several regimes of exchange rate systems in the course of its 50 years of independence. A broad-based study to determine the exchange rate of the Bangladeshi taka (BDT) is missing in the existing literature. Using the annual data from 1972–1973 to 2017–2018, the study has measured the changes in exchange rates of BDT during three regimes: a fixed exchange rate, a semi-fixed system and a purely floating system or managed floating system that Bangladesh has followed in successive order. It has also described the factors that need to be affected by any change in the exchange rate. By using a desk research method, this article has investigated the roles of several macroeconomic variables such as the currency denomination of foreign exchange rate reserve components, money supply components, return on financial instruments or interest rates, gross domestic product, trade policy, asset holding strategy and interbank intervention strategy in BDT's exchange rate fluctuations during those regimes. Among others, we found that Bangladesh's volume of US dollars (USD) as a foreign reserve significantly outruns the sum of all other currencies and assets combined. However, an extreme dependency on USD might expose BDT to 'currency risk', which may be avoided by adopting a better nominal anchor and including some other major currencies in its basket. [ABSTRACT FROM AUTHOR]

Objectives: In this study, we focused on how the perception of corporal punishment affects its use and analyzed both micro and macro factors related to these perceptions to prevent physical maltreatment. Methods: To examine the factors that affect perceptions of corporal punishment, we analyzed the most recent data from the World Values Survey (WVS) 7th (2017-2021). Our study focused on both micro and macro factors from an ecological perspective, separately examining the influence of personal and social factors. We included 23,631 participants from 13 countries in our final analysis. Results: First, micro factors that affect the perception of corporal punishment include gender, age, education level, and household income. Males, younger individuals, those with lower education levels, and those with lower household incomes tend to be more lenient toward corporal punishment. Second, macro factors such as respect for human rights and the legitimacy of assault on others also influence perceptions of corporal punishment. Additionally, the interaction between micro and macro factors reveals that in countries with low collective respect for human rights, women are more likely than men to view corporal punishment as justified. Conclusion: To protect children’s rights, both national efforts and international cooperation are essential to establish a new paradigm in the environmental ecosystem that addresses the climate crisis, as well as in the educational ecosystem encompassing home, school, society, and culture. [ABSTRACT FROM AUTHOR]

Copyright of Secretary (16742354) is the property of Secretary Editorial Office and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

To objectively evaluate the road traffic safety levels across different provinces in China, this study investigated the spatiotemporal heterogeneity characteristics of macro factors influencing road traffic accidents. Panel data from 31 provinces in China from 2009 to 2021 were collected, and after data preprocessing, traffic accident data were selected as the dependent variables. Population size, economic level, motorization level, highway mileage, unemployment rate, and passenger volume were selected as explanatory variables. Based on the spatiotemporal non-stationarity testing of traffic accident data, three models, namely, ordinary least squares (OLS), geographically weighted regression (GWR), and geographically and temporally weighted regression (GTWR), were constructed for empirical research. The results showed that the spatiotemporal heterogeneity characterizing the macro factors of traffic accidents could not be ignored. In terms of impact effects, highway mileage, population size, motorization level and passenger volume had positive promoting effects on road traffic accidents, while economic level and unemployment rate mainly exhibited negative inhibitory effects. In terms of impact magnitude, highway mileage had the greatest impact on traffic accidents, followed by population size, motorization level, and passenger volume. Comparatively, the impact magnitude of economic level and unemployment rate was relatively small. The conclusions were aimed at contributing to the objective evaluation of road traffic safety levels in different provinces and providing a basis for the formulation of reasonable macro traffic safety planning and management decisions. The findings offer valuable insights that can be used to optimize regional traffic safety policies and strategies, thereby enhancing road safety. [ABSTRACT FROM AUTHOR]

