The Repercussions of Covid-19 on the Stock Market of the Tourism Industry
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[1] National Technical University of Athens
National Technical University of Athens
Dimos Athens, Grecia
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- Localización: Tourism analysis, ISSN 1083-5423, Vol. 27, Nº. 1, 2022, págs. 77-91
- Idioma: inglés
- Texto completo no disponible (Saber más ...)
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Resumen
The COVID-19 pandemic has already caused important negative consequences on the tourism industry globally. The lockdown measures suspended the tourism activities, and many tourists preferred to abstain from these activities in fear of the virus infection. As a result, investors have abandoned tourism-related companies' stocks, impacting even more the tourism industry. In this article, we examine the impact of COVID-19 on the biggest companies' stocks related to tourism, from the fields of airlines, cruise lines, resorts, hotel groups, travel agents, and other tourism activities (such as car rentals). More precisely, using time series analysis, we test and analyze the effect of the COVID-19 pandemic on these stocks, and we derive the spillover effects through the impulse–response functions from each company to the others. Based on our findings, the tourism-related stocks were affected by COVID-19, as shown by the causality technique, and, moreover, the tourism-related companies are interconnected with each other, transmitting the shock from a specific tourism industry to the others, as shown by the impulse–response functions
