Proceedings of the 2017 International Conference on Economics, Finance and Statistics (ICEFS 2017)

Tourism Stocks in Times of Crises: An Econometric Investigation of Non-macro Factors

Authors
Anastasios Zopiatis, Christos Savva, Neophytos Lambertides, Michael McAleer
Corresponding Author
Anastasios Zopiatis
Available Online January 2017.
DOI
https://doi.org/10.2991/icefs-17.2017.5How to use a DOI?
Keywords
Tourism, Terrorism, Stock Market, Event Study, GJR, Econometric Modeling
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.
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Proceedings
2017 International Conference on Economics, Finance and Statistics (ICEFS 2017)
Part of series
Advances in Economics, Business and Management Research
Publication Date
January 2017
ISBN
978-94-6252-311-1
ISSN
2352-5428
DOI
https://doi.org/10.2991/icefs-17.2017.5How to use a DOI?
Open Access
This is an open access article distributed under the CC BY-NC license.

Cite this article

TY  - CONF
AU  - Anastasios Zopiatis
AU  - Christos Savva
AU  - Neophytos Lambertides
AU  - Michael McAleer
PY  - 2017/01
DA  - 2017/01
TI  - Tourism Stocks in Times of Crises: An Econometric Investigation of Non-macro Factors
BT  - 2017 International Conference on Economics, Finance and Statistics (ICEFS 2017)
PB  - Atlantis Press
SP  - 30
EP  - 50
SN  - 2352-5428
UR  - https://doi.org/10.2991/icefs-17.2017.5
DO  - https://doi.org/10.2991/icefs-17.2017.5
ID  - Zopiatis2017/01
ER  -