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موضوع به انگلیسی:The effect of novel coronavirus pandemic
on tourism share prices
بخشی از متن:Abstract
Purpose – This paper aims to provide swift feedback to readers and investors on the early effect of novel
coronavirus (COVID-19) pandemic outbreak on tourism industry.
Design/methodology/approach – Three leading consolidators of hotel accommodations, airline tickets
and travel services in the tourism industry around the globe, namely, Booking Holdings Inc., Expedia
Group and Trip.com Group Ltd. are chosen in this study. First, numerical description is performed on
their shares prices and a set of control variables to compare their performances before and during the
lockdown because of COVID-19 outbreak. Next, this paper estimates ordinary least squares models with
and without exponential generalized autoregressive conditional heteroskedastic specification to
establish the nature, significance and magnitude of the pandemic’s early effect on the shares
performance of these online travel companies (OTCs).
Findings – This paper discovers a rapid decline in the performance of tourism industry amid the
pandemic outbreak, from the perspective of three leading OTCs, which derive their profits from tourists
by providing them online hotel reservation, air-ticketing and packaged-tour business services around the
globe. These significant adverse direct and indirect effects testify that tourism-related businesses are
extensively locked down by the pandemic outbreak.
Research limitations/implications – Future studies are encouraged to examine each of the tourism
sectors for individual effects.
Practical implications – This paper provides implications for investors to protect their wealth, and for
policymakers to ensure sustainability of tourism industry in the pandemic outbreak and in the future.
Originality/value – From the perspective of corporate finance, this paper empirically quantifies the early
effect of COVID-19 on tourism industry for a quick snapshot.
Keywords Stock market, Tourism industry, Novel coronavirus pandemic
Paper type Research paper
