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The effect of novel coronavirus pandemic on tourism share prices
Journal of Tourism Futures Pub Date : 2020-08-17 , DOI: 10.1108/jtf-03-2020-0045
Venus Khim-Sen Liew 1
Affiliation  

Purpose

This paper aims to provide swift feedback to readers and investors on the early effect of novel coronavirus (COVID-19) pandemic outbreak on tourism industry.

Design/methodology/approach

Three leading consolidators of hotel accommodations, airline tickets and travel services in the tourism industry around the globe, namely, Booking Holdings Inc., Expedia Group and Trip.com Group Ltd. are chosen in this study. First, numerical description is performed on their shares prices and a set of control variables to compare their performances before and during the lockdown because of COVID-19 outbreak. Next, this paper estimates ordinary least squares models with and without exponential generalized autoregressive conditional heteroskedastic specification to establish the nature, significance and magnitude of the pandemic’s early effect on the shares performance of these online travel companies (OTCs).

Findings

This paper discovers a rapid decline in the performance of tourism industry amid the pandemic outbreak, from the perspective of three leading OTCs, which derive their profits from tourists by providing them online hotel reservation, air-ticketing and packaged-tour business services around the globe. These significant adverse direct and indirect effects testify that tourism-related businesses are extensively locked down by the pandemic outbreak.

Research limitations/implications

Future studies are encouraged to examine each of the tourism sectors for individual effects.

Practical implications

This paper provides implications for investors to protect their wealth, and for policymakers to ensure sustainability of tourism industry in the pandemic outbreak and in the future.

Originality/value

From the perspective of corporate finance, this paper empirically quantifies the early effect of COVID-19 on tourism industry for a quick snapshot.



中文翻译:

新型冠状病毒大流行对旅游业股价的影响

目的

本文旨在就新型冠状病毒 (COVID-19) 大流行对旅游业的早期影响向读者和投资者提供快速反馈。

设计/方法/方法

本研究选择了全球旅游业中酒店住宿、机票和旅游服务的三大领先整合者,即 Booking Holdings Inc.、Expedia Group 和 Trip.com Group Ltd.。首先,对它们的股价和一组控制变量进行数值描述,以比较它们在因 COVID-19 爆发而被锁定之前和期间的表现。接下来,本文估计了具有和不具有指数广义自回归条件异方差规范的普通最小二乘模型,以确定大流行对这些在线旅游公司 (OTC) 股票表现的早期影响的性质、重要性和程度。

发现

本文从三个主要OTC的角度发现,在大流行爆发的情况下,旅游业的表现迅速下滑,它们通过向游客提供全球在线酒店预订、机票和旅行团业务服务来获取利润。 . 这些显着的直接和间接不利影响证明,与旅游相关的业务被大流行病爆发广泛锁定。

研究限制/影响

鼓励未来的研究检查每个旅游部门的个别影响。

实际影响

本文为投资者保护他们的财富以及政策制定者确保旅游业在大流行爆发和未来的可持续性提供了启示。

原创性/价值

从公司财务的角度,本文对 COVID-19 对旅游业的早期影响进行了实证量化,以便快速了解情况。

更新日期:2020-08-17
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