COVID-19-related government interventions have significantly affected tourism, while the impact of government interventions on the tourism financial market remains essentially unexplored. This paper comprehensively evaluates how COVID-19-related government interventions affected the travel and leisure stock markets based on a panel quantile regression model. Three government interventions (stringency index, containment and health index and economic support index) and two important stock market features (return and volatility) are discussed. The results reveal that the three government interventions are beneficial to the travel and leisure stock market, especially when the market is under adverse conditions. Specifically, containment and health measures lead to an increase in stock returns. Stringency measures and economic support measures promote stock return and restrain stock market volatility. This study provides significant insights for protecting and recovering the travel and leisure stock market by considering when and which government interventions should be implemented.

与 COVID-19 相关的政府干预对旅游业产生了重大影响，而政府干预对旅游金融市场的影响基本上仍未得到探索。本文基于面板分位数回归模型全面评估了与 COVID-19 相关的政府干预如何影响旅游和休闲股票市场。讨论了三个政府干预（严格指数、遏制和健康指数和经济支持指数）和两个重要的股市特征（回报和波动）。结果表明，三项政府干预对旅游休闲股票市场有利，尤其是在市场处于不利条件下时。具体而言，遏制和健康措施会导致股票回报增加。从严措施和经济支持措施促进股票回报，抑制股市波动。本研究通过考虑何时以及应实施哪些政府干预措施，为保护和恢复旅游和休闲股票市场提供了重要的见解。