Tsung-Pao Wu , Yi Zheng , Hung-Che Wu , Ruixin Deng
{"title":"COVID-19、Delta 和 Omicron 疫情与航空运输业之间的因果关系：来自中国的证据","authors":"Tsung-Pao Wu , Yi Zheng , Hung-Che Wu , Ruixin Deng","doi":"10.1016/j.jairtraman.2024.102544","DOIUrl":null,"url":null,"abstract":"<div><p>This paper employs a novel multivariate panel Granger causality approach to examine the relationship between the 2019 coronavirus disease, Delta and Omicron pandemic and 14 air transport companies and airports during a certain time period, taking into account both the interdependence and heterogeneity among these air transport companies and airports. Empirical results show that 10 out of 14 air transport companies and airports have a one-way direction of Granger causality between pandemic shocks and stock returns, among which five air transport companies and airports have bilateral relationships. The results show that six air transport companies and airports are Granger “leading” the pandemic, arguing that the adjustment speed of expectations of exogenous shocks and the policies may account for the counterintuitive causal relationship which brings new insights into the heterogeneity in expectations.</p></div>","PeriodicalId":14925,"journal":{"name":"Journal of Air Transport Management","volume":"116 ","pages":"Article 102544"},"PeriodicalIF":3.9000,"publicationDate":"2024-02-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"The causal relationship between the COVID-19, Delta and Omicron pandemic and the air transport industry: Evidence from China\",\"authors\":\"Tsung-Pao Wu , Yi Zheng , Hung-Che Wu , Ruixin Deng\",\"doi\":\"10.1016/j.jairtraman.2024.102544\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><p>This paper employs a novel multivariate panel Granger causality approach to examine the relationship between the 2019 coronavirus disease, Delta and Omicron pandemic and 14 air transport companies and airports during a certain time period, taking into account both the interdependence and heterogeneity among these air transport companies and airports. Empirical results show that 10 out of 14 air transport companies and airports have a one-way direction of Granger causality between pandemic shocks and stock returns, among which five air transport companies and airports have bilateral relationships. The results show that six air transport companies and airports are Granger “leading” the pandemic, arguing that the adjustment speed of expectations of exogenous shocks and the policies may account for the counterintuitive causal relationship which brings new insights into the heterogeneity in expectations.</p></div>\",\"PeriodicalId\":14925,\"journal\":{\"name\":\"Journal of Air Transport Management\",\"volume\":\"116 \",\"pages\":\"Article 102544\"},\"PeriodicalIF\":3.9000,\"publicationDate\":\"2024-02-13\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Air Transport Management\",\"FirstCategoryId\":\"5\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0969699724000097\",\"RegionNum\":2,\"RegionCategory\":\"工程技术\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q2\",\"JCRName\":\"TRANSPORTATION\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Air Transport Management","FirstCategoryId":"5","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0969699724000097","RegionNum":2,"RegionCategory":"工程技术","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"TRANSPORTATION","Score":null,"Total":0}
The causal relationship between the COVID-19, Delta and Omicron pandemic and the air transport industry: Evidence from China
This paper employs a novel multivariate panel Granger causality approach to examine the relationship between the 2019 coronavirus disease, Delta and Omicron pandemic and 14 air transport companies and airports during a certain time period, taking into account both the interdependence and heterogeneity among these air transport companies and airports. Empirical results show that 10 out of 14 air transport companies and airports have a one-way direction of Granger causality between pandemic shocks and stock returns, among which five air transport companies and airports have bilateral relationships. The results show that six air transport companies and airports are Granger “leading” the pandemic, arguing that the adjustment speed of expectations of exogenous shocks and the policies may account for the counterintuitive causal relationship which brings new insights into the heterogeneity in expectations.
期刊介绍：
The Journal of Air Transport Management (JATM) sets out to address, through high quality research articles and authoritative commentary, the major economic, management and policy issues facing the air transport industry today. It offers practitioners and academics an international and dynamic forum for analysis and discussion of these issues, linking research and practice and stimulating interaction between the two. The refereed papers in the journal cover all the major sectors of the industry (airlines, airports, air traffic management) as well as related areas such as tourism management and logistics. Papers are blind reviewed, normally by two referees, chosen for their specialist knowledge. The journal provides independent, original and rigorous analysis in the areas of: • Policy, regulation and law • Strategy • Operations • Marketing • Economics and finance • Sustainability
求助内容：
应助结果提醒方式：
京公网安备 11010802042870号
