Airline stocks and Travel & Leisure sector conditions
A cross-quantilogram analysis across regions and horizons
Bibliographic Data
| ID | 21689409 |
|---|---|
| Authors | Alexandros Koulis (0000-0002-1576-5845, Hellenic Open University), Stephanos Papadamou (0000-0002-7700-1912, Aristotle University of Thessaloniki), Panayiotis Tzeremes (0000-0002-0746-3839, Hellenic Open University), Nickolaos Tzeremes (0000-0002-6938-3404, University of Thessaly, corresponding author) |
| Year | 2026 |
| Publication date | 2026-06-27 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Tourism Economics (JOURNAL) |
| Journal identifiers | ISSN: 1354-8166 • E-ISSN: 2044-0375 |
| Publisher | SAGE Publications (PUBLISHER • US) |
| DOI | 10.1177/13548166261463810 |
| OpenAlex | W7166393941 |
| Language | EN |
| References cited | 40 |
The Travel and Leisure (T&L) sector and the airline industry are deeply interconnected parts of global financial markets. Understanding how T&L conditions shape airline stock returns across different market phases is essential for sound investment and risk management decisions. We hypothesize a bidirectional and asymmetric relationship that intensifies under extreme market conditions and over shorter time horizons. Using 1193 synchronized daily observations from 2 January 2015 to 26 June 2025, airline returns across Europe, North America, and Asia-Pacific are analyzed against regional and global STOXX T&L indices via the cross-quantilogram framework. Results confirm asymmetric dependence concentrated in joint extreme states, particularly during downturns and over the short term. Regional indices capture local market characteristics more effectively, while the global index suits internationally active airlines. Overall, airline and T&L interdependence is dynamic, driven by market regime and time horizon, with implications for risk assessment, portfolio construction, and broader tourism industry resilience
Investment strategy · Portfolio · Stock market · Stock market index · Tourism · Aviation Industry Analysis and Trends · Conferences and Exhibitions Management · Diverse Aspects of Tourism Research
A Test for Normality of Observations and Regression Residuals
Testing the efficacy of the economic policy uncertainty index on tourism demand in USMCA
Modelling Asymmetric Exchange Rate Dependence
Efficient Tests for an Autoregressive Unit Root
Exploring the commitment to Sustainable Development Goals (SDGs) – the renewable energy and tourism demand nexus
Artificial intelligence (AI) interacted ESG-based sustainable tourism
European travel and leisure sector and uncertainties
The impact of Covid-19 on the travel and leisure industry returns
Nordic stock market performance of the travel and leisure industry during the first wave of Covid-19 pandemic
Hedging the risk of travel and leisure stocks
Spillover effects from news to travel and leisure stocks during the Covid-19 pandemic
Dynamic Conditional Correlation
Travel and leisure stocks' exposure to exchange rates
The impact of policy responses to Covid-19 on U.S. travel and leisure companies
Is economic growth in East Asia pacific and South Asia ESG factors based and aligned growth
How to survive a pandemic
Are U.S. airlines really in crisis
The impact of geopolitical risks on travel and leisure stocks
| Citation velocity | historical |
|---|---|
| Highly cited | No |