See discussions, stats, and author profiles for this publication at: https://www.researchgate.

net/publication/345264316

Impact of Covid-19 on Stock Returns of Hotel Industry: An

Event Study Approach 10

Chapter · November 2020

CITATIONS READS
0 933

3 authors, including:

Sarita Singh
Ambedkar University Delhi
2 PUBLICATIONS 1 CITATION

SEE PROFILE

All content following this page was uploaded by Sarita Singh on 10 November 2020.

The user has requested enhancement of the downloaded file.

 Impact of Covid-19 on Stock
10 Returns of Hotel Industry: An
Event Study Approach

Sarita Singh* Dr. Kritika Mathur** & Hemant Kumar**

ABSTRACT
The Coronavirus (COVID-19) pandemic has weakened the overall Global as well as the Indian
economy. The hotel industry suffered heavily, experiencing a heavy decline in its stock prices
within a period of four months of the first confirmed COVID-19 case in India. The objective
of the research is to study the impact of COVID-19 pandemic on stock returns of Indian hotel
companies using an event study methodology. For the analysis, stocks of 45 hotel companies
listed on BSE-SENSEX and NIFTY have been studied. Results indicate significant positive
cumulative abnormal returns before the outbreak of COVID-19 pandemic and negative after
the outbreak. The findings obtained could be applied to provide information and prepare the
companies for similar epidemics, in future.
Keywords: Coronavirus (COVID-19), Hotel Stocks, India, Event Study

Introduction
Coronavirus (COVID-19) disease is a respiratory disorder caused by a novel
coronavirus 2(SARS-CoV-2). It initiated in Wuhan City, Hubei Province, China
in mid-November 2019. On 4th January 2020, World Health Organisation
(WHO) notified that a cluster of pneumonia cases had been reported in Wuhan,
Hubei Province. Following which, on 5th January 2020, WHO published the
first disease outbreak news in the global media (WHO (2020)). Forty-one
confirmed COVID-19 positive patients in China had been admitted to the
hospitals in early January 2020 (Huang et al., 2020). In late January and early
February 2020, the confirmed cases in China grew by several thousand per
day (Callaway et al. 2020). Even though the disease spread rapidly in China’s
Wuhan district, it was at first instance ignored to a great extent by political
leaders in different areas of the world (Harris et al. 2020).

* Research Scholar, Ambedkar University, Delhi

** Assistant Professor, Economics and Finance Area, Ambedkar University, Delhi
*** Research Scholar, Ambedkar University, Delhi
102 Rebuilding Tourism and Hospitality Sectors: COVID-19 Crisis, Policy Solutions and the Way Forward

The first confirmed positive case of COVID-19 in India was testified on

30th January 2020, in Kerala. After that, within a period of one-month new
confirmed cases had been reported in multiple cities in India. As on 30th June
2020, India’s tally of coronavirus cases has surged to 5,66,840 patients with
16,893 deaths. (Ourworldindata, June 2020), can be seen Figure 1.

Fig. 1 COVID-19 Cases in India

COVID-19 incurred significant cultural and financial damages, in addition to
the loss of life. The initial COVID-19 effects on air transport, cruises, and lodging
was found to be disastrous (Gossling, et al., 2020). Significant focus has been
paid to the outbreak of COVID-19 pandemic, and various research work have
been conducted to investigate its economic and financial impact on economy.
This research paper analyses the effect of COVID-19 pandemic on the returns
of the listed hotel companies’ in India. The study seeks to determine whether
COVID-19 had a major impact on Indian hotel companies ‘ stock returns. This
research will have insights into the effects of COVID-19 on hotel stock returns
and will be helpful in potential planning for related epidemics. Global health
experts have been spreading that long-term challenge is to improve our ability
to respond to pandemic (Gates 2020).
According to the Capitaline database, there are 56 companies of the Hotel
industry listed in India. Out of these, we could get the share price data of only
45 companies. The comprehensive financial information of these companies is
described in Table 1.
Table 1 Hotel Companies Listed at Bombay Stock Exchange (BSE) and
National Stock Exchange (NSE).
Name of Code Listed Shares Price Per No of Type of
Company Outstanding Share Shareholder Hotel
(in Rs.)

