Stock market reaction to the military conflict between Russia and Ukraine: an event study for the European tourism and hospitality industry

被引:5
作者
Martins, Antonio Miguel [1 ,2 ,7 ]
Correia, Pedro [3 ,4 ]
Cro, Susana [5 ,6 ]
机构
[1] Univ Madeira, Fac Social Sci, Funchal, Portugal
[2] Ctr Appl Econ Studies Atlantic CEEAplA, Ponta Delgada, Portugal
[3] Univ Madeira, Dept Management & Econ, Funchal, Portugal
[4] CiTUR Ctr Tourism Res Dev & Innovat, Funchal, Portugal
[5] CEFAGE UE, Sch Social Sci, Evora, Portugal
[6] Univ Evora, Evora, Portugal
[7] Univ Madeira, Fac Social Sci, Campus Penteada, P-9020105 Funchal, Portugal
关键词
War; tourism; stock returns; event study; TERRORISM; IMPACT; RISK; DETERMINANTS; RETURNS; SAFETY; NEWS; CASH;
D O I
10.1080/15140326.2023.2261756
中图分类号
F [经济];
学科分类号
02 ;
摘要
This paper examines the short-term market reaction of European tourism and hospitality industry to the beginning of the military conflict between Russia and Ukraine (24 February 2022). Using an event study, for a sample of 165 listed firms, we observe a negative and statistically significant stock price reaction at and around the beginning of the military conflict between Russia and Ukraine. These results are consistent with investor sentiment hypothesis and asset-pricing perspective. These reactions are reinforced or mitigated by firm-specific characteristics such as liquidity, size, profitability, and institutional ownership. Finally, we find that listed firms located in: (i) countries in which Russia and Ukraine are the largest source of inbound foreign tourists, and (ii) countries formerly occupied by the Soviet Union and/or that share a common border with Russia, tend to show more negative abnormal returns.
引用
收藏
页数:22
相关论文
共 28 条
[21]   The Political Uncertainties of the United Kingdom-2022 and Stock Market Reactions: An Event Study Analysis for LSE and Other Major European Stock Markets [J].
Krishna, T. A. ;
Suresha, B. ;
Koshy, Elizabeth Renju ;
Sucharitha, Martha M. .
SCIENTIFIC PAPERS OF THE UNIVERSITY OF PARDUBICE-SERIES D-FACULTY OF ECONOMICS AND ADMINISTRATION, 2024, 32 (01)
[22]   COVID-19 Lockdown Announcement and Stock Market Volatility of Selected Industry : An Event Study [J].
Kumar, Rakesh ;
Ayushman ;
Agarwal, Rishika .
PACIFIC BUSINESS REVIEW INTERNATIONAL, 2023, 16 (04) :72-77
[23]   Cross-Correlation Analysis of Crude Oil-Related Stock Markets in China Caused by the Conflict Between Russia and Ukraine [J].
Wang, Jian ;
Jiang, Wenjing ;
Huang, Menghao ;
Shao, Wei .
COMPUTATIONAL ECONOMICS, 2024, 65 (3) :1299-1317
[24]   Stock market reaction to the voluntary adoption of nature-related financial disclosure: An event study [J].
Jerome, Tiphaine ;
Poretti, Cedric .
FINANCE RESEARCH LETTERS, 2025, 71
[25]   Comparative analysis of aggregate and sectoral time-varying market efficiency in the Russian stock market during the COVID-19 outbreak and the Russia-Ukraine conflict (RUC) [J].
Rehan, Muhammad ;
Alvi, Jahanzaib ;
Lakhani, Umair .
INTERNATIONAL JOURNAL OF EMERGING MARKETS, 2024,
[26]   Retail investor attention and stock market behavior in Russia-Ukraine conflict based on Chinese practices: Evidence from transfer entropy causal network [J].
Jin, Xiu ;
Xue, Qiuyang .
FINANCE RESEARCH LETTERS, 2023, 58
[27]   MODELLING VOLATILITY SPILLOVERS, CROSS-MARKET CORRELATION AND CO-MOVEMENTS BETWEEN STOCK MARKETS IN EUROPEAN UNION: AN EMPIRICAL CASE STUDY [J].
Trivedi, Jatin ;
Spulbar, Cristi ;
Birau, Ramona ;
Mehdiabadi, Amir .
BUSINESS MANAGEMENT AND ECONOMICS ENGINEERING, 2021, 19 (01) :70-90
[28]   Risk connectedness between international oil and stock markets during the COVID-19 pandemic and the Russia-Ukraine conflict: Fresh evidence from the higher-order moments [J].
Cui, Jinxin ;
Maghyereh, Aktham ;
Liao, Dijia .
INTERNATIONAL REVIEW OF ECONOMICS & FINANCE, 2024, 95