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The hospitality industry and COVID-19: Stock price crash risk

Author

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  • Augusto Hasman
  • Stefano Borzillo

Abstract

In this paper, we analyze the factors that have determined why certain companies in the hospitality industry managed to buffer themselves from the effects of COVID-19 more consistently than others. In particular, we focus on downside risk measures. We found that hotel companies quoted in the United States were the most affected and that investors were less willing to hold shares in those companies during the pandemic. We also observe that, although hotels obtained lower returns during the period of analysis, restaurants were more affected by extreme events.

Suggested Citation

  • Augusto Hasman & Stefano Borzillo, 2024. "The hospitality industry and COVID-19: Stock price crash risk," Tourism Economics, , vol. 30(6), pages 1634-1641, September.
    • Handle: RePEc:sae:toueco:v:30:y:2024:i:6:p:1634-1641
    DOI: 10.1177/13548166231211250
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