EIH Ltd 500840 BSE, 571569414 65.8 50039 Hotel

NSE Large
Indian Hotels 500850 BSE, 1189258445 74.9 137979
Co Ltd NSE
 Impact of Covid-19 on Stock Returns of Hotel Industry... 103

Name of Code Listed Shares Price Per No of Type of

Company Outstanding Share Shareholder Hotel
(in Rs.)

Apollo 532752 NSE 2600400 - 1878 Hotel

Sindoori Medium
Hotels Ltd
Asian Hotels 533227 BSE, 11527797 131 10318
(E) Ltd NSE
Asian Hotels 500023 BSE, 19453229 67 10695
(N) Ltd NSE
Asian Hotels 533221 BSE, 11651210 260.5 9550
(W) Ltd NSE
EIH associated 523127 BSE, 30468147 210 5927
hotels Ltd NSE
India Tourism 532189 BSE, 85769400 130 12451
Development NSE
Corp Ltd
Kamat Hotels 526668 BSE, 23584058 17.3 13717
Ltd NSE
Oriental Hotels 500314 BSE, 178599180 18.25 18900
Ltd NSE
Royal Orchid 532699 BSE, 27425215 41 18309
Hotels Ltd NSE
Sayaji Hotels 523710 BSE 17518000 208.55 3628
Ltd
Taj GVK hotels 532390 BSE, 62701495 102.55 26097
Ltd NSE
The Byke 531373 BSE, 40097800 8.8 15629
Hospitality Ltd NSE
Advani Hotels 523269 BSE, 46219250 30.15 5595
Ltd NSE
Aruna Hotels 500016 BSE 9000000 5.3 24289 Hotel
Ltd Small
Benares Hotels 509438 BSE 1300000 1293.1 4601
Ltd
Best Eastern 508664 BSE 16850000 6.42 722
Hotels Ltd
Blue Coast 531495 BSE, 12748457 7.51 1430
Hotels Ltd NSE
CHLLtd 532992 BSE 54818290 5.2 1716
Cindrella 526373 BSE 3600000 13.02 4034
Hotels Ltd
Dhanada 531198 BSE 55933581 1.69 4100
Corporation
Ltd
104 Rebuilding Tourism and Hospitality Sectors: COVID-19 Crisis, Policy Solutions and the Way Forward

Name of Code Listed Shares Price Per No of Type of

Company Outstanding Share Shareholder Hotel
(in Rs.)

Fomento 503831 BSE 16000000 62.1 2659

Resorts &
Hotels Ltd
Graviss 509546 BSE 70519135 110.69 1355
Hospitality Ltd
Gujarat Hotels 507960 BSE 3787515 83.7 5051
Ltd
H.S. India Ltd 532145 BSE 16238400 8.12 2319
Hotel Rugby 526683 BSE, 14322800 0.85 8348
Ltd NSE
Howard Hotels 526761 BSE 9113200 5.8 6323
Ltd
Jindal Hotels 507981 BSE 6000000 24.35 3844
Ltd
Lords Ishwar 530065 BSE 7470000 5.21 1993
Hotels Ltd
Mac Charles(I) 507836 BSE 13101052 214 9005
Ltd
Ras Resorts & 507966 BSE 3969743 38.95 1240
Apart Hotels
Ltd
Reliable 532124 BSE 11012900 9.03 1618
Ventures Ltd
Royale Manor 526640 BSE 16932200 9.55 13905
Hotels Ltd
Savera 512634 BSE 11928000 32.8 5562
Industries Ltd
Sinclairs Hotels 523023 BSE 5570000 33.53 5363
Ltd
TGB Banquets 532845 BSE, 29286400 2.28 7782
& Hotels Ltd NSE
Tulip Star hotels 531088 BSE 4610000 11.85 1472
Ltd
Velan Hotels 526755 BSE 31964119 7.77 5275
Ltd
Viceroy Hotels 523796 BSE, 42405224 0.86 28707
Ltd NSE
Westlife 505533 BSE, 155661765 320.2 15500
Development NSE
Ltd
Country Club 526550 BSE, 163464735 1.91 19782 Hotel
Hospitality & NSE resorts
Holidays Ltd
Mahindra 533088 BSE, 133553784 139 30794
Holidays & NSE
Resorts India
Ltd
 Impact of Covid-19 on Stock Returns of Hotel Industry... 105

Name of Code Listed Shares Price Per No of Type of

Company Outstanding Share Shareholder Hotel
(in Rs.)

