The impact of policy responses to Covid-19 on U.S. travel and leisure companies
Bibliographic Data
| ID | 13136372 |
|---|---|
| Authors | Ming-Hsiang Chen (0000-0001-6048-018X, Washington State University), Ender Demir (0000-0003-4034-269X, Istanbul Medeniyet University, corresponding author), Conrado Diego García-Gómez (0000-0001-8184-3285, Universidad de Valladolid), Alan Zaremba (0000-0001-5879-9431, Poznań University of Economics and Business) |
| Year | 2020 |
| Volume | 1 |
| Issue | 1 |
| Pages | 100003-100003 |
| Publication date | 2020-11-01 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Annals of Tourism Research Empirical Insights (JOURNAL) |
| Journal identifiers | ISSN: 2666-9579 • E-ISSN: 2666-9579 |
| Publisher | Elsevier BV (PUBLISHER) |
| DOI | 10.1016/j.annale.2020.100003 |
| OpenAlex | W3099188441 |
| Language | EN |
| Citations received | 18 |
| References cited | 26 |
This paper analyzes the impact of government restrictions arising from the COVID-19 pandemic on stock returns of U.S. travel and leisure companies. We demonstrate that the stringency of government restrictions has a negative impact on stock returns even after controlling for the pandemic itself. Moreover, stock prices of travel and leisure firms with a smaller size, less tangibility, and higher cash reserves are more resilient to the COVID-19 related government restrictions. Restrictions have the highest impact on airlines, followed by travel and tourism and casinos and gambling sectors. Our empirical findings provide valuable policy implications for travel and leisure firm managers, financial investors, and policymakers
2019-20 coronavirus outbreak · Business · Cash · Coronavirus disease 2019 (COVID-19 · Economics · Geography · Government (linguistics · Monetary economics · Pandemic · Severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2 · Stock (firearms · Tourism · COVID-19 Pandemic Impacts · Diverse Aspects of Tourism Research · Financial Markets and Investment Strategies · Finance
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| Unique citing works | 18 |
|---|---|
| Citations per year | 3,6 |
| Citation span | 2021 - 2026 (6) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 18 |