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Original scientific paper

https://doi.org/10.37741/t.74.2.3

The Impact of Financial Influencers on Stock Performance: An Event Study Analysis of Indian Tourism Stocks

Anjali Gupta orcid id orcid.org/0000-0002-4036-2765 ; Faculty of Management Studies, University of Delhi, Delhi, India *
Narain Narain orcid id orcid.org/0000-0003-0182-432X ; Faculty of Management Studies, University of Delhi, Delhi, India

* Corresponding author.


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Abstract

The study aims to assess whether finfluencers’ recommendations can influence both short-term and longterm
performance by producing abnormal returns and affecting decisions to invest in tourism stocks.
While existing research has explored the impact of traditional stock recommendation channels, the role
of social media influencers remains relatively understudied in emerging market settings. Data is gathered
from ten leading Indian financial influencers on YouTube, and stocks recommended in their most-viewed,
liked, and commented shorts are analysed using the event-study methodology. A ±5-day event window,
Carhart’s four-factor model for calculating average abnormal returns and cumulative average abnormal
returns, Buy and Hold abnormal returns, and the NIFTY 200 as a benchmark are used in the study to
measure abnormal returns following influencer recommendations. The findings reveal asymmetric abnormal
return patterns with temporal decay effects after finfluencer recommendations. There are initial
positive abnormal returns that diminish over time. These results have implications for market efficiency
and investor behaviour in digital-age financial markets. This research contributes to behavioural finance
literature by providing evidence of social media influence in the capital markets. It additionally enhances
the literature on digital finance and offers practical insights into semi-strong form market efficiency in
emerging markets.

Keywords

financial influencers; tourism stocks; event study; abnormal returns; India

Hrčak ID:

346427

URI

https://hrcak.srce.hr/346427

Publication date:

14.4.2026.

Visits: 314 *