Izvorni znanstveni članak
https://doi.org/10.1080/1331677X.2022.2053784
The COVID-19 pandemic and stock market performance of transportation and travel services firms: a cross-country study
Umar Farooq
Adeel Nasir
Bilal b
Muhammad Farhan Bashir
Sažetak
This paper examined the firm-specific abnormal returns of transportation and travel services sectors from the USA, UK, France,
China, India, Mexico, Turkey, and Thailand in response to
Coronavirus Disease 2019 (COVID-19) using event study methodology. Our results revealed that investors in developed countries
provide significant long term abnormal returns for the first
101 days. Furthermore, no significant cumulative average abnormal returns (CAAR) were found in response to the COVID-19 outbreak, travel restrictions, lockdown, stimulus package, and
historical decline in oil prices except in the case of the USA. It is
concluded that with the gradual increase in new cases and
deaths, abnormal returns are also adjusted, making the effects of
these events insignificant at the time of their occurrence. Results
also showed that firms in developing countries recognized significant negative abnormal returns in response to the second wave
of COVID-19. These results are useful for investors in devising
investment strategies relevant to contextual settings.
Ključne riječi
Abnormal returns; transportation; tourism; COVID-19; pandemic; event study
Hrčak ID:
303021
URI
Datum izdavanja:
31.3.2023.
Posjeta: 282 *