Tourism stocks in times of crises: An econometric investigation of unexpected non-macroeconomic factors

Following the recent terrorist attacks in Paris, the European media emphatically pronounced that billions of Euros were wiped from tourism related stocks. The theoretical relationship of the industry with such unexpected non-macro incidents received moderate academic coverage. Nevertheless, the quan...

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Detalles Bibliográficos
Autores: Zopiatis, Anastasios, Savva, Christos S., Lambertides, Neophytos, McAleer, Michael
Tipo de recurso: informe técnico
Fecha de publicación:2017
País:España
Institución:Universidad Complutense de Madrid (UCM)
Repositorio:Docta Complutense
Idioma:inglés
OAI Identifier:oai:docta.ucm.es:20.500.14352/22905
Acceso en línea:https://hdl.handle.net/20.500.14352/22905
Access Level:acceso abierto
Palabra clave:C21
C58
G01
H12
Z32
Unexpected Non-macroeconomic Factors
Stock Market
Event Study
Econometric Modeling.
Crisis económicas
Econometría (Economía)
Turismo
5307.06 Fluctuaciones Económicas
5302 Econometría
5312.90 Economía Sectorial: Turismo
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oai_identifier_str oai:docta.ucm.es:20.500.14352/22905
network_acronym_str ES
network_name_str España
repository_id_str
spelling Tourism stocks in times of crises: An econometric investigation of unexpected non-macroeconomic factorsZopiatis, AnastasiosSavva, Christos S.Lambertides, NeophytosMcAleer, MichaelC21C58G01H12Z32Unexpected Non-macroeconomic FactorsStock MarketEvent StudyEconometric 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. The theoretical relationship of the industry with such unexpected non-macro incidents received moderate academic coverage. Nevertheless, the quantifiable impact of such events on tourism-specific stock values, both in terms of returns and volatility, is still a barren landscape. Using econometric methodology, the paper investigates the reaction of five hospitality/tourism stock indices to 150 incidents depicting major Acts of Terrorism, ‘Acts of God’, and War conflicts in the 21st Century. Empirical findings underscore the effect of such incidents on hospitality/tourism stock indices, with distinctive differences among the different types, the specificities of each event, and the five regions under investigation. This paper contributes to the extant literature and enhances our conceptual capital pertaining to the industry’s current financial practices that are related to stock performance and behavior.Facultad de Ciencias Económicas y Empresariales. Instituto Complutense de Análisis Económico (ICAE)Universidad Complutense de Madrid20172017-01-0120172017-01-01technical reporthttp://purl.org/coar/resource_type/c_18ghinfo:eu-repo/semantics/reportapplication/pdfhttps://hdl.handle.net/20.500.14352/22905reponame: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:20.500.14352/229052026-06-02T12:44:21Z
dc.title.none.fl_str_mv Tourism stocks in times of crises: An econometric investigation of unexpected non-macroeconomic factors
title Tourism stocks in times of crises: An econometric investigation of unexpected non-macroeconomic factors
spellingShingle Tourism stocks in times of crises: An econometric investigation of unexpected non-macroeconomic factors
Zopiatis, Anastasios
C21
C58
G01
H12
Z32
Unexpected Non-macroeconomic Factors
Stock Market
Event Study
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 unexpected non-macroeconomic factors
title_full Tourism stocks in times of crises: An econometric investigation of unexpected non-macroeconomic factors
title_fullStr Tourism stocks in times of crises: An econometric investigation of unexpected non-macroeconomic factors
title_full_unstemmed Tourism stocks in times of crises: An econometric investigation of unexpected non-macroeconomic factors
title_sort Tourism stocks in times of crises: An econometric investigation of unexpected non-macroeconomic 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
Unexpected Non-macroeconomic Factors
Stock Market
Event Study
Econometric Modeling.
Crisis económicas
Econometría (Economía)
Turismo
5307.06 Fluctuaciones Económicas
5302 Econometría
5312.90 Economía Sectorial: Turismo
topic C21
C58
G01
H12
Z32
Unexpected Non-macroeconomic Factors
Stock Market
Event Study
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. The theoretical relationship of the industry with such unexpected non-macro incidents received moderate academic coverage. Nevertheless, the quantifiable impact of such events on tourism-specific stock values, both in terms of returns and volatility, is still a barren landscape. Using econometric methodology, the paper investigates the reaction of five hospitality/tourism stock indices to 150 incidents depicting major Acts of Terrorism, ‘Acts of God’, and War conflicts in the 21st Century. Empirical findings underscore the effect of such incidents on hospitality/tourism stock indices, with distinctive differences among the different types, the specificities of each event, and the five regions under investigation. This paper contributes to the extant literature and enhances our conceptual capital pertaining to the industry’s current financial practices that are related to stock performance and behavior.
publishDate 2017
dc.date.none.fl_str_mv 2017
2017-01-01
2017
2017-01-01
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/20.500.14352/22905
url https://hdl.handle.net/20.500.14352/22905
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_ 1869412789657796608
score 15,812429

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