Economic uncertainty of pandemic and international airlines behaviour

Ismail O. Fasanya; Oluwasegun B. Adekoya; Johnson A Oliyide

doi:10.1371/journal.pone.0266842

Peer Review History

Original SubmissionDecember 18, 2021
11 Jan 2022 Decision Letter - Ricky Chee Jiun Chia, Editor PONE-D-21-38713Economic uncertainty of pandemic and International airlines behaviourPLOS ONE Dear Dr. Ismail Fasanya, Thank you for submitting your manuscript to PLOS ONE. After careful consideration, we feel that it has merit but does not fully meet PLOS ONE’s publication criteria as it currently stands. Therefore, we invite you to submit a revised version of the manuscript that addresses the points raised during the review process. Please submit your revised manuscript by 10 Feb 2022 . If you will need more time than this to complete your revisions, please reply to this message or contact the journal office at plosone@plos.org. When you're ready to submit your revision, log on to https://www.editorialmanager.com/pone/ and select the 'Submissions Needing Revision' folder to locate your manuscript file. 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Note that it is not acceptable for the authors to be the sole named individuals responsible for ensuring data access. We will update your Data Availability statement to reflect the information you provide in your cover letter. [Note: HTML markup is below. Please do not edit.] Reviewers' comments: Reviewer's Responses to Questions 5. Review Comments to the Author Please use the space provided to explain your answers to the questions above. You may also include additional comments for the author, including concerns about dual publication, research ethics, or publication ethics. (Please upload your review as an attachment if it exceeds 20,000 characters) Reviewer #1: Dear/s Author/s, Re: Manuscript "Economic uncertainty of pandemic and International airlines behavior" Reviewer’s report: The article deals with a very interesting topic related to the prediction of the value of shares in times as complex as the current ones derived from the COVID-19 pandemic, and very especially, for the airline sector. The article is well written, but for its publication the authors should make the following modifications: - The study is adequately justified, but in the specific case that is exposed of the airlines, it would be advisable to have a deeper justification in relation to the variables to be studied and even add a greater number of cases, whenever possible or for subsequent studies, therefore which in this case could be exposed as future lines of research. See, in this last sense, the following article: Bousoño-Calzón, C., Bustarviejo-Muñoz, J, Aceituno-Aceituno, P., Escudero Garzas, J.J. (2019). On the Economic Significance of Stock Market Prediction and the No Free Lunch Theorem. IEEE ACCESS. 7, 75177-75188. - The discussion between the results and the theoretical framework from which the objective is formulated has not really taken place. These aspects are not discussed, nor are the authors exposed in the theoretical framework cited in the discussion, and with this, the contribution of the article is not clearly established. Best regards [NOTE: If reviewer comments were submitted as an attachment file, they will be attached to this email and accessible via the submission site. Please log into your account, locate the manuscript record, and check for the action link "View Attachments". If this link does not appear, there are no attachment files.] While revising your submission, please upload your figure files to the Preflight Analysis and Conversion Engine (PACE) digital diagnostic tool, https://pacev2.apexcovantage.com/. PACE helps ensure that figures meet PLOS requirements. To use PACE, you must first register as a user. Registration is free. Then, login and navigate to the UPLOAD tab, where you will find detailed instructions on how to use the tool. If you encounter any issues or have any questions when using PACE, please email PLOS at figures@plos.org. Please note that Supporting Information files do not need this step. https://doi.org/10.1371/journal.pone.0266842.r001
Revision 1
17 Mar 2022 Author Response Re-submission of manuscript entitled: Economic uncertainty of pandemic and International airlines behavior Manuscript ID: PONE-D-21-38713 Dear Editor, Thank you for reviewing our article with the above caption. We are very grateful for your constructive and valuable comments, and particularly for giving us the opportunity to make a revision. The paper has been revised to accommodate your comments. EDITOR’s COMMENTS: Comment 1: Please ensure that your manuscript meets PLOS ONE's style requirements, including those for file naming. The PLOS ONE style templates can be found at https://journals.plos.org/plosone/s/file?id=wjVg/PLOSOne_formatting_sample_main_body.pdf and https://journals.plos.org/plosone/s/file?id=ba62/PLOSOne_formatting_sample_title_authors_affiliations.pdf Response 1: Many thanks for the comment. We have revised the manuscript to accommodate this. Comment 2: Please review your reference list to ensure that it is complete and correct. If you have cited papers that have been retracted, please include the rationale for doing so in the manuscript text, or remove these references and replace them with relevant current references. Any changes to the reference list should be mentioned in the rebuttal letter that accompanies your revised manuscript. If you need to cite a retracted article, indicate the article’s retracted status in the References list and also include a citation and full reference for the retraction notice. Response 2: Thank you for your comment. The manuscript has been adjusted to ensure that the full reference of all in-text citations are well highlighted in the reference list. Also, due to the reviewer’s comments. Some new studies were cited such as, Adekoya, O.B., & Oliyide, J.A. (2021). How COVID-19 drives connectedness among commodity and financial markets: Evidence from TVP_VAR and causality-in-quantiles techniques. Resources Policy, 70, 101898. Fasanya, I.O., Oliyide, J.A., Adekoya, O.B., & Agbatogun, T. (2021c). How does economic policy uncertainty connect with the dynamic spillovers between precious metals and bitcoin markets? Resources Policy, 72. Lintner, J. (1965). The valuation of risk assets and the selection of risky investments in stock portfolios and capital budgets. The Review of Economics and Statistics 47, 13-37. Oliyide, J.A., Adekoya, O.B., & Khan, M.A. (2021). Economic policy uncertainty and the volatility and the volatility connectedness between oil shocks and metal market: An extension. International Economics, 167, 136-150. Sharpe, W.E. (1964). Capital-asset prices- A theory of market