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

References

• Adebanji, A., Oluwole, O. I., Ogunnaike, O. O., & Ibidunni, A. S. (2017). Globalization and Ebola disease: Implications for business activities in Nigeria. African Journal of Business Management, 11(3), 47–56. https://doi.org/10.5897/AJBM2016.8133
   Google Scholar
• Aharon, D. Y., Jacobi, A., Cohen, E., Tzur, J., & Qadan, M. (2021). COVID-19, government measures and hospitality industry performance. PloS One, 16(8), e0255819. https://doi.org/10.1371/journal.pone.0255819
   PubMed Web of Science ®Google Scholar
• Alam, M. M., Wei, H., & Wahid, A. N. M. (2021). COVID-19 outbreak and sectoral performance of the Australian stock market: An event study analysis. Australian Economic Papers, 60(3), 137–482. https://doi.org/10.1111/1467-8454.12215
   Web of Science ®Google Scholar
• Al-awadhi, A. M., Alsaifi, K., Al-awadhi, A., & Alhammadi, S. (2020). Death and contagious infectious diseases: Impact of the COVID-19 virus on stock market returns. Journal of Behavioral and Experimental Finance, 27, 100325–100326. https://doi.org/10.1016/j.jbef.2020.100326
   Web of Science ®Google Scholar
• Amuthan, R. (2020). COVID-19 impacts on stock return outlooks of stock exchange listed aviation transport companies in India. Journal of Critical Reviews, 7(17), 1155–1160. https://doi.org/10.31838/jcr.07.17.146
   Google Scholar
• Anh, D. L. T., & Gan, C. (2021). The impact of the COVID-19 lockdown on stock market performance: Evidence from Vietnam. Journal of Economic Studies, 48(4), 836–851. https://doi.org/10.1108/JES-06-2020-0312
   Web of Science ®Google Scholar
• Ashraf, B. N. (2020). Stock markets' reaction to COVID-19: Cases or fatalities? Research in International Business and Finance, 54, 101246–101249. https://doi.org/10.1016/j.ribaf.2020.101249
   Web of Science ®Google Scholar
• Atems, B., & Yimga, J. (2021). Quantifying the impact of the COVID-19 pandemic on US airline stock prices. Journal of Air Transport Management, 97, 102141. https://doi.org/10.1016/j.jairtraman.2021.102141
   PubMed Web of Science ®Google Scholar
• Baker, S. R., Bloom, N., Davis, S. J., Kost, K. J., Sammon, M. C., Bloom, N., Viratyosin, T., & Bloom, N. (2020). The unprecedented stock market impact of COVID-19. No. w26945. National Bureau of Economic Research. https://doi.org/10.3386/w26945
   Google Scholar
• Carpentier, C., & Suret, J. M. (2015). Stock market and deterrence effect: A mid-run analysis of major environmental and non-environmental accidents. Journal of Environmental Economics and Management, 71, 1–18. https://doi.org/10.1016/j.jeem.2015.01.001
   Web of Science ®Google Scholar
• Carter, D., Mazumder, S., Simkins, B., & Sisneros, E. (2022). The stock price reaction of the COVID-19 pandemic on the airline, hotel, and tourism industries. Finance Research Letters, 44, 102047. https://doi.org/10.1016/j.frl.2021.102047
   PubMed Web of Science ®Google Scholar
• Chang, C.-L., Hsu, S.-H., & McAleer, M. (2018). An event study analysis of political events, disasters, and accidents for Chinese tourists to Taiwan. Sustainability, 10(11), 4307–4377. https://doi.org/10.3390/su10114307
   Web of Science ®Google Scholar
• Cowan, A. R. (1992). Nonparametric event study tests. Review of Quantitative Finance and Accounting, 2(4), 343–358. https://doi.org/10.1007/BF00939016
   Google Scholar
