Resilience and risk
Financial performance of lodging Reits and major financial indices to market crises
Bibliographic Data
| ID | 21689228 |
|---|---|
| Authors | Apostolos Ampountolas (0000-0003-3992-6663, Boston University, corresponding author) |
| Year | 2026 |
| Volume | 32 |
| Issue | 3 |
| Pages | 653-674 |
| Publication date | 2026-05-01 |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Tourism Economics (JOURNAL) |
| Journal identifiers | ISSN: 1354-8166 • E-ISSN: 2044-0375 |
| Publisher | SAGE Publications (PUBLISHER • US) |
| DOI | 10.1177/13548166251327238 |
| OpenAlex | W4408391710 |
| Language | EN |
| References cited | 32 |
This study examines the financial performance of Lodging Real Estate Investment Trusts (REITs) during the COVID-19 pandemic, focusing on the impact of the March 2020 market crash. While existing research primarily addresses general financial markets, we investigate the lodging REIT index and its correlation with seven major financial indices across the U.S. and Europe. The analysis highlights Lodging REITs’ sensitivity to recession-related shocks by using daily data from January 1, 2019, to December 31, 2021, applying risk-adjusted performance measures and a two-stage multivariate volatility EGARCH model. The findings reveal significant increases in conditional volatility in response to negative shocks, persistent correlation dynamics, and quicker mean-reversion behavior compared to other indices. These results underscore Lodging REITs’ resilience and unique characteristics during periods of market uncertainty, offering actionable insights for investors and policymakers
Business · Economics · Financial crisis · Financial market · Financial risk · Financial system · Real estate · Real estate investment trust · COVID-19 Pandemic Impacts · Insurance and Financial Risk Management · Market Dynamics and Volatility · Finance
Multivariate GARCH models
The Unprecedented Stock Market Reaction to Covid-19
Conditional Heteroskedasticity in Asset Returns
Covid-19 and finance
Economic impact of government interventions during the Covid-19 pandemic
Mutual Fund Performance
Autoregressive Conditional Heteroscedasticity with Estimates of the Variance of United Kingdom Inflation
Generalized autoregressive conditional heteroskedasticity
Distribution of the Estimators for Autoregressive Time Series with a Unit Root
Real estate investment trusts during market shocks
Postcrisis Reit performance using financial ratios
Dynamic Conditional Correlation
Covid-19 Infects Real Estate Markets
| Highly cited | No |
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