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This research paper aims to analyse how consumer emotions have evolved during the pandemic period in comparison with the pre-pandemic period in relation to restaurant demand in the Romanian fine-dining industry and uses valuable information based on social-media sentiment analysis and content analysis. Focusing on theories of consumer behaviour, the study aims to emphasize how, under the influence of an epidemic crisis caused by an infectious disease, individual behaviour adapts to the "new normal", embracing a series of changes in the preferences, attitudes, and cognitive choice-making processes. The article takes into account a comparative analysis of the consumer emotions between the pre-COVID-19 pandemic period (2010-2019) and the pandemic period (2020-present), based on the online reviews provided by customers for five fine-dining restaurants from Bucharest, the capital city of Romania: The Artist, Relais & Chateaux Le Bistrot Francais, Casa di David, Kaiamo, and L'Atelier. The research was based on two mining analyses-content analysis and sentiment analysis-and explored the emotional intent of words, with the data being collected from TripAdvisor through web-scrapping. The empirical results defined the fine-dining experience during the pandemic as being associated with the quality of the dishes and also with the quality of the service. The overall consumer sentiment in the direction of the restaurants analyzed is positive. The sentiment research found that throughout the epidemic, the consumers' attitudes about restaurants deteriorated. In this sense, consumers seem to be less satisfied with the restaurants' services than before the pandemic. This is another thing that the restaurants had difficulties in when adapting their operations for the pandemic.

Biopharmaceutical companies are critical in developing vaccines, treatments, and diagnostics for COVID-19. Thus, understanding the contagion effects of their stock market can have important economic implications, especially in the context of global financial markets. Due to the COVID-19 pandemic, biopharmaceutical companies' stock markets may have experienced sudden volatility and risk changes, which may have had spillover effects on other sectors and markets. Policymakers can take pre-emptive measures to stabilize financial markets. Analyzing the contagion effects makes it even more relevant to analyze the stock market response of four leading pharmaceutical companies that either developed vaccines against COVID-19 or drugs that help to fight the virus, namely, Pfizer, AbbVie Inc., Sanofi, and Bristol Myers Squibb. The analysis considers two periods, before and during the COVID-19 crisis, and considers the influence of the market volatility and technological market index. In order to capture the contagion effects, DCC-GARCH models have been applied, which estimate time-varying correlation coefficients using a multivariate GARCH framework, allowing for the modeling of time-varying volatility and correlations in financial returns. The results reveal the impact of market volatility on the returns of all four pharmaceutical companies. Additionally, a contagion effect between all four companies, the technological market, and market volatility was observed during the COVID-19 period. [ABSTRACT FROM AUTHOR]

The paper focuses on the trade performance of Romania, a representative country for the Central and Eastern European region, strongly connected with its European partners in global value chains and thus affected by any change in these countries' relationships with the rest of the world in general and China in particular. Using panel data gravity models for the 2008-2019 period, we find that Romania's exports are significantly influenced by the demand of its major trade partners in the EU, and imports from China and the rest of the world. In addition, exports are vulnerable to the effectiveness of the government in relation to the other countries, corruption control and cultural values such as collectivism. We also assess the capacity of Romanian exports to regain their ascending trend displayed before the COVID-19 pandemic by using simulation forecasting scenarios based on the shape of the economic recovery and the type of shock transmission across economies. We observe a sharp decrease in 2020 followed by an important recovery in 2021 in a V-shape scenario and uniform transmission of the pandemic shock in the internal demand and in the foreign trade, or followed by a very slow recovery in 2021 (in a U-shape scenario and non-uniform transmission type in the two previously mentioned elements), especially when the global relation with rest of the world is included. [ABSTRACT FROM AUTHOR]