This research note investigates the stock market reactions of international hospitality firms to COVID-19’s pandemic announcement by the World Health Organization. In line with the behavioral finance literature, the findings indicate that, in the short term, investors overestimated the risks underlying asset-heavy firms because of information uncertainty. Firms pursuing an asset-light (AL) strategy are associated to significantly less negative cumulative abnormal returns in the 4 days following the announcement, especially firms following an AL strategy that reduces significantly the operating leverage. However, this difference vanishes after 5 trading days, meaning that investors revised their expectations. This research note suggests that the cost structure of AL firms matters in reducing information uncertainty and sheds light on the consequences of the COVID-19 crisis on the hospitality industry. It also provides useful information to board members, financial analysts, and companies’ top managers when evaluating whether and how to pursue an AL strategy, and the potential consequences of it.

本研究报告调查了国际酒店业公司对世界卫生组织对COVID-19的大流行宣布的反应。与行为金融文献一致，研究结果表明，由于信息不确定性，短期内投资者高估了资产重资产公司的潜在风险。采取轻资产（AL）策略的公司与公告发布后的4天内负的累积异常收益显着减少相关，尤其是遵循AL策略（可显着降低运营杠杆）的公司。但是，这种差异在5个交易日后消失，这意味着投资者修改了他们的预期。该研究说明表明，AL公司的成本结构在减少信息不确定性方面很重要，并阐明了COVID-19危机对酒店业的影响。它还可在评估是否以及如何实施AL战略以及其潜在后果时，为董事会成员，财务分析师和公司的高级管理人员提供有用的信息。