新冠疫情对航空、酒店和旅游业的股价反应。
The stock price reaction of the COVID-19 pandemic on the airline, hotel, and tourism industries.
作者信息
Carter David, Mazumder Sharif, Simkins Betty, Sisneros Eric
机构信息
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.
出版信息
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。
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