This study aims to examine the influence of economic and non-economic macro factors on the performance of the Indonesia Stock Exchange (IDX) and the differences in their effects on the last two presidential terms using the Arbitrage Pricing Theory (APT) approach. The macro factors studied are an aggregate of 41 indicators of stock market index returns, benchmark interest rates, exchange rates, economic stability indicators, commodity prices, and corruption perception index (CPI). For the process of aggregation and identification of macro factors, this study uses Principal Component Analysis (PCA). The population studied were publicly listed companies on the IDX since October 2004 (299 companies) with a sample size of 157 companies. The observation period is 205 months: 120 months of the presidency of Susilo Bambang Yudhoyono (SBY) and 85 months of the presidency of Joko Widodo (JKW). The research design used the explanatory study method. The research model was analyzed using panel data regression. The results identified seven macro factor aggregates from 41 indicators studied: global index, macro economy, world oil prices, China index, Arabia index, inflation, and competitive resources. There was a simultaneous effect of macro factors on stock performance during the presidency of SBY and JKW. Partially, stock returns during the SBY era were positively influenced by the global index, world oil prices, the China index, the Arabian index, and inflation and negatively influenced by the macroeconomy. Meanwhile, during the JKW period, returns were positively influenced by the global, China, and Arabia indexes and inflation. [ABSTRACT FROM AUTHOR]

The globalization of agriculture has opened new opportunities, challenges and stiffer competition in India. This paper explores and evaluates various macro and micro factors influencing the marketing channel choices made by the vegetable farmers in Odisha. Responses were collected from 323 vegetable farmers and 110 commission agents, and 192 retailers across five districts of Odisha. Data were analyzed using SPSS to confirm reliability, validity and data reduction. AMOS was used to design the structural equation model. Access to market knowledge has a positive sign for both organized and unorganized market choices, which is consistent with the hypothesis. Hence, the value suggests that increasing market knowledge can increase market participation. The improvement in practices and expertise in grading also shows an increase in the involvement of both organized and unorganized markets. Given these marketing challenges, this study suggests improving emerging farmers' participation in the export markets.

This study investigates the impact of economic growth, inflation, money supply, and real interest rates on non-performing loans (NPLs) in the Vietnamese banking system. To achieve the research objective, we employ Ordinary Least Squares and Quantile regression methods to estimate models with data collected from the World Bank on the Vietnamese banking system for the period 2000-2020. The Ordinary Least Squares estimation results do not find a significant impact of economic growth on NPLs, but Quantile regression estimation results reveal that economic growth has a negative effect on NPLs for the lower quantile groups, with this effect being insignificant for the quantile groups above 0.3. Furthermore, the study's findings indicate that inflation and real interest rates have a negative impact on NPLs across most quantile groups, while the money supply has a negative impact on NPLs only in the medium quantiles (0.4 and 0.5) and high quantile groups (above 0.7). Additionally, we found a stable equilibrium between NPLs and economic growth, inflation, money supply, and real interest rates, with a positive long-term impact of economic growth, inflation, money supply, and real interest rates on NPLs. The research findings propose several policy implications for controlling NPLs in the Vietnamese banking system. [ABSTRACT FROM AUTHOR]

By utilizing quarterly data in Vietnam, this study is the first paper to examine the causal relationship between stock market developments and real estate market developments. Three variables are used as a proxy of the stock market development: size, turnover ratio, and total value ratio. Total investment and expenditure on real estate are used as an indicator of real estate development. The highlight contribution is that the paper implements separate tests on the interrelationships between the variables through the results of variance decomposition and repulsion affecting these two markets. The multivariable vector autoregression model (VAR) and the Toda-Dolado methods are applied to fully consider the response of two variables. The results show a two-way causal relationship between the stock and the real estate market that diverges significantly from those of earlier research done in developed markets. The real estate market will experience a decline in the medium term when size and the total value ratio of the stock market decline. But in the long term, the stock market's size and total value ratio will gradually have less of an impact on the real estate market. In contrast, the trend of the impact of turnover ratio on the real estate market will gradually increase in the long term. This result offers empirical support for policymakers who manage the development of the real estate market based on macro factors and the stock market. [ABSTRACT FROM AUTHOR]

During the last few decades, China implemented college enrollment expansion to accelerate the process of urbanization. However, most existing papers blaming that receiving higher education may delay people choosing to enter the age of first marriage, which in turn results in the age of the population. In this paper, we argued that the previous papers confused the total impact of higher education on the average age of the first marriage with the influence on individual's behavior change, and thus led to overestimating the delayed effect of higher education on the age choosing behavior of first marriage. The present paper re-estimated the impact of higher education on the average age of the first marriage in China with both extensive and intensive margins using the duration model and qualified the pure effect on the behavior patterns change after removing macroeconomic factors. The results show that: (1) changes in either the demographic structure or behavior patterns due to higher education explain 63.41% or 36.59%, respectively, of the average marriage age delay; (2) the macro factors would delay the age of first marriage; (3) after controlling for demographic structure and macro factors, 3 years or more of higher education would only delay the choosing behavior of entering the first marriage by 0.84 years. Thus, we concluded that higher education does not completely squeeze the time of marriage, and the expansion of college enrollment could improve social and economic benefits. [ABSTRACT FROM AUTHOR]