Phoenix 537839 BSE 13984260 9.5 1526

Township Ltd
Sterling Green 526500 BSE 4239688 6.79 2616
Woods Ltd
Note: All the numbers are figures as on 31st March 2020.

Review of Literature
Chen et al. (2007) analyse the effect of the SARS outbreak on hotel stocks
performance of Taiwanese listed companies. Using an event study
methodology, the authors conclude that the returns of Taiwanese hotel stocks
before and after the SARS outbreak showed substantial negative cumulative
mean abnormal returns, suggesting a major negative effect of SARS outbreak
on the results of the hotel stocks. The study uses market models and different
ARCH models to obtain a further in-depth analysis of the SARS epidemic on
the performance of a stock. The study would have been more useful if it had
included a longer event window in the analysis. Borde et al. (1999) assess the
effect of dividend declarations on stock price movements in the hospitality
industry using event study methodology. Announcement of the dividend was
taken as an event in the study. The study concludes that market participants
reacted positively to the news, and the significantly positive market reaction
was observed.
Goker and Karaca (2020) analyse the impact of COVID-19 pandemic on the stock
returns of Borsa Istanbul. They studied 26 sectors in BIST using an event study.
The paper found negative cumulative abnormal returns in most of the sectors.
Even though abnormal returns rates vary in different event windows, the highest
negative returns are found in Sports, Tourism and Transportation sectors.
Liu et al. (2020) examine the short-time period response of Chinese stock markets
to the COVID-19 pandemic using an event study. The results show a significant
decline in the stock markets, along with the negative cumulative abnormal
returns among all the examined windows. The study also assessed the impact of
COVID-19 among different industry index and found lodging, transportation,
and catering experienced negative CAR throughout the event window.
Chowdhury and Abedin (2020) analyse the impact of COVID-19 outbreak
on the stock market in the US; they applied GARCH, VAR and event study
method to measure the impact of COVID-19. The study concludes that the US
stock market reacted negatively towards confirmed and death cases due to
COVID-19.
Awadhi et al. (2020) explore the impact of COVID-19 virus on Chinese stock
market returns using panel data regression analysis. The study reported
noteworthy adverse effects on stock returns across all the companies due to
growing confirmed cases and deaths caused by COVID-19.
106 Rebuilding Tourism and Hospitality Sectors: COVID-19 Crisis, Policy Solutions and the Way Forward

Gossling et al. (2020) assess the effect of COVID-19 crises on the tourism
Industry and also compares them to earlier crises. They conclude that early
evidence of its impact on cruises, air travel, and accommodations have
found to be upsetting. Due to high travel restrictions, initial predictions from
UNWTO for 2020 suggest that international entrances may fall by 20% to 30%
in comparison to 2019. NHO Reiseliv (2020) studies the effect of COVID-19
crises on Norwegian tourism using longitudinal survey data and found that the
tourism industry was the first hit by Coronavirus and by 5th March 2020, 41%
registered cancellations by member businesses counting hotels, campsites, car
rental among others. 78% of tourism companies have laid off their employees,
and 65% lack money to pay their bills. Mckinsey and Company (2020) have
found 42 million to 54 million net jobs suspectable to reductions in hours,
temporary or permanent layoffs. The study further reported 13.4 million jobs
being affected in the restaurant industry, among others. The report concludes
that states with a large tourism industry could be hit worst due to the crisis.
Kim and lee (2005) address the effect of the SARS epidemic on Korea’s hotel
industry, examine the principle of crisis management adopted by the industry
and the consequences for hotel managers. They did a Case study analysis of 6
Korean five-star hotels and found that impact of SARS on the hotel industry
is very harmful. Regarding the hotels, the recommended action plan is to hold
special meetings to prepare and develop plans. The study concludes that a
sound crisis management system and implementation action plans should be
kept ready to act.
Hall et al. (2020) did a comprehensive overview of pandemics to contextualise
the COVID-19 outbreak and its effect on tourism, industry and consumer
response. The study report that there will be uneven changes to tourism as some
destinations will reconsider the nature of this industry and will focus on local
and sustainable forms of tourism with the least institutional and government
interventions. In contrast, many destinations and governments may continue
with a focus on business-as-usual in tourism. Baert et al. (2020) focussed on the
effects on job results and expectations of the COVID-19 crisis. Using a survey
methodology, it examined the job motivation of Belgian workers. Due to the
COVID-19 crisis they found a considerable fear of negative career impacts.
In vulnerable groups such as migrants, the findings also point to greater fear
of negative impact. The previous studies analysing the impact of COVID-19
on stock returns have been conducted and found adverse impact in different
countries such as China, US but none of the studies have been conducted for
Indian hotel industry. So, this work focusses on impact of COVID-19 on hotel
stock returns in India using event study methodology.
Methodology
A event study methodology (ESM) has been applied to study the impact of
COVID-19 on Indian hotel stock performance. ESM is used extensively by
researchers to assess the impact of an economic event or any announcement on
the stock performance of the firm (Chen et al., 2007; Goker and Karaca, 2020;
 Impact of Covid-19 on Stock Returns of Hotel Industry... 107

