Peer Review History
| Original SubmissionApril 25, 2025 |
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-->PONE-D-25-22065-->-->Geopolitical risk contagion across strategic sectors: Nonlinear evidence from defense, cybersecurity, energy, and raw materials-->-->PLOS ONE Dear Dr. Panazan, 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. On top of addressing the reviewers’ comments, please revise Section 6 by collapsing the current subsections into a single, concise Conclusion section. This section should clearly and briefly summarise the key findings, outline the policy implications, highlight the main contributions of the study, and provide suggestions for future research. Aim for precision and coherence to ensure the section ties the paper together effectively. Please submit your revised manuscript by Aug 02 2025 11:59PM. 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. Please include the following items when submitting your revised manuscript:-->
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Nyakurukwa Academic Editor PLOS ONE Journal Requirements: When submitting your revision, we need you to address these additional requirements. 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 2. Please note that your Data Availability Statement is currently missing the repository name OR a direct link to access each database. If your manuscript is accepted for publication, you will be asked to provide these details on a very short timeline. We therefore suggest that you provide this information now, though we will not hold up the peer review process if you are unable. 3. Please update your submission to use the PLOS LaTeX template. The template and more information on our requirements for LaTeX submissions can be found at http://journals.plos.org/plosone/s/latex. 4. We note you have included a table to which you do not refer in the text of your manuscript. Please ensure that you refer to Table 2 in your text; if accepted, production will need this reference to link the reader to the Table. 5. Please upload a copy of Supporting Information Table S1 and S2 which you refer to in your text on page 40. [Note: HTML markup is below. Please do not edit.] Reviewers' comments: Reviewer's Responses to Questions -->Comments to the Author 1. Is the manuscript technically sound, and do the data support the conclusions? The manuscript must describe a technically sound piece of scientific research with data that supports the conclusions. Experiments must have been conducted rigorously, with appropriate controls, replication, and sample sizes. The conclusions must be drawn appropriately based on the data presented. --> Reviewer #1: Yes Reviewer #2: Partly ********** -->2. Has the statistical analysis been performed appropriately and rigorously? --> Reviewer #1: Yes Reviewer #2: Yes ********** -->3. Have the authors made all data underlying the findings in their manuscript fully available? The PLOS Data policy requires authors to make all data underlying the findings described in their manuscript fully available without restriction, with rare exception (please refer to the Data Availability Statement in the manuscript PDF file). The data should be provided as part of the manuscript or its supporting information, or deposited to a public repository. For example, in addition to summary statistics, the data points behind means, medians and variance measures should be available. If there are restrictions on publicly sharing data—e.g. participant privacy or use of data from a third party—those must be specified.--> Reviewer #1: Yes Reviewer #2: Yes ********** -->4. Is the manuscript presented in an intelligible fashion and written in standard English? PLOS ONE does not copyedit accepted manuscripts, so the language in submitted articles must be clear, correct, and unambiguous. Any typographical or grammatical errors should be corrected at revision, so please note any specific errors here.--> Reviewer #1: Yes Reviewer #2: Yes ********** -->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: The article uses a cutting-edge methodology (Quantile-on-Quantile Connectedness and Causality-in-Quantiles) to address a crucial issue today - the impact of geopolitical risks on key sectors. The results presented in the article are very interesting and relevant. For these reasons, I recommend publishing the article. However, the author(s) should address some minor issues, mainly related to methodological clarifications: • The author(s) should carefully check that the references to the supplementary material are correct. For example, p. 15 states that “(e)stimates derived from the QQC method are reported in Appendix S4 for 5%, 50%, and 95% quantiles.” Apparently, these results are presented in S5. Furthermore, according to S5, the ESLT return (GD) under the 5th quantile is 0.149 (0.235), unlike what is reported in the article (p. 15). Therefore, the author(s) should carefully check that the information reported in the article corresponds to that in the appendices, that they are referring to the appendices correctly, and exclude appendices whose information is not discussed in the article. • What are the criteria for the typology presented in Tables 1 and 2? For example, in Table 1, what range of return values do the categories “High”, “Moderate”, “Strong”, etc. correspond to? • Throughout the article, it is not clear which variable (GPR, return or volatility) the author(s) are referring to when quantiles are mentioned. Initially, it seems that the author(s) are always referring to the quantile of the GPR. In particular, they are evaluating the behavior of companies' profitability and volatility at different quantiles of the GPR distribution. However, some contradictory statements call this idea into question. For example, page 15 states that