How do the risk perceptions of consumers affect the stock return volatility? The evidence from five hospitality firms

The risk perception of customers has great significance for the proper functioning of the hospitality companies. This study discloses and compares the risk perception of consumers before and during pandemic by utilizing aspect-based sentiment analysis, and examines its effect on stock return volatility of hospitality companies. Taking the top five hotel companies as examples, the results indicate that customers perceived risks of insufficient safety precautions and the lack of enough servicers during pandemic. In addition, performance risk and time risk perceived by customers have significant positive impact on stock return volatility. This study provides hotel managers and investors practical implications.