新冠肺炎危机和股市崩盘:来自欧洲酒店公司的证据

IF 1 Q3 HOSPITALITY, LEISURE, SPORT & TOURISM Tourism Review International Pub Date : 2022-10-05 DOI:10.3727/154427222x16438247292364
Amin Sokhanvar
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引用次数: 0

摘要

本文调查了在2019冠状病毒病引发的金融危机期间活跃在酒店业的12家欧洲公司的业绩。该分析采用2020年3月第一周至12月最后一周期间欧盟国家确诊病例总数的每周数据,以估计这场危机对具有各种财务特征的公司股票回报的影响。基于广义估计方程(GEE)方法的估计是分析相关变量的一种方便的方法。研究结果证实了危机对股票回报的负面影响。然而,拥有更多现金流的大公司可以通过更好的自筹资金获得投资者积极的市场估值。本研究通过首先确定在前所未有的经济萧条期间酒店公司股票价格回报的驱动因素,其次通过引入最实用的方法来帮助酒店业在大流行后的世界中考虑到该行业的设计,以度过未来的健康危机,从而为文献做出贡献。本研究的结果为未来类似危机的投资绩效提供了重要的主题。
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Covid Crisis and Stock Market Crash: Evidence from Selected European Hospitality Firms
This article investigates the performance of 12 European firms active in the hospitality industry during the financial crisis triggered by COVID-19. The analysis adopts weekly data on the total number of confirmed COVID cases in EU countries for the period between the first week of March and the last week of December 2020 to estimate the impact of this crisis on the stock returns of firms with various financial characteristics. The estimations are based on the generalized estimating equations (GEE) method, which is a convenient approach for analyzing correlated variables. The findings confirm the negative impact of the crisis on stock returns. However, the larger firms with more cash flows can derive investors' positive market valuation through better self-funding. This study contributes to the literature by first identifying the drivers of the stock price returns of hospitality firms during an unprecedented economic depression and second by introducing the most practical approaches to help the hospitality industry to survive future health crises considering the design of this industry in the postpandemic world. The findings of this study provide vital themes for investment performance in the case of similar crises in the future.
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来源期刊
Tourism Review International
Tourism Review International HOSPITALITY, LEISURE, SPORT & TOURISM-
CiteScore
3.90
自引率
11.80%
发文量
19
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