The hospitality industry and COVID-19: Stock price crash risk

IF 3.6 3区管理学 Q1 ECONOMICS

Tourism Economics Pub Date : 2023-11-06 DOI:10.1177/13548166231211250

Augusto Hasman, Stefano Borzillo

引用次数: 0

Abstract

In this paper, we analyze the factors that have determined why certain companies in the hospitality industry managed to buffer themselves from the effects of COVID-19 more consistently than others. In particular, we focus on downside risk measures. We found that hotel companies quoted in the United States were the most affected and that investors were less willing to hold shares in those companies during the pandemic. We also observe that, although hotels obtained lower returns during the period of analysis, restaurants were more affected by extreme events.

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酒店业和COVID-19:股价崩盘风险

在本文中，我们分析了一些因素，这些因素决定了为什么酒店业的某些公司能够比其他公司更一致地缓冲自己对COVID-19的影响。我们特别关注下行风险措施。我们发现，在美国上市的酒店公司受影响最大，投资者在疫情期间不太愿意持有这些公司的股票。我们还观察到，虽然酒店在分析期间的收益较低，但餐厅受到极端事件的影响更大。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Tourism Economics Multiple-

CiteScore

9.30

自引率

11.40%

发文量

期刊介绍： Tourism Economics, published quarterly, covers the business aspects of tourism in the wider context. It takes account of constraints on development, such as social and community interests and the sustainable use of tourism and recreation resources, and inputs into the production process. The definition of tourism used includes tourist trips taken for all purposes, embracing both stay and day visitors. Articles address the components of the tourism product (accommodation; restaurants; merchandizing; attractions; transport; entertainment; tourist activities); and the economic organization of tourism at micro and macro levels (market structure; role of public/private sectors; community interests; strategic planning; marketing; finance; economic development).