Tourism stocks in times of crises: An econometric investigation of non-macro factors

Anastasios Zopiatis, Christos Savva (), Neophytos Lambertides and Michael McAleer
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Anastasios Zopiatis: Department of Hotel and Tourism Management School of Business and Economics Cyprus University of Technology.
Neophytos Lambertides: Department of Commerce, Finance and Shipping School of Business and Economics Cyprus University of Technology.

No 2017-16, Documentos de Trabajo del ICAE from Universidad Complutense de Madrid, Facultad de Ciencias Económicas y Empresariales, Instituto Complutense de Análisis Económico

Abstract: Following the recent terrorist attacks in Paris, the European media emphatically pronounced that billions of Euros were wiped from tourism related stocks. The theoretical relationship of the industry with such unexpected non-macro incidents received moderate academic coverage. Nevertheless, the quantifiable impact of such events on tourism-specific stock values, both in terms of returns and volatility, is still a barren landscape. Using econometric methodology, the paper investigates the reaction of five hospitality/tourism stock indices to 150 incidents depicting major Acts of Terrorism, ‘Acts of God’, and War conflicts in the 21st Century. Empirical findings underscore the effect of such incidents on hospitality/tourism stock indices, with distinctive differences among the different types, the specificities of each event, and the five regions under investigation. This paper contributes to the extant literature and enhances our conceptual capital pertaining to the industry’s current financial practices that are related to stock performance and behavior.

Keywords: Unexpected Non-macroeconomic Factors; Stock Market; Event Study; Econometric Modeling. (search for similar items in EconPapers)
JEL-codes: C21 C58 G01 H12 Z32 (search for similar items in EconPapers)
Pages: 51 pages
Date: 2017-06
New Economics Papers: this item is included in nep-tur
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https://eprints.ucm.es/id/eprint/43241/1/1716.pdf (application/pdf)

Related works:
Working Paper: Tourism Stocks in Times of Crises: an Econometric Investigation of Non-macro Factors (2016)
Working Paper: Tourism Stocks in Times of Crises: An Econometric Investigation of Non-macro Factors (2016)
Working Paper: Tourism stocks in times of crises: An econometric investigation of non-macro factors (2016)
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