Template-type: ReDIF-Paper 1.0
Author-Name: Anastasios Zopiatis
Author-Workplace-Name: Department of Hotel and Tourism Management School of Business and Economics Cyprus University of Technology.
Author-Name: 
Christos S. Savva
Author-Workplace-Name:
 Department of Commerce, Finance and Shipping School of Business and Economics Cyprus University of Technology.
Author-Name:
 Neophytos Lambertides
Author-Workplace-Name:
 Department of Commerce, Finance and Shipping School of Business and Economics Cyprus University of Technology.
Author-Name:
 Michael McAleer
Author-Workplace-Name:
 Department of Quantitative Finance National Tsing Hua University, Taiwan and Econometric Institute Erasmus School of 
	Economics Erasmus University Rotterdam, The Netherlands and Department of Quantitative Economics Complutense University of 
	Madrid, Spain And Institute of Advanced Sciences Yokohama National University, Japan.
Title: Tourism stocks in times of crises: An econometric investigation of non-macro factors
Abstract: 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.
Classification-JEL: C21, C58, G01, H12, Z32.
Keywords: Tourism, Terrorism, Stock market, Event study, GJR, Econometric modeling.
Length: 40 pages 
Creation-Date: 2016-11
Number: 2016-18
X-File-Ref: http://america.sim.ucm.es/repec/ucm/ref/doicae1618.txt
File-URL: https://eprints.ucm.es/id/eprint/40901/1/1618.pdf
File-Format: Application/pdf
Handle: RePEc:ucm:doicae:1618