the 95th quantile corresponds to “favorable geopolitical contexts”. However, on p. 17, this quantile is associated with “stress regimes”, which suggests that the authors are referring to the distribution of another variable. Please clarify these methodological issues. • The meaning of the acronym ETF (exchange traded fund) is not provided in the paper. Reviewer #2: Peer Review Report: PONE-D-25-22065 1. Data and Methodology - Stationarity Test Results You mention that "most series are stationary in levels... In isolated cases where KPSS suggested possible non-stationarity, we applied first-order differencing". For full transparency and to allow readers to better understand the data's properties, please provide a more detailed outline of the stationarity test results (ADF, PP, and KPSS). If clearly outlining all non-stationary and stationary variables is not feasible, at least state the number of stationary and non-stationary variables and which were differenced. 2. Robustness Checks Your robustness checks focused on bandwidth variation and sub-sample analysis for the 2014-2020 (pre-Ukraine war) and 2021-2025 (post-invasion) periods. While this is a good start, the rationale for exclusively focusing on the Ukraine/Russia conflict for sub-sample analysis is unclear. Other significant geopolitical events, such as the de-escalation in Afghanistan and the withdrawal of the US, or other conflicts in the Middle East and Africa, are not considered. Please expand the scope of these checks to include other major geopolitical events to strengthen the generalizability and validity of your findings. Additionally, consider conducting heterogeneity tests to further validate the study's results. 3. Equation Formatting There are some slight variations in the size or font of some symbols. Please review and ensure consistent formatting for all symbols included in all equations to avoid confusing readers. 4. Terminology Consistency in Tables 1 and 2 In Table 1 and Table 2, different terms are used to describe the sensitivity of sectoral returns to GPR. For example, in Table 1, the defense sector is described as "High”, “moderate," and “ very high” under the different quantiles, while the energy sector is "strong”, “variable", and “weak/moderate” under the same quantiles. Please clarify why these differing terms are used and consider harmonizing the descriptive language for greater consistency and clarity across the tables. 5. Definition and Scope of GPR The paper currently lacks a clear definition and scope of the Geopolitical Risk (GPR) index. It would be beneficial to briefly describe the nature of the GPR index (e.g., which geopolitical events or factors feed into the index) in the methodology section to provide immediate context to readers less familiar with this specific measure. This will aid in contextualizing the discussions in the literature review and in explaining your results. 6. Addressing the Intersectoral Nature of GPR You identify the prevalent focus on individual sectors and the failure to address the intersectoral nature of geopolitical risk as a limitation of previous research. While your study aims to provide an integrated analysis across multiple strategic industries, please explicitly clarify how your chosen methodologies and analytical framework specifically address and capture this intersectoral nature of GPR contagion. This will demonstrate how your study moves beyond the limitations of existing literature. 7. Sector-Specific Relevance of GPR The literature review discusses the impact of GPR on different sectors. Please clarify which specific aspects or types of geopolitical risk are most relevant to each of the four strategic sectors (defense, cybersecurity, energy, and critical raw materials) covered in this study. This will provide a more granular understanding of sector-specific vulnerabilities. 8. Cybersecurity Companies as Safe Haven Assets You state that cybersecurity companies are perceived as "safe haven" assets during periods of geopolitical stress. Please elaborate on the specific mechanisms or rationale that make these companies function as safe haven assets. What characteristics or market behaviors contribute to this perception and resilience? 9. Theoretical Foundations The manuscript currently lacks a clear articulation of its theoretical foundations. This is crucial for providing the underlying assumptions, relevant concepts, expected relationships, and logical framework that make the study's results interpretable and contribute meaningfully to the existing body of knowledge. Please introduce and discuss the theoretical underpinnings of your research. 10. Hypothesis Motivation and Research Gap While you formulate two hypotheses (H1 and H2), their motivation by the leading literature could be strengthened. The current engagement with theory and evidence appears somewhat lukewarm. You repeatedly claim the need to study asymmetries and regime dependencies. However, to establish a solid research gap, more needs to be done to empirically justify this need based on evidential contradictions or predictive shortfalls of existing models. 11. "Dual-Profile Companies" Discussion In Section 2, you mention "many dual-profile companies operate simultaneously in both the energy and defense sectors, thereby reinforcing commercial, technological, and financial interdependencies". While this is a valuable observation highlighting systemic interdependencies, your current analysis does not explicitly explore the behavior of these dual-profile companies within the chosen econometric framework. Consider briefly discussing how this observation might influence the aggregate sectoral results or suggest it as a specific avenue for future research. ********** -->6. PLOS authors have the option to publish the peer review history of their article (what does this mean? ). If published, this will include your full peer review and any attached files. If you choose “no”, your identity will remain anonymous but your review may still be made public. Do you want your identity to be public for this peer review? For information about this choice, including consent withdrawal, please see our Privacy Policy .--> Reviewer #1: No Reviewer #2: No ********** [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. |