• Deb, S. (2021). Analyzing airlines stock price volatility during COVID-19 pandemic through internet search data. International Journal of Finance and Economics, https://doi.org/10.1002/ijfe.2490
   Web of Science ®Google Scholar
• Dima, B., Dima, Ş. M., & Ioan, R. (2021). Remarks on the behaviour of financial market efficiency during the COVID-19 pandemic. The case of VIX. Finance Research Letters, 43, 101967. https://doi.org/10.1016/j.frl.2021.101967
   PubMed Web of Science ®Google Scholar
• Fama, E. F., & French, K. R. (1992). The cross-section of expected stock returns. The Journal of Finance, 47(2), 427–465. https://doi.org/10.2307/2329112
   Web of Science ®Google Scholar
• Farooq, U., Nasir, A., Bilal, & Quddoos, M. U. (2021). The impact of COVID-19 pandemic on abnormal returns of insurance firms: A cross-country evidence. Applied Economics, 53(31), 3658–3678. https://doi.org/10.1080/00036846.2021.1884839
   Web of Science ®Google Scholar
• Ganesh, A., & Iyer, S. (2021). Impact of firm-initiated tweets on stock return and trading volume. Journal of Behavioral Finance, 1–12. https://doi.org/10.1080/15427560.2021.1949717
   Web of Science ®Google Scholar
• Harjoto, M. A., Rossi, F., & Paglia, J. K. (2021). COVID-19: Stock market reactions to the shock and the stimulus. Applied Economics Letters, 28(10), 795–797. https://doi.org/10.1080/13504851.2020.1781767
   Web of Science ®Google Scholar
• He, P., Sun, Y., Zhang, Y., & Li, T. (2020). COVID–19’s impact on stock prices across different sectors—An event study based on the Chinese stock market. Emerging Markets Finance and Trade, 56(10), 2198–2212. https://doi.org/10.1080/1540496X.2020.1785865
   Web of Science ®Google Scholar
• Herwany, A., Febrian, E., Anwar, M., & Gunardi, A. (2021). The influence of the COVID-19 pandemic on stock market returns in Indonesia stock exchange. Journal of Asian Finance, Economics and Business, 8(3), 39–47.https://doi.org/10.13106/jafeb.2021.vol8.no3.0039
   Web of Science ®Google Scholar
• Hossain, S., Gavurová, B., Yuan, X., Hasan, M., & Oláh, J. (2021). The impact of intraday momentum on stock returns: Evidence from S&P500 and CSI300. E & M Ekonomie A Management, 24(4), 124–141.
   Web of Science ®Google Scholar
• Huang, J., Wang, H., Fan, M., Zhuo, A., Sun, Y., & Li, Y. (2020). Understanding the impact of the COVID-19 pandemic on transportation-related behaviors with human mobility data. In Proceedings of the ACM SIGKDD International Conference on Knowledge Discovery and Data Mining (pp. 3443–3450). https://doi.org/10.1145/3394486.3412856
   Google Scholar
• Hung, L. S. (2003). The SARS epidemic in Hong Kong: What lessons have we learned? Journal of the Royal Society of Medicine, 96(8), 374–378. https://doi.org/10.1258/jrsm.96.8.374
   PubMed Web of Science ®Google Scholar
• Huo, X., & Qiu, Z. (2020). How does China’s stock market react to the announcement of the COVID-19 pandemic lockdown? Economic and Political Studies, 8(4), 436–461. https://doi.org/10.1080/20954816.2020.1780695
   Web of Science ®Google Scholar
• Jabeen, A., Afzal, S., Maqsood, M., Mehmood, I., Yasmin, S., Niaz, M. T., & Nam, Y. (2021). An LSTM based forecasting for major stock sectors using COVID sentiment. Computers, Materials and Continua, 67(1), 1–21. https://doi.org/10.32604/cmc.2021.014598
   Google Scholar
• Kim, H., & Gu, Z. (2004). Impact of the 9/11 terrorist attacks on the return and risk of airline stocks. Tourism and Hospitality Research, 5(2), 150–163. https://doi.org/10.1057/palgrave.thr.6040013
