Revista Galega de Economía <p style="text-align: justify;">The <em>Revista Galega de Economía/Galician Journal of Economics</em> (RGE/GJE) is published twice a year. It was founded in 1992 and it is promoted by the Faculty of Economics and Business Administration of the University of Santiago de Compostela. Its aim is to promote academic research by publishing original articles that meet the highest analytical standards and provide new ideas that contribute to and disseminate economic and business knowledge.&nbsp; The RGE/GJE&nbsp;is an international peer-reviewed open access journal.&nbsp; The articles published are related to specialities in the fields of economics and business (marketing and market research, applied economics, financial economics and accounting, economics, sociology and agricultural policy, fundamentals of economic analysis , economic history and institutions, business organization and quantitative economics); it is also open to other fields as long as it contributes significantly to addressing problems of economics and business management. The target audience is made up of academics, researchers, professionals, business executives and public decision-makers.</p> <p style="text-align: justify;">The RGE/GJE<em>&nbsp;</em>is indexed in SCOPUS, Dialnet, InDICEs-CSIC, IDEAS-RePEc, REDALYC, REDIB, DOAJ, and ERIH PLUS, among others. It is also included in different tools for the analysis of scientific journals such as MIAR, Latindex or CIRC.&nbsp;</p> <p style="text-align: justify;">The digital portal of<em> RGE/GJE </em>is published in Galician, Portuguese, Spanish, and English. The articles published are in Galician, Portuguese, Spanish, and English.<em>&nbsp;</em></p> Universidade de Santiago de Compostela. Servizo de Publicacións e Intercambio Científico en-US Revista Galega de Economía 1132-2799 <p>&nbsp;</p> <p>From 2019 papers and articles published in this journal are subject to the following terms:&nbsp;</p> <p>1. The University of Santiago de Compostela retains the patrimonial rights (copyright) of articles published, and encourages and enables reuse of the same under the license specified in point 2.</p> <p>2. Articles are published in the online edition of the journal under a <a title="License Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0)" href="" target="_self">License Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International (CC BY-NC-ND 4.0)</a>. All papers can be copied, used, disseminated, transmitted and publicly displayed, provided acknowledgment of authorship, the URL, and the journal are mentioned and that the materials are not used for commercial purposes.</p> <p>3. All authors agree with the license used by the journal with the conditions of self-archiving and open access policy.</p> <p>4. Authors are allowed to disseminate electronically (e.g. in institutional repositories or on their own websites) the published version of their manuscripts, as these favours circulation and early diffusion and thus possibly increases the citations and scope among the academic community (See <a title="The Effect of Open Access" href="" target="_self">The Effect of Open Access</a>).</p> <p>Before this year, when publishing in Revista Galega de Economía, the author cedes all the exploitation rights of his/her article to the University of Santiago de Compostela which, under the conditions and within the restrictions stated in the legislation on intellectual property, is the copyright holder. The fact of its holding the copyright grants the University of Santiago de Compostela&nbsp; the exclusive right, worldwide, to:</p> <ul> <li class="show"> <p>publish the article’s final version in the journal, and distribute it and/or communicate it publicly, both in the journal itself and in other related media, in print format, digital format or any other format that can be created in the future;</p> </li> <li class="show"> <p>translate or write abstracts of the article, and distribute them and/or communicate them publicly, and authorize a third party for the same right or transfer the same right to a third party;</p> </li> <li class="show"> <p>deposit copies or references of the article in file-stores on line, both in platforms belonging to the University of Santiago de Compostela and in platforms belonging to a third party which has received the corresponding authorization by the University of Santiago de Compostela.