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Title: Tourism stocks in times of crisis: an econometric investigation of unexpected nonmacroeconomic factors
Authors: Zopiatis, Anastasios 
Savva, Christos S. 
Lambertides, Neophytos 
Michael McAleer 
Major Field of Science: Social Sciences
Field Category: Economics and Business
Keywords: Econometric modeling;Event study;Stock market;Unexpected nonmacroeconomic factors
Issue Date: Mar-2019
Source: Journal of Travel Research, 2019, vol. 58, no. 3, pp. 459-479
Volume: 58
Issue: 3
Start page: 459
End page: 479
Journal: Journal of Travel Research 
Abstract: The relationship between the tourism industry and unexpected nonmacro incidents has received limited academic coverage. As a result, the quantifiable impact of such events on tourism-specific stock values, both in terms of returns and volatility, remains grossly underexamined. Motivated by the reasoning that the well-established features inherent to the tourism industry may trigger a different pattern of stock price movement compared with other industries, and by using econometric methodology, this article investigates the reaction of five hospitality/tourism stock indices to 150 incidents, depicting major Acts of Terrorism, natural catastrophes, and War conflicts that have taken place since the year 2000. Empirical findings underscore the effect of such incidents on stock indices, with distinctive differences among the types and specificities of each event under investigation. This article contributes to the extant literature and enhances our conceptual capital pertaining to the tourism industry’s current financial practices related to stock performance and behavior.
ISSN: 1552-6763
DOI: 10.1177/0047287517753998
Rights: © The Author(s)
Type: Article
Affiliation : Cyprus University of Technology 
Asia University 
University of Sydney Business School 
Erasmus University Rotterdam 
University of Madrid 
University of Canterbury 
Yokohama National University 
Appears in Collections:Άρθρα/Articles

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