   Google Scholar
• Kökény, L., Kenesei, Z., & Neszveda, G. (2022). Impact of COVID-19 on different business models of European airlines. Current Issues in Tourism, 25(3), 458–474. https://doi.org/10.1080/13683500.2021.1960284
   Web of Science ®Google Scholar
• Lamb, R. P. (1995). An exposure-based analysis of property-liability insurer stock values around Hurricane Andrew. The Journal of Risk and Insurance, 62(1), 111. https://doi.org/10.2307/253695
   Web of Science ®Google Scholar
• Lee, W. Y., Jiang, C. X., & Indro, D. C. (2002). Stock market volatility, excess returns, and the role of investor sentiment. Journal of Banking & Finance, 26(12), 2277–2299. https://doi.org/10.1016/S0378-4266(01)00202-3
   Web of Science ®Google Scholar
• Liew, S. (2020). The effect of novel coronavirus pandemic on tourism share prices. Journal of Tourism Futures, https://doi.org/10.1108/JTF-03-2020-0045
   Web of Science ®Google Scholar
• Likhacheva, A. (2006). SARS revisited. Ethics Journal of the American Medical Association, 8(4), 219–222.https://doi.org/10.1001/virtualmentor.2010.12.8.medu1-1008
   Google Scholar
• Lin, X., & Falk, M. T. (2021). Nordic stock market performance of the travel and leisure industry during the first wave of Covid-19 pandemic. Tourism Economics, 135481662199093. https://doi.org/10.1177/1354816621990937
   Web of Science ®Google Scholar
• Liu, H., Manzoor, A., Wang, C., Zhang, L., & Manzoor, Z. (2020). The COVID-19 outbreak and affected countries stock markets response. International Journal of Environmental Research and Public Health, 17(8), 2800. https://doi.org/10.3390/ijerph17082800
   PubMed Web of Science ®Google Scholar
• Liu, H. Y., Wang, Y., He, D., & Wang, C. (2020). Short term response of Chinese stock markets to the outbreak of COVID-19. Applied Economics, 52(53), 5859–5872. https://doi.org/10.1080/00036846.2020.1776837
   Web of Science ®Google Scholar
• Loh, E. (2006). The impact of SARS on the performance and risk profile of airline stocks. International Journal of Transport Economics, 33(3), 401–422.https://doi.org/10.1400/55242
   Web of Science ®Google Scholar
• Maneenop, S., & Kotcharin, S. (2020). The impacts of COVID-19 on the global airline industry: An event study approach. Journal of Air Transport Management, 89(August), 101920. https://doi.org/10.1016/j.jairtraman.2020.101920
   PubMedGoogle Scholar
• Mazur, M., Dang, M., & Vega, M. (2021). COVID-19 and the March 2020 stock market crash. Evidence from S&P1500. Finance Research Letters, 38, 101690. https://doi.org/10.1016/j.frl.2020.101690
   PubMed Web of Science ®Google Scholar
• Naik, P. K., Shaikh, I., & Huynh, T. L. D. (2021). Institutional investment activities and stock market volatility amid COVID-19 in India. Economic Research-Ekonomska Istraživanja, 1–19. https://doi.org/10.1080/1331677X.2021.1982399
   Web of Science ®Google Scholar
• Narayan, P. K., Phan, D. H. B., & Liu, G. (2021). COVID-19 lockdowns, stimulus packages, travel bans, and stock returns. Finance Research Letters, 38, 101732. https://doi.org/10.1016/j.frl.2020.101732
   PubMed Web of Science ®Google Scholar
• Perlin, M., & Maintainer. (2018). Package “BatchGetSymbols” title downloads and organizes financial data for multiple tickers (2.6.1). R package version. ftp://cran.r-project.org/pub/R/web/packages/BatchGetSymbols/BatchGetSymbols.pdf
   Google Scholar