BackgroundCurrently, breast cancer (BC) is ranked among the top malignant tumors in the world, and has attracted widespread attention. Compared with the traditional analysis on biological determinants of BC, this study focused on macro factors, including light at night (LAN), PM2.5, per capita consumption expenditure, economic density, population density, and number of medical beds, to provide targets for the government to implement BC interventions.MethodsA total of 182 prefecture-level cities in China from 2013 to 2016 were selected as the sample of the study. The geographically and temporally weighted regression (GTWR) model was adopted to describe the spatiotemporal correlation between the scale of BC and macro factors.ResultsThe results showed that the GTWR model can better reveal the spatiotemporal variation. In the temporal dimension, the fluctuations of the regression coefficients of each variable were significant. In the spatial dimension, the positive impacts of LAN, per capita consumption expenditure, population density and number of medical beds gradually increased from west to east, and the positive coefficient of PM2.5 gradually increased from north to south. The negative impact of economic density gradually increased from west to east.ConclusionThe fact that the degree of effect of each variable fluctuates over time reminds the government to pay continuous attention to BC prevention. The spatial heterogeneity features also urge the government to focus on different macro indicators in eastern and western China or southern and northern China. In other words, our research helps drive the government to center on key regions and take targeted measures to curb the rapid growth of BC.

Government bonds are one of the safest and most attractive instruments in the investment portfolio for private investors and investment funds. Although bonds are perceived as an alternative to bank deposits, a number of macroeconomic factors influence their yield. The goal of the research is to investigate the relationship between macroeconomic factors and the yield of government bonds. We use regression models on a dataset of 22 countries with post-industrial economics for ten years. The main criteria for selecting countries are membership in the Organization for Economic Cooperation and Development and inclusion in the Top-25 countries on the competitiveness index. The results revealed a negative association between the yield of government bonds and gold. Moreover, we indicate a positive association between the yield of government bonds and the following indicators—inflation, oil prices, and GDP per capita. In the case of the influence of population savings and the uncertainty index, we obtain inconclusive results. The study contributes to ongoing research in the field of financial management with respect to investigating determinants of the yield of government bonds. [ABSTRACT FROM AUTHOR]

Introduction: covid 19 has affected various sectors of the economy and the tourism, including health tourism. Health tourism has a significant impact on the prevalence of corona due to its direct relationship with individals' health. This study endeavored to identify relevant factors of health tourism in the edidemic of covid-19. Methods: This qualitative study was done with the theme analysis method. Data collection was done through semi-structured interviews with health tourism experts and health tourists. Targeted sampling continued until theoretical saturation was reached, and a total of 14 samples were selected. Results: The results revealed that relevant factors of health tourism with effect on covid 19 epidemic was in both micro and macro levels. In micro level, three categories of factors, including factors related to health tourism services, factors related to tourism ancillary services, and factors relevant to health tourists, were affected by covid 19. In the macro level, the relevant factors of health tourism on covid 19 epidemic has been in 4 sectors: economic, technological, political-legal and cultural-social. Conclusion: Results revealed that the lack of equipment due to its allocation to the corona sectors, the expansion of online services, and the lack of specialized human resources have affected health tourism. In the factors related to ancillary services, unused capacities have increased and this discussion has led to the closure of some sectors. This issue will reduce the capacity of ancillary services in the post-corona period and will be a threat to the development of health tourism. In the tourist sector, corona has led to an increase in the general awareness of tourists as well as an increase in health concerns, and price sensitivity has decreased in relation to health issues. [ABSTRACT FROM AUTHOR]

In this article, the research team uses the VAR self-regression vector model to evaluate the impact of exchange rates on inflation and economic growth in Vietnam over the period 2005-2018. With six endogenous variables included in the VAR model: bilateral real exchange rate (Er), money supply (M2), exports (X), imports (IM), GDP at 2010 comparative prices (GDPR), the consumer price index (CPI) and the two exogenous variables, international price (Pw) and US Federal Reserve interest rate (Ifed), the research team examines the impact of exchange rates on endogenous variables in the model and considers the reaction of inflation and economic growth on various shocks. Based on the quantitative results, the research team will recommend some discus-sions to contribute for the improvement of Vietnam's macro environment, trade balance, inflation control, and economic growth support; implementing the goal of macroeconomic stability to suit the period of international economic integration and improving national competitiveness.

