期刊
FINANCE RESEARCH LETTERS
卷 44, 期 -, 页码 -出版社
ACADEMIC PRESS INC ELSEVIER SCIENCE
DOI: 10.1016/j.frl.2021.102047
关键词
COVID-19; Market reaction; Event study; Multi-variate regression model
This study investigates the impact of the COVID-19 pandemic on the stock market performance of U.S. travel-related firms and finds that cash reserves play a crucial role in mitigating the negative effects, with larger firms and those with lower leverage experiencing less negative returns.
This paper investigates the stock market performance from the second half of February through the latter portion of March 2020 for U.S. travel-related firms (airlines, restaurants, and hotels) in response to the COVID-19 pandemic. Clearly the reduction in travel was negative news for the travel industry; however, we focus on the factors used by market participants to price the information into stock prices. We find that larger firms with greater cash reserves and higher market-to-book ratios experienced less negative returns, while firms with greater leverage were penalized more. Additionally, we find that cash reserves were particularly important for hotels.
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