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|Title: ||Tourism stocks in times of crises: An econometric investigation of unexpected non-macroeconomic factors|
|Authors: ||Anastasios, Z;Zopiatis, Anastasios;*;Christos, S.;Savva, Christos S.;La, Neophytos;Lambertides, Neophytos;馬可立;McAleer, Michael|
|Issue Date: ||2018-10-09 13:35:55 (UTC+8)|
|Abstract: ||Following the recent terrorist attacks in Paris, the European media emphatically pronounced
that billions of euros were wiped from tourism related stocks. This comes at a troublesome
time for the tourism industry, in the midst of a global financial crisis, and the unpredictable
rise of radical Islamic ideologies, which have caused chaos in the Middle East and Europe.
The relationship and vulnerability of the industry to non-macro incidents have been well
documented in the literature, mostly in theoretical terms. Nevertheless, the quantifiable
impact of such events on tourism-specific stock values, both in terms of returns and volatility,
received much less attention. With the use of an econometric methodology, the paper aims to
enhance our conceptual capital pertaining to the effects of such possibilities on five
hospitality and tourism stock indices. The empirical findings are of interest to stakeholders at
all echelons of the spectra of the tourism and financial industries.
Keywords: Tourism, Terrorism, Stock Market, Event Study, GJR, Econometric Modeling.
JEL: C21, C58, G01, H12, Z32.
|Relation: ||Journal of Travel Research|
|Appears in Collections:||[財務金融學系] 期刊論文|
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