ABSTRACT

This paper investigates the interconnectedness among 95 tourism firms in the U.S. over the 2018–2020 period with a focus on the impact of the Covid-19 pandemic. The results using tail risk spillover analysis show that the level of risk contagion significantly increased during the Covid-19 pandemic. Small tourism firms become more systemically important during the Covid-19 pandemic while the level of bad risk contagion has a negative impact on the stock performance of US tourism firms.

中文翻译：

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从大流行到系统性风险：美国旅游业的传染

摘要

本文调查了 2018-2020 年期间美国 95 家旅游公司之间的相互联系，重点关注 Covid-19 大流行的影响。使用尾部风险溢出分析的结果表明，在 Covid-19 大流行期间，风险传染水平显着增加。在 Covid-19 大流行期间，小型旅游公司变得更加具有系统重要性，而不良风险传染的程度对美国旅游公司的股票表现产生负面影响。