Liu et al., 2020). The study begins with estimating what would have been the
hotel stock returns if the COVID-19 event had not appeared. In the ESM hotel
stock price movements arising due to any particular event are separated from
market movements. The price movements credited to any particular event like
COVID-19 is called abnormal return (AR). Abnormal return is computed by
subtracting expected return/normal return from actual return. We expect ARs
to be positive in case of good news and in case of bad news ARs are expected to
turn negative. Positive ARs indicate that the market believes it will increase the
firm value and negative ARs indicate that market believes event will decrease
the value of firm.
In the study the event date is taken, when first confirmed case was reported in
India, i.e., 30th January 2020, which is taken as t=0. 220 trading days have been
used in the estimation period, beginning from 2nd February 2019 to 1st January
2020 and an event window of [-t1, t2], where, -t1, refers to trading days before the
occurrence of an event and t2 are trading days after the occurrence of an event.
Five event period windows are created (-20,0), (0,20), (0,40), (0,60), (0,80) with
20 incrementing trading days in each window to study the longer impact of
COVID-19 pandemic on Indian hotel stock performance.
To measure the impact of the event, cumulative mean abnormal returns
(CAR) are computed for all event windows of sampled 45 firms included in
the analysis who are all facing the same event, here event is COVID-19. To
measure the significance of CARs, t-statistic is computed.
Measuring Normal Returns
To calculate hotel stocks ARs, first we estimate hotel stocks expected returns
(ER). Applying market model, we regress the respective hotel stock returns
against its market index returns in this study. The description of the model is:
Mean market model:
Rk,t = αk + βk Rm,t + ek,t (Eq. 1)
Where,
Rk,t = ln(Pk,t/Pk,t–1) X100 (Eq. 2)
Where,
Pk,t = Closing Price for stock k on day t
Rm,t = Mean average returns of all firms listed in the market index BSE SENSEX
and NIFTY
ek,t = Random error in the model and
ak, and βk are the parameters of regression to be estimated in the model. ak is
the intercept that measures the outperformance of k stock, which is adjusted
by market risk. βk is the slope measures the relation of returns of k stocks with
benchmark index Rm,t.
Measuring Abnormal Returns
All data related to hotel stock prices and market Index prices were collected
from the Yahoo Finance. For analysis 45 hotel stocks listed on BSE Sensex and
108 Rebuilding Tourism and Hospitality Sectors: COVID-19 Crisis, Policy Solutions and the Way Forward

NIFTY are studied. 220 trading days are analysed for the estimation period,
from 2nd February 2019 to 1st January 2020 and [– t1, t2] event window: – t1 are
trading days before the occurrence of the event and t2 are trading days after
the occurrence of the event on 30th January 2020 when the first COVID-19
confirmed case was reported in India.
Using the parameters calculated from the market model Eq. (1) we compute
the ER for all hotel stocks during the event window t = [– t1, t2]
ERk,t = αˆ k + βk R m ,t (Eq. 3)

