{"title":"The hospitality industry and COVID-19: Stock price crash risk","authors":"Augusto Hasman, Stefano Borzillo","doi":"10.1177/13548166231211250","DOIUrl":null,"url":null,"abstract":"In this paper, we analyze the factors that have determined why certain companies in the hospitality industry managed to buffer themselves from the effects of COVID-19 more consistently than others. In particular, we focus on downside risk measures. We found that hotel companies quoted in the United States were the most affected and that investors were less willing to hold shares in those companies during the pandemic. We also observe that, although hotels obtained lower returns during the period of analysis, restaurants were more affected by extreme events.","PeriodicalId":23204,"journal":{"name":"Tourism Economics","volume":"30 7","pages":"0"},"PeriodicalIF":3.6000,"publicationDate":"2023-11-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Tourism Economics","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1177/13548166231211250","RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ECONOMICS","Score":null,"Total":0}
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Abstract
In this paper, we analyze the factors that have determined why certain companies in the hospitality industry managed to buffer themselves from the effects of COVID-19 more consistently than others. In particular, we focus on downside risk measures. We found that hotel companies quoted in the United States were the most affected and that investors were less willing to hold shares in those companies during the pandemic. We also observe that, although hotels obtained lower returns during the period of analysis, restaurants were more affected by extreme events.
期刊介绍：
Tourism Economics, published quarterly, covers the business aspects of tourism in the wider context. It takes account of constraints on development, such as social and community interests and the sustainable use of tourism and recreation resources, and inputs into the production process. The definition of tourism used includes tourist trips taken for all purposes, embracing both stay and day visitors. Articles address the components of the tourism product (accommodation; restaurants; merchandizing; attractions; transport; entertainment; tourist activities); and the economic organization of tourism at micro and macro levels (market structure; role of public/private sectors; community interests; strategic planning; marketing; finance; economic development).
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