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 Islam...

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Detalhes bibliográficos
Autores: Zopiatis, Anastasios, Savva, Christos S., Lambertides, Neophytos, McAleer, Michael
Formato: informe técnico
Fecha de publicación:2016
País:España
Recursos:Universidad Complutense de Madrid (UCM)
Repositorio:Docta Complutense
Idioma:inglés
OAI Identifier:oai:docta.ucm.es:20.500.14352/27606
Acesso em linha:https://hdl.handle.net/20.500.14352/27606
Access Level:acceso abierto
Palavra-chave:C21
C58
G01
H12
Z32
Tourism
Terrorism
Stock market
Event study
GJR
Econometric modeling.
Crisis económicas
Econometría (Economía)
Turismo
5307.06 Fluctuaciones Económicas
5302 Econometría
5312.90 Economía Sectorial: Turismo
id ES_64bbcf75b33aab6395306c2ceea3d873
oai_identifier_str oai:docta.ucm.es:20.500.14352/27606
network_acronym_str ES
network_name_str España
repository_id_str
spelling Tourism stocks in times of crises: An econometric investigation of non-macro factorsZopiatis, AnastasiosSavva, Christos S.Lambertides, NeophytosMcAleer, MichaelC21C58G01H12Z32TourismTerrorismStock marketEvent studyGJREconometric modeling.Crisis económicasEconometría (Economía)Turismo5307.06 Fluctuaciones Económicas5302 Econometría5312.90 Economía Sectorial: TurismoFollowing 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.Facultad de Ciencias Económicas y Empresariales. Instituto Complutense de Análisis Económico (ICAE)Universidad Complutense de Madrid20162016-01-0120162016-01-01technical reporthttp://purl.org/coar/resource_type/c_18ghinfo:eu-repo/semantics/reportapplication/pdfhttps://hdl.handle.net/20.500.14352/27606reponame:Docta Complutenseinstname:Universidad Complutense de Madrid (UCM)Inglésengopen accesshttp://purl.org/coar/access_right/c_abf2Atribución-NoComercial-CompartirIgual 3.0 Españahttps://creativecommons.org/licenses/by-nc-sa/3.0/es/info:eu-repo/semantics/openAccessoai:docta.ucm.es:20.500.14352/276062026-06-02T12:44:21Z
dc.title.none.fl_str_mv Tourism stocks in times of crises: An econometric investigation of non-macro factors
title Tourism stocks in times of crises: An econometric investigation of non-macro factors
spellingShingle Tourism stocks in times of crises: An econometric investigation of non-macro factors
Zopiatis, Anastasios
C21
C58
G01
H12
Z32
Tourism
Terrorism
Stock market
Event study
GJR
Econometric modeling.
Crisis económicas
Econometría (Economía)
Turismo
5307.06 Fluctuaciones Económicas
5302 Econometría
5312.90 Economía Sectorial: Turismo
title_short Tourism stocks in times of crises: An econometric investigation of non-macro factors
title_full Tourism stocks in times of crises: An econometric investigation of non-macro factors
title_fullStr Tourism stocks in times of crises: An econometric investigation of non-macro factors
title_full_unstemmed Tourism stocks in times of crises: An econometric investigation of non-macro factors
title_sort Tourism stocks in times of crises: An econometric investigation of non-macro factors
dc.creator.none.fl_str_mv Zopiatis, Anastasios
Savva, Christos S.
Lambertides, Neophytos
McAleer, Michael
author Zopiatis, Anastasios
author_facet Zopiatis, Anastasios
Savva, Christos S.
Lambertides, Neophytos
McAleer, Michael
author_role author
author2 Savva, Christos S.
Lambertides, Neophytos
McAleer, Michael
author2_role author
author
author
dc.contributor.none.fl_str_mv Universidad Complutense de Madrid
dc.subject.none.fl_str_mv C21
C58
G01
H12
Z32
Tourism
Terrorism
Stock market
Event study
GJR
Econometric modeling.
Crisis económicas
Econometría (Economía)
Turismo
5307.06 Fluctuaciones Económicas
5302 Econometría
5312.90 Economía Sectorial: Turismo
topic C21
C58
G01
H12
Z32
Tourism
Terrorism
Stock market
Event study
GJR
Econometric modeling.
Crisis económicas
Econometría (Economía)
Turismo
5307.06 Fluctuaciones Económicas
5302 Econometría
5312.90 Economía Sectorial: Turismo
description 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.
publishDate 2016
dc.date.none.fl_str_mv 2016
2016-01-01
2016
2016-01-01
dc.type.none.fl_str_mv technical report
http://purl.org/coar/resource_type/c_18gh
dc.type.openaire.fl_str_mv info:eu-repo/semantics/report
format report
dc.identifier.none.fl_str_mv https://hdl.handle.net/20.500.14352/27606
url https://hdl.handle.net/20.500.14352/27606
dc.language.none.fl_str_mv Inglés
eng
language_invalid_str_mv Inglés
language eng
dc.rights.none.fl_str_mv open access
http://purl.org/coar/access_right/c_abf2
Atribución-NoComercial-CompartirIgual 3.0 España
https://creativecommons.org/licenses/by-nc-sa/3.0/es/
dc.rights.openaire.fl_str_mv info:eu-repo/semantics/openAccess
rights_invalid_str_mv open access
http://purl.org/coar/access_right/c_abf2
Atribución-NoComercial-CompartirIgual 3.0 España
https://creativecommons.org/licenses/by-nc-sa/3.0/es/
eu_rights_str_mv openAccess
dc.format.none.fl_str_mv application/pdf
dc.publisher.none.fl_str_mv Facultad de Ciencias Económicas y Empresariales. Instituto Complutense de Análisis Económico (ICAE)
publisher.none.fl_str_mv Facultad de Ciencias Económicas y Empresariales. Instituto Complutense de Análisis Económico (ICAE)
dc.source.none.fl_str_mv reponame:Docta Complutense
instname:Universidad Complutense de Madrid (UCM)
instname_str Universidad Complutense de Madrid (UCM)
reponame_str Docta Complutense
collection Docta Complutense
repository.name.fl_str_mv
repository.mail.fl_str_mv
_version_ 1869409678826405888
score 15,812429

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