The coefficients, here, αˆ k and βk are the true estimated parameters attained in
Eq. (1) using market model regression analysis.
Then, AR over the event window t = [– t1, t2] are calculated
ARk,t = Rk,t – ERk,t (Eq. 4)
ARk,t = abnormal return of hotel stocks k on day t.
The descriptive statistics are provided in the Table 2.
Table 2 Descriptive Statistics of AR over event window t = [– t1, t2]
Name of Company Mean Median Std Dev
EIH Ltd -0.336 -0.462 3.276
Indian Hotels Co Ltd -0.288 -0.503 3.276
Apollo Sindoori Hotels Ltd -0.128 0.003 4.133
Asian Hotels (E) Ltd 0.005 0.302 4.542
Asian Hotels (N) Ltd -0.299 -0.029 3.779
Asian Hotels (W) Ltd -0.584 -0.015 3.847
EIH associated hotels Ltd 0.086 -0.576 4.444
India Tourism Development Corp Ltd -0.270 -0.759 4.477
Kamat Hotels Ltd 0.128 0.021 4.843
Oriental Hotels Ltd -0.307 -0.608 4.164
Royal Orchid Hotels Ltd 0.155 -0.367 4.818
Sayaji Hotels Ltd -0.127 -0.020 2.749
Taj GVK hotels Ltd 0.196 -0.270 4.400
The Byke Hospitality Ltd 0.145 -0.200 4.721
Advani Hotels Ltd 0.011 0.065 3.732
Aruna Hotels Ltd -0.105 -0.026 3.466
Benares Hotels Ltd -0.050 0.019 2.940
 Impact of Covid-19 on Stock Returns of Hotel Industry... 109

Name of Company Mean Median Std Dev

Best Eastern Hotels Ltd 0.931 0.880 0.897
Blue Coast Hotels Ltd 0.798 1.211 1.781
CHLLtd -0.252 0.196 1.759
Cindrella Hotels Ltd -0.181 -0.070 1.458
Dhanada Corporation Ltd 1.825 2.290 3.229
Fomento Resorts & Hotels Ltd 0.376 0.264 2.789
Graviss Hospitality Ltd 0.282 0.137 2.160
Gujarat Hotels Ltd -0.143 -0.137 2.979
H.S. India Ltd -0.014 0.050 5.030
Hotel Rugby Ltd 0.091 0.162 2.705
Howard Hotels Ltd 0.325 0.178 2.121
Jindal Hotels Ltd -0.174 -0.393 5.773
Lords Ishwar Hotels Ltd 0.070 -0.098 1.663
Mac Charles(I)Ltd -0.492 -0.169 4.373
Ras Resorts & Apart Hotels Ltd -0.003 0.061 2.323
Reliable Ventures Ltd -0.282 -0.009 2.920
Royale Manor Hotels Ltd 0.003 0.100 3.256
Savera Industries Ltd 0.065 0.034 4.511
Sinclairs Hotels Ltd -0.429 -0.136 3.367
TGB Banquets & Hotels Ltd 0.212 0.376 3.299
Tulip Star hotels Ltd -0.136 0.227 1.997
Velan Hotels Ltd 0.098 0.083 2.764
Viceroy Hotels Ltd 0.525 0.508 3.794
Westlife Development Ltd 0.118 -0.046 3.051
Country Club Hospitality & Holidays Ltd 0.165 0.270 3.508
Mahindra Holidays & Resorts India Ltd -0.105 -0.298 3.494
Phoenix Township Ltd -0.310 0.037 2.142
Sterling Green Woods Ltd -0.361 0.011 2.221

Standardized abnormal return (SAR) is computed to separate the effect of

market movements and firm specific movements on abnormal returns of
hotels’ stock. The below statistic (Dodd, and Warner, 1983) is used to determine
standardized abnormal return (SAR):
110 Rebuilding Tourism and Hospitality Sectors: COVID-19 Crisis, Policy Solutions and the Way Forward

SARk,t = ARk,t/sk,t (Eq. 5)

sk,t is estimated standard error of abnormal returns computed for hotel stock k
in the event period t:
1/ 2
  
(R m ,t − R m )2
s=  s 2 1 + 1 +  (Eq. 6)
k ,t
 k r 2 
∑ i =1 m ,i m  
T
  (R − R )

and

s 2k  ∑ t =1 (e k ,t − u k )2  / (T − 1)
T
= (Eq. 7)
 
