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Considering the impact of significant economic and political events, this study investigates the return spillovers and connectedness among eight West African currencies from March 31, 2010, to March 28, 2024. It aims to enhance understanding of the interdependencies within the West African foreign exchange market, providing insights into the region’s risk management and diversification opportunities.

Using the time-varying parameter vector autoregression (TVP-VAR) method, this study analyzes daily exchange rate returns to capture the dynamic spillover effects and connectedness among the selected currencies. This approach identifies key transmitters and receivers of return shocks, reflecting the evolving interactions among the currencies over time.

The results show that the Sierra Leonean Leone, Cape Verdean Escudo, and West African CFA Franc are significant net transmitters of return shocks. At the same time, the Ghana Cedi, Nigerian Naira, Gambian Dalasi, Guinean Franc, and Liberian Dollar are net receivers, with the Gambian Dalasi being the most affected. These findings suggest relatively low regional spillover connectedness, offering favorable diversification opportunities.

This study provides a comprehensive analysis of the interconnectedness of West African currencies, contributing to the limited literature on this region. The findings have practical implications for investors and policymakers in managing foreign exchange risks and designing interventions to stabilize the market.

Stock market performance is paramount to every country, as it signifies economic growth, business performance, wealth maximization, savings deployment and consumer confidence. This study investigates the disparities in the market performance of listed firms in Romania. This study also examines whether the COVID-19 crisis affected market performance.

The data were collected from 69 firms listed on the Bucharest Stock Exchange (BSE) from 2018 to 2022, belonging to 11 sectors. This study used several methods to achieve its objectives. Difference tests were considered to analyze the performance of Romanian companies before and during the COVID-19 crisis, as well as across sectors. Regression analysis was also conducted to estimate the effect of the COVID-19 crisis and classification type on Romanian companies' performance. Additional analyses were performed to verify the findings of the present study.

The study’s findings indicate a clear difference in market performance between the pre-crisis and crisis periods. The COVID-19 pandemic had an adverse and significant impact on market performance. However, after the market contraction in the early stage of the COVID-19 pandemic outbreak, the stock market outperformed the pre-pandemic capitalization levels and the regional and global indices evolution. Furthermore, there was a difference in market performance across sectors. In particular, the communication services sector has specifically demonstrated accelerated growth.

This research examines the variation in the market performance of companies before and during the COVID-19 pandemic and across different sectors. It also provides evidence of the potential impact of COVID-19 on firms' market performance. This research contributes to a better understanding of how sectors perform during times of crisis.