外部不确定性冲击下的航空业股票

IF 2.1 4区经济学 Q2 ECONOMICS

Economics Letters Pub Date : 2024-09-28 DOI:10.1016/j.econlet.2024.111994

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引用次数: 0

摘要

我们通过股票市场的视角来衡量航空公司面临的新闻和其他相关外部不确定性的影响。通过本地预测，我们确定投资者恐惧冲击的增加会对航空业股票回报产生长期负面影响，而地缘政治、气候政策和燃料成本不确定性的增加则会产生相对短暂的影响。我们的研究结果对包括大流行前子样本在内的几种替代模型规格都是稳健的。基于我们的研究结果，我们为航空公司财务管理的未来研究提供了一个前景广阔的途径。

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Airline industry equities under external uncertainty shocks

We gauge the impact of news and other relevant external uncertainties facing airline firms via an equity market lens. Using local projections, we establish that rising investors’ fear shocks have long-lasting negative effects on airline industry equity returns, while increasing geopolitical, climate policy, and fuel cost uncertainties have comparatively short-lived impacts. Our results are robust to several alternative model specifications, including a pre-pandemic subsample. Based on our findings, we provide a promising avenue for future research in airline financial management.

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来源期刊

Economics Letters ECONOMICS-

CiteScore

3.20

自引率

5.00%

发文量

348

审稿时长

30 days

期刊介绍： Many economists today are concerned by the proliferation of journals and the concomitant labyrinth of research to be conquered in order to reach the specific information they require. To combat this tendency, Economics Letters has been conceived and designed outside the realm of the traditional economics journal. As a Letters Journal, it consists of concise communications (letters) that provide a means of rapid and efficient dissemination of new results, models and methods in all fields of economic research.