where,
s2k = Variance of residuals for stock k obtained from above market model.
T = Total count days taken for the estimation window period.
Rm,t = Market return of day t in the event period.
R m = Average market return over the estimation window period.
Rm,i = Market return during day in the estimation window period.
ek,t = Residual as provided in Eq. (1), and
uk = Average residual during the estimation period.
Next, we compute the standardized CAR for event window t = [– t1, t2] by
adding the SARs i.e. the addition of between t1 and t2, which is also adjusted
for the total number of days (d) within the event window period:
1
∑
t2
CARk = t = − t1
SAR t (Eq. 8)
d
The expected value of CAR should be zero, if there are no abnormal returns.
With the help of CARs, we analyse the behaviour of stock return over a long
event window that can encompass the longer time period of COVID-19
pandemic.
After the calculation of standardized abnormal returns, we test that deviation
from normal returns is due to coincidence or not. To determine the significance
level of CARs, the is computed in the event period window for n hotel stocks
as below:
1
∑
n
t-statistic = i =1
CAR i (Eq. 9)
n
If the value of is significantly different from zero, we can say, that COVID-19
caused abnormal returns.
Hence, our hypothesis is framed as follows:
H0. The outbreak of COVID-19 had no significant impact on Indian hotel
companies stock prices.
 Impact of Covid-19 on Stock Returns of Hotel Industry... 111

H1. The outbreak of COVID-19 had a significant impact on Indian hotel

companies stock prices.
Results and Discussion
The outbreak of COVID-19 trashed various industries of Indian economy
including the aviation, hotel and tourism industry. The hotel industry, in
particular, was severely hurt due to the outbreak of COVID-19. Table 3
presents the CARs of market model. The CARs estimated for the 20-day period
before the outbreak of COVID-19 were significantly positive for the industry.
As there were large number of coronavirus cases in other parts of the world
but since, no confirmed case was reported in India during this event window
so market was reacting positively.
Table 3 Cumulative Abnormal Returns (CAR) of Hotel Industry Over
Different Event Window
Event (-20,0) (0,20) 0,40) (0,60) (0,80)
Window
Market 15.78 -11.04 -36.28 -23.89 -6.19
Model (2.35) ** (-1.65) * (-5.41) *** (-3.56) *** (-.9223)
(MM)
s values are written in brackets.

*Significant at 0.10 level. ;**Significant at 0.05 level; ***Significant at 0.01 level

It is clear from Table 3, that, over the event period window (0, 20) i.e. 20-
day period post the outbreak of COVID-19 pandemic in India CARs turned
negative and found statistically significant at 10% level of significance. But,
as we increased the event window to 40-day period i.e. (0, 40) event window,
negative CARs got intensified and were found to be statistically significant
at 1% level, respectively. Further, as we increased the event window period
to 60-day period i.e. (0, 60) event window, again, negative CARs were found
significant at 1% level. These results confirmed that COVID-19 pandemic has
a significant negative impact on the hotel industry.
However, as we further extended the event window to 80-day period i.e. (0, 80),
CARs were negative but not found statistically different from zero. The results
showed that the strongest impact of COVID-19 outbreak was experienced in
the event window period (0, 40) and (0, 60). As the period increased further,
the impact became statistically insignificant. The results conclude that impact
of such an event is temporary over stock price movements.
The results of the study confirmed that a deadly event like the outbreak of
COVID-19 in India damaged the hotel industry. The findings confirm that
that hotel stock prices were affected by the outbreak of COVID-19 pandemic
and the stocks would react to such pandemics in the future. The results of
the study also showed that the hotel business is very vulnerable towards a
pandemic and a new pandemic could also potentially depress the stock
market in future. The possible reasons could be lack of tourists – international
112 Rebuilding Tourism and Hospitality Sectors: COVID-19 Crisis, Policy Solutions and the Way Forward