Government bonds are one of the safest and most attractive instruments in the investment portfolio for private investors and investment funds. Although bonds are perceived as an alternative to bank deposits, a number of macroeconomic factors influence their yield. The goal of the research is to investigate the relationship between macroeconomic factors and the yield of government bonds. We use regression models on a dataset of 22 countries with post-industrial economics for ten years. The main criteria for selecting countries are membership in the Organization for Economic Cooperation and Development and inclusion in the Top-25 countries on the competitiveness index. The results revealed a negative association between the yield of government bonds and gold. Moreover, we indicate a positive association between the yield of government bonds and the following indicators—inflation, oil prices, and GDP per capita. In the case of the influence of population savings and the uncertainty index, we obtain inconclusive results. The study contributes to ongoing research in the field of financial management with respect to investigating determinants of the yield of government bonds.

Underlying the goal of diversifying the sources of international students in postsecondary education is a naive logic: The portfolio of international students is controlled by the recruitment efforts of host countries and universities. Given this logic, the host countries and universities decide on where their international students are from and how diverse their international student population is. The logic results in an overestimate of the value of recruitment efforts by host countries and universities. It tends to overlook a whole range of other macro factors that determine international student mobility more significantly than recruitment efforts. Most notably, certain macro factors are beyond the control of host countries and universities, and thus their diversification efforts are futile and a waste of resources. [ABSTRACT FROM AUTHOR]

This paper formulates an affine term structure model of bond yields from a dynamic stochastic general equilibrium model, with observable macrostate variables as the term structure factors. Model implications for the joint macro-term structure dynamics are consistent with the empirical patterns from the VAR estimation. Model calibration and simulation exercises also provide clear macroeconomic interpretations of the latent term structure factors as found in the finance literature: most of the “slope” factor movement can be explained by exogenous monetary policy shocks, and the “level” factor movement is closely related to the technology shocks. [ABSTRACT FROM AUTHOR]

Businesses are among the largest consumers of freshwater worldwide. However, existing academic research has barely touched upon how companies manage actual water challenges. In consequence, there is an urgent need to establish the factors that foster and restrict companies' water management practices. Based on contingency theory this research examines the extent to which different macro factors might affect corporate water management practices of a sample of 3729 listed companies operating in 59 different countries. Results of quantile regression modelling reveal country population growth rates, extreme weather events and aridity are linked with corporate water management practices of leaders. None of the macro factors considered drive water management practices of laggards, and for the average company only aridity drives practice. Given the findings, suggestions to improve corporate water management are made for government policy makers and managers of companies with different quality of water management practices. • The influence of macro factors on corporate water management is examined. • Evidence of a sample of 3729 listed companies within 59 countries is provided. • Quantile regression modelling is applied. • Population growth rates, extreme weather events and aridity are the key drivers. [ABSTRACT FROM AUTHOR]

We incorporate a latent stochastic volatility factor and macroeconomic expectations in an affine model for the term structure of nominal and real rates. We estimate the model over 1999–2016 on U.S. data for nominal and TIPS yields, the realized and implied volatility of T-bonds, and survey forecasts of GDP growth and inflation. We find relatively stable inflation risk premia averaging at 40 basis points at the long-end, and which are strongly related to the volatility factor and conditional mean of output growth. We also document real risk premia that turn negative in the post-crisis period, and a non-negligible variance risk premium. [ABSTRACT FROM AUTHOR]

Copyright of New Building Materials / Xinxing Jianzhu Cailiao is the property of New Building Materials Editorial Office and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Studies of bond return predictability find a puzzling disparity between strong statistical evidence of return predictability and the failure to convert return forecasts into economic gains. We show that resolving this puzzle requires accounting for important features of bond return models such as volatility dynamics and unspanned macro factors. A three-factor model comprising a forward spread, a weighted combination of forward rates, and a macro factor generates notable gains in out-of-sample forecast accuracy compared with a model based on the expectations hypothesis. Such gains in predictive accuracy translate into higher risk-adjusted portfolio returns after accounting for estimation error and model uncertainty. Consistent with models featuring unspanned macro factors, our forecasts of future bond excess returns are strongly negatively correlated with survey forecasts of short rates. The online appendix is available at https://doi.org/10.1287/mnsc.2017.2829 This paper was accepted by Gustavo Manso, finance. [ABSTRACT FROM AUTHOR]

