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

Anastasios Zopiatis, Christos S. 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.
Christos S. Savva: Department of Commerce, Finance and Shipping 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 2016-18, 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. This comes at a troublesome time for the tourism industry, in the midst of a global financial crisis, and the unpredictable rise of radical Islamic ideologies, which have caused chaos in the Middle East and Europe. The relationship and vulnerability of the industry to non-macro incidents have been well documented in the literature, mostly in theoretical terms. Nevertheless, the quantifiable impact of such events on tourism-specific stock values, both in terms of returns and volatility, received much less attention. With the use of an econometric methodology, the paper aims to enhance our conceptual capital pertaining to the effects of such possibilities on five hospitality and tourism stock indices. The empirical findings are of interest to stakeholders at all echelons of the spectra of the tourism and financial industries.

Keywords: Tourism; Terrorism; Stock market; Event study; GJR; Econometric modeling. (search for similar items in EconPapers)
JEL-codes: C21 C58 G01 H12 Z32 (search for similar items in EconPapers)
Pages: 40 pages
Date: 2016-11
New Economics Papers: this item is included in nep-tur
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Related works:
Working Paper: Tourism stocks in times of crises: An econometric investigation of non-macro factors (2017)
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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