Russia-Ukraine War and the global tourism sector: A 13-day tale
Война Россия–Украина и мировой туристический сектор: 13-дневная история
2022-06-06
SCID: 54.1/fg9zys38
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Russia-Ukraine war 2022abnormal returnscumulative abnormal returnsevent studyglobal tourism sector
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Abstract (AI)
Using the event study method, we examine the impacts of the Russia-Ukraine war 2022 on the global tourism sector stocks. The findings suggest that the impact is different for firms in different markets. While abnormal returns of firms in Europe, the Middle East, and Africa, as well as the Pacific, are significantly negative on the event day, those in the Americas11 Americas include Brazil, Canada, Mexico, and the United States. and Asia are insignificant. The cross-sectional analysis reveals that some country- and firm-specific variables significantly impact the cumulative abnormal returns.
Key Findings
1
Cross-sectional analysis shows certain country- and firm-specific variables significantly affected cumulative abnormal returns for tourism sector stocks during the event window.
2
The Russia-Ukraine war 2022 produced significantly negative abnormal returns for tourism firms in Europe, the Middle East and Africa (EMEA), and the Pacific on the event day.
3
Tourism firms in the Americas (including Brazil, Canada, Mexico, and the United States) and Asia experienced insignificant abnormal returns on the event day.
Research Object
Global tourism sector stocks
Research Subject
Impacts of the Russia–Ukraine War 2022 on abnormal and cumulative abnormal returns of tourism-sector firms across regions and the role of country- and firm-specific variables
Publication Details
Publication Date
2022-06-06
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