Copyright of Society: Chinese Journal of Sociology / Shehui is the property of Society: Chinese Journal of Sociology and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Today's companies operate under the conditions of many factors of micro and macro environment and every mistake can cost them a market position. More than ever, their success depends on the human resource management (HRM) and the quality of their managerial decisions. Such factors as the shifts in the economy, globalization and technological development have created new demands for organizations and propelled the HRM field in some new directions. These challenges also create numerous opportunities for HRM. The primary objective of the paper is to identify factors of macro environment currently most affecting human resources management in enterprises operating in Slovak Republic. Paper provides integrated review of theoretical background with an attempt to offer modern sophisticated methods for dealing with the impact of these factors and, also empirical insight of the researched issue. The awareness of the importance of human capital, the necessity to apply modern technologies not only in the production of products and services, but also in all activities related to HRM, and last but not least, the quality of HRM are essential for companies to succeed in competitive struggle. [ABSTRACT FROM AUTHOR]

Background: The probability and severity of effects of induced demand are because of the interaction between a range of factors that can affect physicians and patients behavior. It is also affected by the laws of the markets and organizational arrangements for medical services. This article studies major factors that affect the phenomenon of induced demand with the use of experts′ experiences of the Isfahan University of Medical Sciences. Methods: The research is applied a qualitative method. Semi-structured interview was used for data generation. Participants in this study were people who had been informed in this regard and had to be experienced and were known as experts. Purposive sampling was done for data saturation. Seventeen people were interviewed and criteria such as data "reliability of information" and "stability" were considered. The anonymity of the interviewees was preserved. The data are transcribed, categorized and then used the thematic analysis. Results: In this study, thematic analysis was conducted, and 77 sub-themes and 3 themes were extracted respectively. The three main themes include infrastructural factors, social factors, and organizational structural factors affecting induced demand. Each of these also has some sub-themes. Conclusions: Results of this research present a framework for analyzing the major causes of induced demand. The causes identified here include complexity of medicine, information mismatch between service providers and consumers, clinical uncertainty, false beliefs, advertisements, insufficient supervision, scarcity of clinical guidelines, weakness of education system, and ignorance of medical ethics. These findings help policymakers to investigate the induced demand phenomenon clear-sighted.

Much of the existing literature on foreign ethical divestment has been developed in isolation and scattered across multiple disciplines. This article reviews the existing literature on foreign ethical divestment to extract emerging themes and outline new directions for future research. Our review uncovered that foreign ethical divestment decisions can be attributed to macro-, firm-, and individual-level factors. We therefore develop an integrated model to link the dynamics of ethical foreign divestment. The study identified a number of unanswered questions and implications for future research. © 2016 Wiley Periodicals, Inc. [ABSTRACT FROM AUTHOR]

The world trends of the development of seaports in recent years are investigated in the article. During the last twenty years, the volume of world seaborne trade has doubled, especially in the sectors of dry cargo and container traffic. This is due to the increase in trade in the southern hemisphere and the continued strong demand for iron ore in China. In terms of regional influence, Asia continues to dominate as the primary transshipment site, then follow North and South America, Europe, Oceania and Africa. The fall in oil prices has affected the volume of supply and sea trade, in particular the tanker trade, its share fell to 28.7 percent in 2014. Meanwhile, lower fuel costs make it possible to reduce the costs of ship operators and the rates paid by the shipper. This in turn could stimulate demand for maritime transportation services and the increase in marine cargo flow. The research allowed to identify macro factors that have a significant effect on the activity of the enterprises of the maritime industry (economic, political, technological) and to recommend the development directions for each group. Most of Ukrainian sea ports problems are systemic and interrelated and require settlement at the national level through the creation of an appropriate regulatory framework and the formation of the conceptual foundations on combination of government regulation and market self-regulation of sea ports development. Capacity building and improving the quality of works and port services is the main direction of investment and innovation activity. All this will lead to an increase in the competitiveness of Ukrainian ports in the world market due to increased volumes of cargo handling, attraction of new cargo flows and expansion of the range of work and services. [ABSTRACT FROM AUTHOR]

