The effect of Airbnb announcements on hotel stock prices

IF 1.2 4区 经济学 Q3 ECONOMICS
Sharon Teitler-Regev, Tchai Tavor
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引用次数: 1

Abstract

The sharing economy model that was developed in the last decade has a major effect on a different aspect of life. The purpose of this research is to test the effect of a sharing economy product on its competitors. Specifically, this study used the event study approach to examine how Airbnb announcements affected hotel stock prices. To accomplish this goal, we used 180 Airbnb announcements to investigate the general effect of Airbnb, and the effects according to the type of announcement and the type of audience. The findings indicate that general Airbnb announcements have a negative effect on the hotel stock prices. In addition, investors respond negatively to positive announcements but not to neutral ones. Finally, announcements targeting young people have no effect on the stock prices of hotel companies, while the effect of announcements targeting families lasts the longest. We also explored investment strategies for general investors and those with inside information. We suggest that general investors short sell the stock on the day of the news announcement. Investors with inside information should short sell the stock a few days before the day of the news announcement. In both cases, investors should close their positions a few days later depending on the type of announcement.

Abstract Image

Airbnb公告对酒店股价的影响
过去十年发展起来的共享经济模式对生活的不同方面产生了重大影响。本研究的目的是检验共享经济产品对其竞争对手的影响。具体来说,本研究使用事件研究方法来研究Airbnb公告如何影响酒店股价。为了实现这一目标,我们使用了180个Airbnb公告来调查Airbnb的总体效果,以及根据公告类型和受众类型的效果。研究结果表明,一般的Airbnb公告对酒店股价有负面影响。此外,投资者对正面消息的反应是负面的,而对中性消息的反应则不是。最后,针对年轻人的公告对酒店公司的股价没有影响,而针对家庭的公告的影响持续时间最长。我们还探讨了一般投资者和知情者的投资策略。我们建议一般投资者在消息公布当天卖空该股。有内幕消息的投资者应在消息公布前几天卖空该股。在这两种情况下,投资者都应该根据公告的类型在几天后平仓。
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
CiteScore
3.20
自引率
5.30%
发文量
36
期刊介绍: Australian Economic Papers publishes innovative and thought provoking contributions that extend the frontiers of the subject, written by leading international economists in theoretical, empirical and policy economics. Australian Economic Papers is a forum for debate between theorists, econometricians and policy analysts and covers an exceptionally wide range of topics on all the major fields of economics as well as: theoretical and empirical industrial organisation, theoretical and empirical labour economics and, macro and micro policy analysis.
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