Carter David, Mazumder Sharif, Simkins Betty, Sisneros Eric
Department of Finance, Spears School of Business, Oklahoma State University, Stillwater, OK 74078, USA.
Haile/US Bank College of Business, Northern Kentucky University, Highland Heights, KY, 41099, USA.
Financ Res Lett. 2022 Jan;44:102047. doi: 10.1016/j.frl.2021.102047. Epub 2021 Apr 6.
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.
本文研究了2020年2月下旬至3月下旬美国与旅游相关企业（航空公司、餐馆和酒店）在应对新冠疫情期间的股市表现。显然，旅行量的减少对旅游业来说是负面消息；然而，我们关注的是市场参与者将这些信息纳入股价所依据的因素。我们发现，现金储备更多、市净率更高的大型企业经历的负回报较少，而杠杆率较高的企业受到的惩罚更大。此外，我们发现现金储备对酒店尤为重要。
