This paper investigates the stock market performance from the second half of February through the latter portion of March 2020 for U.S. travel-related firms (airlines, restaurants, and hotels) in response to the COVID-19 pandemic. Clearly the reduction in travel was negative news for the travel industry; however, we focus on the factors used by market participants to price the information into stock prices. We find that larger firms with greater cash reserves and higher market-to-book ratios experienced less negative returns, while firms with greater leverage were penalized more. Additionally, we find that cash reserves were particularly important for hotels.

本文调查了 2020 年 2 月下半月至 2020 年 3 月下旬美国旅游相关公司（航空公司、餐厅和酒店）应对 COVID-19 大流行的股市表现。显然，旅行减少对旅游业来说是个坏消息；然而，我们关注的是市场参与者将信息定价为股票价格所使用的因素。我们发现，拥有更多现金储备和更高市账率的大公司经历的负回报较少，而杠杆率较高的公司受到的惩罚更多。此外，我们发现现金储备对酒店尤为重要。