and domestic, imposition of a nationwide lockdown from 25th March 2020

and negative sentiments due to lockdown. Therefore, to reduce the probable
adverse impact on Indian stock prices, India should work on preventive
remedial measures for such crisis. The senior management personnel should
work towards sustaining the confidence of different stakeholders, investors
by lowering their uncertainty toward stock market so that, irrational market
reactions may not be as severe. Thus, it is essential for management of hotel
companies to widely spread that abnormal returns, on the occurrence of such
disease would be temporary as reflected in this study.
The study provides insights to different stakeholders in hotel industry into
how stock returns respond to a pandemic like COVID-19. ARCH models and
GARCH models could provide more robust results. The authors are in the
process of working on the above methodology.
References
›› Baert, S., Lippens, L., Moens, E., Sterkens, P., & Weytkens, K. (2020). How do we
think the COVID-19 crisis will affect our careers (if any remain)? IZA Discussion
Paper No. 13164. IZA Institute of Labour Economics. Available at SSRN: https://
ssrn.com/abstract=3584927.
›› Borde, S. F., Byrd, A. K., & Atkinson, S. M. (1999). Stock Price Reaction to Dividend
Increases in the Hotel and Restaurant Sector. Journal of Hospitality & Tourism
Research. 23(1). 40–52.
›› Callaway, E., Cyranoski, D., Mallapaty, S., Stoye, E. & Tollefson, J. (2020). The
coronavirus pandemic in five powerful charts. Nature. 579. 482–483.
›› Chowdhury, E. K., & Abedin, M. Z. (2020). COVID-19 Effects on the US Stock
Index Returns: An Event Study Approach. Available at SSRN: https://ssrn.com/
abstract=3611683
›› Day, M. (2020). Covid-19: Four fifths of Cases are asymptomatic, China figures
indicate. BMJ 2020: 369:m1375. doi: https://doi.org/10.1136/bmj.m1375
›› Gates, B. (2020). Responding to Covid-19—a once-in-a-century pandemic? New
England Journal of Medicine, 382(18), 1677-1679. doi: https://www.nejm.org/doi/
full/10.1056/NEJMp2003762
›› Göker, I. E. K., Eren, B. S., & Karaca, S. S. (2020). The Impact of the COVID-19
(Coronavirus) on The Borsa Istanbul Sector Index Returns: An Event
Study. Gaziantep Universities Sosyal Bilimler Dergisi, 19(COVID-19 Special Issue)
Pages 14 - 41. https://doi.org/10.21547/jss.731980
›› Gössling, S., Scott, D., & Hall, C. M. (2020). Pandemics, tourism and global change:
a rapid assessment of COVID-19. Journal of Sustainable Tourism, 1-20. https://doi.
org/10.1080/09669582.2020.1758708
›› Hall, C. M., Scott, D., & Gössling, S. (2020). Pandemics, transformations and
tourism: be careful what you wish for. Tourism Geographies, An International
Journal of Tourism Space, Place and Environment. https://doi.org/10.1080/146166
88.2020.1759131
›› Harris, S., Miller, G., Dawsey. J. and Nakashima, E. (2020, March 21). U.S.
intelligence reports from January and February warned about a likely pandemic.
Washington Post. (Retrieved on: 28th June, 2020).
 Impact of Covid-19 on Stock Returns of Hotel Industry... 113

›› https://www.washingtonpost.com/national-security/us-intelligence-reports-from-
january-and-february-warned-about-a-likely-pandemic/2020/03/20/299d8cda-
6ad5-11ea-b5f1-a5a804158597_story.html
›› Khanthavit, A. (2020). World and national stock market reactions to COVID-19.
Working Paper, Thammasat University. Research Gate. doi: 10.13140/RG. 2.2.
22792.57606.
›› Kim, S. S., Chun, H., & Lee, H. (2005). The effects of SARS on the Korean hotel
industry and measures to overcome the crisis: A case study of six Korean five-star
hotels. Asia Pacific Journal of Tourism Research. 10(4), 369-377.
›› Liu, H., Wang, Y., He, D., & Wang, C. (2020). Short term response of Chinese stock
markets to the outbreak of COVID-19. Journal of Applied Economics. 1-14. https://
doi.org/10.1080/00036846.2020.1776837.
›› McKinsey & Company. (2020). The near-term impact of coronavirus on workers.
https://www.mckinsey.com/industries/public-sector/our-insights/lives-and-
livelihoods-assessing-the-near-termimpact-of-covid-19-on-us-workers? (Accessed
on: 26th June, 2020)
›› NHO Reiseliv. (2020). Korona-Analyse for reiselivet. Retrieved on 25th June 2020
›› https://www.nhoreiseliv.no/tall-ogfakta/reiselivets-status-korona/
›› Roser, M., Ritchie, H., Ortiz-Ospina, E., & Hasell, J. (2020). Coronavirus Pandemic
(COVID-19). Our World in Data. Published online at OurWorldInData.org.
(Accessed on: 24th June, 2020)
›› WHO timeline - COVID-19. (2020, April 27). WHO | World Health Organization.
https://www.who.int/news-room/detail/27-04-2020-who-timeline---covid-19.
(Accessed on: 28th June, 2020).

View publication stats