Tourism Stocks in Times of Crises: An Econometric Investigation of Non-macro Factors
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.
Tourism Terrorism Stock Market Event Study GJR Econometric Modeling
Anastasios Zopiatis Christos S.Savva Neophytos Lambertides Michael McAleer
Department of Hotel and Tourism Management,School of Business and Economics Cyprus University of Tec Department of Commerce,Finance and Shipping,School of Business and Economics Cyprus University of Te Department of Quantitative Finance National Tsing Hua University,Taiwan
国际会议
ICEFS2017(International Conference on Economics, Finance and Statistics 2017) (2017经济、金融与统计国际会议)
香港
英文
30-50
2017-01-14（万方平台首次上网日期，不代表论文的发表时间）