| Revision 1 |
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<p>Geopolitical risk contagion across strategic sectors: Nonlinear evidence from defense, cybersecurity, energy, and raw materials PONE-D-25-22065R1 Dear Dr. Panazan, 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 will be generated when your article is formally accepted. Please note, if your institution has a publishing partnership with PLOS and your article meets the relevant criteria, all or part of your publication costs will be covered. Please make sure your user information is up-to-date by logging into Editorial Manager at Editorial Manager® and clicking the ‘Update My Information' link at the top of the page. For questions related to billing, please contact billing support . 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, Kingstone Nyakurukwa Academic Editor PLOS ONE Additional Editor Comments (optional): Reviewers' comments: Reviewer's Responses to Questions -->Comments to the Author 1. If the authors have adequately addressed your comments raised in a previous round of review and you feel that this manuscript is now acceptable for publication, you may indicate that here to bypass the “Comments to the Author” section, enter your conflict of interest statement in the “Confidential to Editor” section, and submit your "Accept" recommendation.--> Reviewer #1: All comments have been addressed Reviewer #2: All comments have been addressed ********** -->2. Is the manuscript technically sound, and do the data support the conclusions? The manuscript must describe a technically sound piece of scientific research with data that supports the conclusions. Experiments must have been conducted rigorously, with appropriate controls, replication, and sample sizes. The conclusions must be drawn appropriately based on the data presented. --> Reviewer #1: Yes Reviewer #2: Yes ********** -->3. Has the statistical analysis been performed appropriately and rigorously? --> Reviewer #1: Yes Reviewer #2: Yes ********** -->4. Have the authors made all data underlying the findings in their manuscript fully available? The PLOS Data policy requires authors to make all data underlying the findings described in their manuscript fully available without restriction, with rare exception (please refer to the Data Availability Statement in the manuscript PDF file). The data should be provided as part of the manuscript or its supporting information, or deposited to a public repository. For example, in addition to summary statistics, the data points behind means, medians and variance measures should be available. If there are restrictions on publicly sharing data—e.g. participant privacy or use of data from a third party—those must be specified.--> Reviewer #1: Yes Reviewer #2: Yes ********** -->5. Is the manuscript presented in an intelligible fashion and written in standard English? PLOS ONE does not copyedit accepted manuscripts, so the language in submitted articles must be clear, correct, and unambiguous. Any typographical or grammatical errors should be corrected at revision, so please note any specific errors here.--> Reviewer #1: Yes Reviewer #2: Yes ********** -->6. 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: (No Response) Reviewer #2: (No Response) ********** -->7. PLOS authors have the option to publish the peer review history of their article (what does this mean? ). If published, this will include your full peer review and any attached files. If you choose “no”, your identity will remain anonymous but your review may still be made public. Do you want your identity to be public for this peer review? For information about this choice, including consent withdrawal, please see our Privacy Policy .--> Reviewer #1: No Reviewer #2: No ********** |
| Formally Accepted |
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PONE-D-25-22065R1 PLOS ONE Dear Dr. Panazan, I'm pleased to inform you that your manuscript has been deemed suitable for publication in PLOS ONE. Congratulations! Your manuscript is now being handed over to our production team. At this stage, our production department will prepare your paper for publication. This includes ensuring the following: * All references, tables, and figures are properly cited * All relevant supporting information is included in the manuscript submission, * There are no issues that prevent the paper from being properly typeset You will receive further instructions from the production team, including instructions on how to review your proof when it is ready. Please keep in mind that we are working through a large volume of accepted articles, so please give us a few days to review your paper and let you know the next and final steps. Lastly, 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. You will receive an invoice from PLOS for your publication fee after your manuscript has reached the completed accept phase. If you receive an email requesting payment before acceptance or for any other service, this may be a phishing scheme. Learn how to identify phishing emails and protect your accounts at https://explore.plos.org/phishing. If we can help with anything else, please email us at customercare@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 Kingstone Nyakurukwa Academic Editor PLOS ONE |
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