Tourism Stocks in Times of Crises: An Econometric Investigation of Non-macro Factors
Anastasios Zopiatis, Christos Savva, Neophytos Lambertides, Michael McAleer
Available Online January 2017.
- https://doi.org/10.2991/icefs-17.2017.5How to use a DOI?
- Tourism, Terrorism, Stock Market, Event Study, GJR, Econometric Modeling
- 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.
- 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 -