Department of Business Administration, Ono Academic College, Kiryat Ono, Israel.
Department of Management, Guilford Glazer Faculty of Business and Management, Ben-Gurion University of the Negev, Beer Sheva, Israel.
PLoS One. 2021 Aug 6;16(8):e0255819. doi: 10.1371/journal.pone.0255819. eCollection 2021.
This study explores the interplay between public measures adopted by the U.S. government to combat COVID-19 and the performance of the American hospitality industry. The recent global pandemic is a natural experiment for exploring the role of government interventions and their direct impact on hospitality stock returns in the U.S. financial market. Overall, our findings show that most of the government interventions were associated with a negative response in the returns of the hospitality industry, a response that became more negative as the COVID-19 pandemic evolved. Similar patterns were also detected for other industries such as entertainment and transportation that are closely related to hospitality. The findings we document are fundamental to understanding the trends and fluctuations in hospitality stocks in the current crisis and any similar crisis in the future.
本研究探讨了美国政府为应对 COVID-19 而采取的公共措施与美国酒店业表现之间的相互作用。最近的全球大流行是探索政府干预措施及其对美国金融市场中酒店业股票收益的直接影响的自然实验。总的来说，我们的研究结果表明，大多数政府干预措施与酒店业收益的负面反应相关联，随着 COVID-19 大流行的发展，这种反应变得更加负面。在与酒店业密切相关的其他行业（如娱乐和交通）中也发现了类似的模式。我们记录的这些发现对于理解当前危机和未来任何类似危机中酒店股票的趋势和波动至关重要。