</p> </li> </ul> The week-of-the-year effect and the Adaptive Markets Hypothesis: Evidence from a new database <p>In this paper, for the first time, we study the calendar anomaly called “the week-of-the-year effect” in the Portuguese stock market. The week-of-the year effect was originally identified by Levy and Yagil (2012) and refers to the occurrence of significantly different market returns during certain weeks of the year. The sample used was built from a new historical database covering about 120 years of the Portuguese stock market. It was found that the first and last weeks of the year generated significantly higher returns than the other weeks of the year. Furthermore, a subsample analysis reveals that the week-of-the year effect has evolved over time. In general, our results suggest that the Adaptive Markets Hypothesis provides a better explanation for the dynamics of the Portuguese stock market.</p> Júlio Lobão Ana Costa Copyright (c) 2022 Universidad de Santiago de Compostela 2022-11-21 2022-11-21 31 3 1 17 10.15304/rge.31.3.8411 How zombie firms affect healthy firms: The case of Portuguese trade sector <p>Zombie companies can be classified as being nonprofitable, having low productivity and being ten years old or over; these businesses continue to exist due to the support of banks and governments. This paper aims to understand the impact of these types of firms on the investment, employment growth and labour productivity of healthy companies from the wholesale and retail trade and the hospitality sector during the period 2011-2018. The data obtained indicate that the prevalence of zombie companies in Portugal (in the sectors under study) is higher in periods of economic crisis and that most of them are old and large companies, especially in the hotel industry sector.&nbsp;By using panel data models with fixed effects, our investigation concludes that zombie firms negatively affect how healthy companies are run, because they reduce the latter’s investment expenditure and workforce productivity.</p> Armando da Silva Ana Gonçalves Copyright (c) 2022 Universidad de Santiago de Compostela 2022-11-14 2022-11-14 31 3 1 18 10.15304/rge.31.3.8295 The Effect of Storytelling Associated with COVID-19 on Engagement <p>The main objective of this investigation is to understand how the posts in form of stories published by brands associated with the COVID-19 pandemic affected engagement with their consumers. Regarding the stories, plot, characters and verisimilitude have been evaluated. With regard to consumer engagement (CE), affective, emotional and cognitive involvement have been assessed. This study uses a qualitative methodology with a netnographic approach that takes into account the comments of the advertisements published on two social networks, Facebook and Instagram, by nine Portuguese brands. The results of this research reveal that in order for the stories associated with COVID-19 to have a greater level of influence on the customer, they must use their elements as a whole, to encourage positive consumer engagement.</p> Anabela Ribeiro Maria Antónia Rodrigues Patrícia Lemos Copyright (c) 2022 Universidad de Santiago de Compostela 2022-11-30 2022-11-30 31 3 1 38 10.15304/rge.31.3.8263 The use of transfer entropy to analyse the comovements of European Union stock markets: a dynamical analysis in times of crises <p>Understanding the linkages among stock markets holds great importance for investors, policymakers and portfolio managers. When considering the integration of international stock markets and given they are complex systems, it is important to understand how they are related and how they influence each other. Studying data from 25 European Union stock market indices, this piece of research aims to evaluate the dynamics of influence among them. In terms of method, a non-linear approach has been applied, based on transfer entropy with static and dynamic analysis. As the main finding, a strongly influential relationship between some indices should be highlighted. The static analysis allows us to infer that central and western European Union countries are the main influencers, while the dynamic analysis leads us to the conclusion that the relationships between the stock markets have changed over time, revealing their dynamism. The results obtained have several implications. For instance, for investors and portfolio managers, the information about comovements is relevant for diversification purposes and for their decisions on where to make their investments, build portfolio strategies and manage risks; however, for policymakers, the constant monitoring of stock markets may detect increases in the connection between markets, which could be understood as signs of instability.</p> Paulo Ferreira Dora Almeida Andreia Dionísio Derick Quintino Faheem Aslam Copyright (c) 2022 Universidad de Santiago de Compostela 2022-11-24 2022-11-24 31 3 1 21 10.15304/rge...8400 Acknowledgement of reviewers for 2022 Maria Luisa Chas-Amil Copyright (c) 2022 Universidad de Santiago de Compostela 2022-11-30 2022-11-30 31 3 1 1 10.15304/rge.31.3.8881