equilibrium under conditions of risk. Journal of Financee, 19, 425-442. Comment 3: Thank you for stating the following financial disclosure: "The funders had no role in study design, data collection and analysis, decision to publish, or preparation of the manuscript." Response 3: Thank you, Editor. Comment 4: Please clarify the sources of funding (financial or material support) for your study. List the grants or organizations that supported your study, including funding received from your institution. Response 4: “The funders had no role in study design, data collection and analysis, decision to publish, or preparation of the manuscript.” Comment 5: State what role the funders took in the study. If the funders had no role in your study, please state: “The funders had no role in study design, data collection and analysis, decision to publish, or preparation of the manuscript.” Response 5: Thank you for your comment. Comment 6: If any authors received a salary from any of your funders, please state which authors and which funders. Response 6: Not applicable Comment 7: In your Data Availability statement, you have not specified where the minimal data set underlying the results described in your manuscript can be found. PLOS defines a study's minimal data set as the underlying data used to reach the conclusions drawn in the manuscript and any additional data required to replicate the reported study findings in their entirety. All PLOS journals require that the minimal data set be made fully available. For more information about our data policy, please see http://journals.plos.org/plosone/s/data-availability. Response 7: Data are available upon request from the corresponding author REVIEWER’S COMMENTS: Comment 1: The article deals with a very interesting topic related to the prediction of the value of shares in times as complex as the current ones derived from the COVID-19 pandemic, and very especially, for the airline sector Response 1: Thank you for your kind words and your detailed review of our paper. Comment 2: The study is adequately justified, but in the specific case that is exposed of the airlines, it would be advisable to have a deeper justification in relation to the variables to be studied and even add a greater number of cases, whenever possible or for subsequent studies, therefore which in this case could be exposed as future lines of research. See, in this last sense, the following article: Bousoño-Calzón, C., Bustarviejo-Muñoz, J, Aceituno-Aceituno, P., Escudero Garzas, J.J. (2019). On the Economic Significance of Stock Market Prediction and the No Free Lunch Theorem. IEEE ACCESS. 7, 75177-75188. Response 2: Your comment is highly appreciated. It is important mention that the selection of the airline stocks are based on data availability and on their two-letter designations from the International Air Transport Association (IATA). We have incorporated this in the data section. Also, we have suggest some critical research areas to future studies. Comment 3: The discussion between the results and the theoretical framework from which the objective is formulated has not really taken place. These aspects are not discussed, nor are the authors exposed in the theoretical framework cited in the discussion, and with this, the contribution of the article is not clearly established. Response 3: Thank you so much for your constructive comment. We find this comment very valuable for the re-construction of our manuscript, hence we have revisited the whole manuscript. First of all, as seen in the fourth paragraph in the introduction section, we have highlighted the gap in the literature and subsequently derive the contribution thereof. Secondly, we briefly introduce the standard capital assets pricing model. In all, we revisited the discussion of the findings where the contribution of the study are adequately linked with capital assets pricing model. Attachments Attachment Submitted filename: Response to Reviewer Plos 1.docx https://doi.org/10.1371/journal.pone.0266842.r002
29 Mar 2022 Decision Letter - Ricky Chee Jiun Chia, Editor Economic uncertainty of pandemic and International airlines behaviour PONE-D-21-38713R1 Dear Dr. Ismail Fasanya, We’re pleased to inform you that your manuscript has been judged scientifically suitable for publication and will be formally accepted for publication once it meets all outstanding technical requirements. Within one week, you’ll receive an e-mail detailing the required amendments. When these have been addressed, you’ll receive a formal acceptance letter and your manuscript will be scheduled for publication. An invoice for payment will follow shortly after the formal acceptance. To ensure an efficient process, please log into Editorial Manager at http://www.editorialmanager.com/pone/, click the 'Update My Information' link at the top of the page, and double check that your user information is up-to-date. If you have any billing related questions, please contact our Author Billing department directly at authorbilling@plos.org. If your institution or institutions have a press office, please notify them about your upcoming paper to help maximize its impact. If they’ll be preparing press materials, please inform our press team as soon as possible -- no later than 48 hours after receiving the formal acceptance. Your manuscript will remain under strict press embargo until 2 pm Eastern Time on the date of publication. For more information, please contact onepress@plos.org. Kind regards, Ricky Chee Jiun Chia Academic Editor PLOS ONE Additional Editor Comments (optional): Reviewers' comments: https://doi.org/10.1371/journal.pone.0266842.r003
Formally Accepted
16 May 2022 Acceptance Letter - Ricky Chee Jiun Chia, Editor PONE-D-21-38713R1 Economic uncertainty of pandemic and International airlines behaviour Dear Dr. Fasanya: I'm pleased to inform you that your manuscript has been deemed suitable for publication in PLOS ONE. Congratulations! Your manuscript is now with our production department. If your institution or institutions have a press office, please let them know about your upcoming paper now to help maximize its impact. If they'll be preparing press materials, please inform our press team within the next 48 hours. Your manuscript will remain under strict press embargo until 2 pm Eastern Time on the date of publication. For more information please contact onepress@plos.org. If we can help with anything else, please email us at plosone@plos.org. Thank you for submitting your work to PLOS ONE and supporting open access. Kind regards, PLOS ONE Editorial Office Staff on behalf of Dr. Ricky Chee Jiun Chia Academic Editor PLOS ONE https://doi.org/10.1371/journal.pone.0266842.r004

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