• Phuong, L. C. M. (2021). How Covid-19 affects the share price of Vietnam's pharmaceutical industry: Event study method. Entrepreneurship and Sustainability Issues, 8(4), 250–261. https://doi.org/10.9770/jesi.2021.8.4(14)
   Web of Science ®Google Scholar
• Prabheesh, K. P., Padhan, R., & Garg, B. (2020). COVID-19 and the oil price–stock market nexus: Evidence from net oil-importing countries. Energy Research Letters, 1(2), 13745. https://doi.org/10.46557/001c.13745
   Google Scholar
• Qiao, F., & Yan, Y. (2020). A demand-oriented industry-specific volatility spillover network analysis of china’s stock market around the outbreak of COVID-19. Asian Economic and Financial Review, 10(11), 1321–1341. https://doi.org/10.18488/journal.aefr.2020.1011.1321.1341
   Google Scholar
• 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
• Ryu, D., Kim, H., & Yang, H. (2017). Investor sentiment, trading behavior and stock returns. Applied Economics Letters, 24(12), 826–830. https://doi.org/10.1080/13504851.2016.1231890
   Web of Science ®Google Scholar
• Sayed, O. A., & Eledum, H. (2021). The short-run response of Saudi Arabia stock market to the outbreak of COVID-19 pandemic: An event-study methodology. International Journal of Finance and Economics,https://doi.org/10.1002/ijfe.2539
   Web of Science ®Google Scholar
• Schimmer, M., Levchenko, A., & Müller, S. (2014). EventStudyTools (Research Apps). http://www.eventstudytools.com
   Google Scholar
• Sherif, M. (2020). The impact of Coronavirus (COVID-19) outbreak on faith-based investments: An original analysis. Journal of Behavioral and Experimental Finance, 28, 100403. https://doi.org/10.1016/j.jbef.2020.100403
   PubMed Web of Science ®Google Scholar
• Singh, M. K., & Neog, Y. (2020). Contagion effect of COVID-19 outbreak: Another recipe for disaster on Indian economy. Journal of Public Affairs, 20(4), 1–8. https://doi.org/10.1002/pa.2171
   Web of Science ®Google Scholar
• Singh, G., & Shaik, M. (2021). The short-term impact of covid-19 on global stock market indices. Contemporary Economics, 15(1), 1–18. https://doi.org/10.5709/ce.1897-9254.432
   Web of Science ®Google Scholar
• Takao, A., Yoshizawa, T., Hsu, S., & Yamasaki, T. (2013). The effect of the great east Japan earthquake on the stock prices of non-life insurance companies. The Geneva Papers on Risk and Insurance - Issues and Practice, 38(3), 449–468. https://doi.org/10.1057/gpp.2012.34
   Web of Science ®Google Scholar
• Thampanya, N., Wu, J., Nasir, M. A., & Liu, J. (2020). Fundamental and behavioural determinants of stock return volatility in ASEAN-5 countries. Journal of International Financial Markets, Institutions and Money, 65, 101193. https://doi.org/10.1016/j.intfin.2020.101193
   Web of Science ®Google Scholar
• Tomio, B. (2020). Carry trade in developing and developed countries: A Granger causality analysis with the Toda-Yamamoto appr. Economics Bulletin, 40(3), 2154–2164.
   Web of Science ®Google Scholar
• Wong, G., Liu, W., Liu, Y., Zhou, B., Bi, Y., & Gao, G. F. (2015). MERS, SARS, and Ebola: The role of super-spreaders in infectious disease. Cell Host & Microbe, 18(4), 398–401. https://doi.org/10.1186/s40854-021-00277-7
   PubMed Web of Science ®Google Scholar
• Zhang, F., Narayan, P. K., & Devpura, N. (2021). Has COVID-19 changed the stock return-oil price predictability pattern? Financial Innovation, 7(1), 1–10. https://doi.org/10.1016/j.chom.2015.09.013 https://doi.org/10.1186/s40854-021-00277-7
   Web of Science ®Google Scholar