| Autor: |
Ming-Hsiang Chen, Ender Demir, Conrado Diego García-Gómez, Adam Zaremba |
| Jazyk: |
angličtina |
| Rok vydání: |
2020 |
| Předmět: |
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| Zdroj: |
Annals of Tourism Research Empirical Insights, Vol 1, Iss 1, Pp 100003- (2020) |
| Druh dokumentu: |
article |
| ISSN: |
2666-9579 |
| DOI: |
10.1016/j.annale.2020.100003 |
| Popis: |
This paper analyzes the impact of government restrictions arising from the COVID-19 pandemic on stock returns of U.S. travel and leisure companies. We demonstrate that the stringency of government restrictions has a negative impact on stock returns even after controlling for the pandemic itself. Moreover, stock prices of travel and leisure firms with a smaller size, less tangibility, and higher cash reserves are more resilient to the COVID-19 related government restrictions. Restrictions have the highest impact on airlines, followed by travel and tourism and casinos and gambling sectors. Our empirical findings provide valuable policy implications for travel and leisure firm managers, financial investors, and policymakers. |
| Databáze: |
Directory of Open Access Journals |
| Externí odkaz: |
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