The COVID-19 pandemic and stock market performance of transportation and travel services firms: a cross-country study

Figures & data

Table 1. Demographics of sample countries.

	Country	Transportation	Travel Services	Total
Developed Countries	USA	107	19	126
	UK	29	7	36
	France	6	2	8
	Mexico	16	3	19
Developing Countries	China	35	9	44
	India	12	5	17
	Turkey	4	2	6
	Thailand	12	0	12

This table is providing the number of firms used in final analysis. The list of sector specific firms is extracted from the Yahoo Finance Screener. Furthermore, only those firms are selected for which minimum 90% of data is available in Yahoo Finance.

Source: Authors calculation.

Table 2. Announcement dates of each event.

Country	First COVID Case	Stimulus Package	Lockdown	Travel Restriction	Oil price crises	COVID Outbreak
						New Cases	Deaths
USA	20-01-2020	27-03-2020	19-03-2020	21-03-2020	20-04-2020	26-04-2020	17-04-2020
UK	31-01-2020	11-03-2020	23-03-2020	NA	20-04-2020	24-04-2020	22-04-2020
Mexico	28-02-2020	05-04-2020	21-03-2020	21-03-2020	20-04-2020	17-05-2020	14-05-2020
France	24-01-2020	17-03-2020	17-03-2020	17-03-2020	20-04-2020	12-03-2020	04-04-2020
Turkey	11-03-2020	17-03-2020	21-03-2020	27-03-2020	20-04-2020	12-04-2020	20-04-2020
China	31-12-2019	03-02-2020	23-01-2020	26-03-2020	20-04-2020	13-02-2020	17-04-2020
India	30-01-2020	12-05-2020	24-03-2020	22-03-2020	20-04-2020	20-05-2020	05-05-2020
Thailand	13-01-2020	10-03-2020	26-03-2020	01-04-2020	20-04-2020	29-03-2020	03-04-2020

Source: Authors calculation.

Table 3. Reported number of COVID cases and deaths.

Country	Reported Cases of COVID 19		Reported Deaths of COVID 19
	Average	Maximum	Average	Maximum
USA	12516	38509	760	6409
UK	2154	5487	319	1224
Mexico	637	2437	66	353
France	1215	7500	245	2003
Turkey	2197	5138	61	127
China	621	15152	34	1290
India	970	5611	30	195
Thailand	24	252	0.44	4

Data source: COVID-19 pandemic dataset (Ritchie et al., 2020).

Figure 1. Average abnormal return (AAR) and polynomial regression of major event Window for developed countries.

Source: Authors calculation.

Figure 2. Average abnormal return (AAR) and polynomial regression of major event Window for developing countries.

Source: Authors calculation.

Table 4. CAAR and ABHAR during January 10, 2020, to May 31, 2020.

		CAAR	ABHAR	Positive	Negative
Transportation	IN	0.1521	0.0267	6	6
	CH	0.0014	−0.0125	16	19
	TH	−0.1206	−0.17	3	9
	TU	−0.276	−0.3291	1	3
Travel Services	IN	−0.0387	−0.0594	4	5
	CH	0.217	0.078	3	2
	TH
	TU	−0.3077	−0.4035	0	2
		Ave. = −0.0532	Ave. = −0.1243	Total = 33	Total = 46
Transportation	US	−0.5408	−4.41E + 09	19	88
	ME	−0.3615	−0.3886	1	15
	UK	−0.3639	−0.3696	3	26
	FR	−0.2655	−0.5044	2	4
Travel Services	US	−0.4542	−1.3987	4	15
	ME	−0.1918	−0.2304	1	1
	UK	−0.5392	−0.5551	0	3
	FR	−0.2195	−0.3016	1	6
		Ave. = −0.3671	Ave. = −0.5355	Total = 31	Total = 158

This tables provides the CAAR and ABHAR statistcis for the 101 days starting from January 10, 2021. These values are calculated using the “EventStudy” package in R. The bold values are showing the significance of CAAR and ABHAR. Similarly, the positive and negative statistics are the number of firms generated positive or negative CARs.

Source: Authors calculation.

Table 5. Major events and CAAR of transportation sector.

	US	UK	ME	FR	TU	CH	IN	TH
Transportation Sector
First Case	−0.012	0.002	−0.014	−0.003	−0.037	0.001	−0.005	0.000
High Cases	−0.001	−0.003	0.003	−0.007	0.019	−0.001	0.012	0.014
High Deaths	0.001	−0.003	0.001	−0.007	−0.008	−0.001	0.003	0.022
Oil Price	0.004	0.002	−0.001	−0.009	−0.008	−0.001	−0.005	0.009
Package	−0.001	−0.037	−0.003	−0.003	−0.017	−0.004	0.001	−0.024
Lock Down	−0.024	0.003	−0.007	−0.003	0.006	−0.006	0.003	0.001
Restrictions	−0.018		−0.007	−0.003	0.021	−0.003	−0.002	0.022
Travel Services
First Case	−0.005	0.001	−0.040	−0.004	−0.027	0.001	−0.002
High Cases	−0.001	−0.005	0.022	−0.028	0.009	−0.001	0.010
High Deaths	−0.009	−0.004	0.021	0.009	0.006	−0.004	−0.002
Oil Price	0.002	−0.002	0.015	−0.002	0.006	−0.002	0.003
Package	−0.005	0.001	−0.040	−0.004	−0.027	0.001	−0.002
Lock Down	−0.012	0.008	0.007	−0.012	0.008	−0.015	0.002
Restrictions	−0.013		0.007	−0.012	0.008	−0.009	−0.003

This table provides the CAAR statistics using seven different events. The CAAR values are calculated for the time between t-3 to t + 7 where t0 is the event date. The bold values are showing the 95% level of significance. These statistics are calculated using the “EventStudy” package in R.

Source: Authors calculation.

Ritchie, H., Mathieu, E., Rodés-Guirao, L., Appel, C., Giattino, C., Ortiz-Ospina, E., Hasell, J., Macdonald, B., Beltekian, D., & Roser, M. (2020). Coronavirus pandemic (COVID-19). https://ourworldindata.org/coronavirus

 Google Scholar