Background: The probability and severity of effects of induced demand are because of the interaction between a range of factors that can affect physicians and patients behavior. It is also affected by the laws of the markets and organizational arrangements for medical services. This article studies major factors that affect the phenomenon of induced demand with the use of experts' experiences of the Isfahan University of Medical Sciences. Methods: The research is applied a qualitative method. Semi-structured interview was used for data generation. Participants in this study were people who had been informed in this regard and had to be experienced and were known as experts. Purposive sampling was done for data saturation. Seventeen people were interviewed and criteria such as data "reliability of information" and "stability" were considered. The anonymity of the interviewees was preserved. The data are transcribed, categorized and then used the thematic analysis. Results: In this study, thematic analysis was conducted, and 77 sub-themes and 3 themes were extracted respectively. The three main themes include infrastructural factors, social factors, and organizational structural factors affecting induced demand. Each of these also has some sub-themes. Conclusions: Results of this research present a framework for analyzing the major causes of induced demand. The causes identified here include complexity of medicine, information mismatch between service providers and consumers, clinical uncertainty, false beliefs, advertisements, insufficient supervision, scarcity of clinical guidelines, weakness of education system, and ignorance of medical ethics. These findings help policymakers to investigate the induced demand phenomenon clear-sighted. [ABSTRACT FROM AUTHOR]

Copyright of Sosiologisk tidsskrift is the property of H. Aschehoug & Co. (W. Nygaard) AS and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Survival of fittest & fastest is the mantra of today's business game. To compete successfully in this business era, the retailer must focus on the customer's buying experience. To manage a customer's experience, retailers should understand what "customer experience" actually means. Customer Experience Management is a strategy that focuses the operations and processes of a business around the needs of the individual customer. It represents a strategy that results in a win-win value exchange between the retailer and its customers. The goal of customer experience management is to move customers from satisfied to loyal and then from loyal to advocate. This paper focuses on the role of macro factors in the retail environment and how they can shape customer experiences and behaviors. Several ways (e.g., Brand, Price, Promotion, Supply Chain Management, Location, Advertising, Packaging & labeling, Service Mix, and Atmosphere) to deliver a superior customer experience are identified which should result in higher customer satisfaction, more frequent shopping visits, larger wallet shares, and higher profits. [ABSTRACT FROM AUTHOR]

This study investigates the link between macro and non-macro explanatory factors and Chinese hotel stock returns. Macro variables include growth rates of industrial production and imports, discount rates, yield spread and inflation rate. In addition, growth rate of total foreign tourist arrivals () was introduced as another critical macro factor that may affect Chinese hotel stock returns, considering a tremendous growth of tourism in China. Empirical results indicated that the impact of was positive, but insignificant. Thus, Chinese hotel stock returns were more sensitive to general macro variables. Non-macro events that could significantly impact Chinese hotel stock returns encompass financial crises, natural disasters, wars, terrorist attacks, political events, and sports mega-events. Discussions and conclusions are provided to guide hospitality investors. [Copyright &y& Elsevier]

With the fast development of economics, road safety is becoming a serious problem. Exploring macro factors is effective to improve road safety. However, the existing studies have some limitations: (1) The existing studies only considered one aspect of macro factors and constructed models based on a few data samples. (2) The methods commonly used cannot address the non-linear relationship or calculate the feature importance. The findings obtained from such models may be limited and biased. To address the limitations, this study proposes a BO-CV-XGBoost framework to explore the macro factors related to traffic fatality rate classes based on a high-dimensional dataset that fully considers the impact of multi-factor interaction with adequate data samples. The proposed framework is applied to a dataset in the US. 453 county-level macro factors are collected from various data sources, covering ten macro aspects, including topography, transportation, etc. The optimized BO-CV-XGBoost model obtains the best classification performance with an AUC of 0.8977 and an accuracy of 85.02%. Compared with other methods, the proposed model has superiority on fatality rate classification. Ten macro factors are identified, including 'Current-dollar GDP', 'highway miles per person', etc. The ten factors contain four aspects of information, including economics, transportation, education, and medical condition. Geographic information system (GIS) techniques are further used for spatial analysis of the identified macro factors. Therefore, targeted and effective measures are accordingly proposed to prevent traffic fatalities and improve road safety [ABSTRACT FROM AUTHOR]