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. The theoretical relationship of the industry with such unexpected non-macro incidents received moderate 
	academic coverage. Nevertheless, the quantifiable impact of such events on tourism-specific stock values, both in terms of returns and 
	volatility, is still a barren landscape. Using econometric methodology, the paper investigates the reaction of five hospitality/tourism 
	stock indices to 150 incidents depicting major Acts of Terrorism, ‘Acts of God’, and War conflicts in the 21st Century. Empirical 
	findings underscore the effect of such incidents on hospitality/tourism stock indices, with distinctive differences among the different 
	types, the specificities of each event, and the five regions under investigation. This paper contributes to the extant literature and 
	enhances our conceptual capital pertaining to the industry’s current financial practices that are related to stock performance and 
	behavior.
Classification-JEL: C21, C58, G01, H12, Z32.
Keywords: Unexpected Non-macroeconomic Factors, Stock Market, Event Study, Econometric Modeling.
Length: 51 pages 
Creation-Date: 2017-06
Number: 2017-16
X-File-Ref: http://america.sim.ucm.es/repec/ucm/ref/doicae1716.txt
File-URL: https://eprints.ucm.es/id/eprint/43241/1/1716.pdf
File-Format: Application/pdf
Handle: RePEc:ucm:doicae:1716