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Russia-Ukraine War and the global tourism sector: A 13-day tale

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  • Dharen Kumar Pandey
  • Rahul Kumar

Abstract

Using the event study method, we examine the impacts of the Russia-Ukraine war 2022 on the global tourism sector stocks. The findings suggest that the impact is different for firms in different markets. While abnormal returns of firms in Europe, the Middle East, and Africa, as well as the Pacific, are significantly negative on the event day, those in the Americas and Asia are insignificant. The cross-sectional analysis reveals that some country- and firm-specific variables significantly impact the cumulative abnormal returns.

Suggested Citation

  • Dharen Kumar Pandey & Rahul Kumar, 2023. "Russia-Ukraine War and the global tourism sector: A 13-day tale," Current Issues in Tourism, Taylor & Francis Journals, vol. 26(5), pages 692-700, March.
    • Handle: RePEc:taf:rcitxx:v:26:y:2023:i:5:p:692-700
    DOI: 10.1080/13683500.2022.2081789
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    Cited by:

    1. Zhou, Wei-Xing & Dai, Yun-Shi & Duong, Kiet Tuan & Dai, Peng-Fei, 2024. "The impact of the Russia-Ukraine conflict on the extreme risk spillovers between agricultural futures and spots," Journal of Economic Behavior & Organization, Elsevier, vol. 217(C), pages 91-111.
    2. Simone Boccaletti & Paolo Maranzano & Caterina Morelli & Elisa Ossola, 2024. "ESG Performance and Stock Market Responses to Geopolitical Turmoil: evidence from the Russia-Ukraine War," Working Papers 544, University of Milano-Bicocca, Department of Economics.
    3. Assaf, Rima & Gupta, Deeksha & Kumar, Rahul, 2023. "The price of war: Effect of the Russia-Ukraine war on the global financial market," The Journal of Economic Asymmetries, Elsevier, vol. 28(C).
    4. Pandey, Dharen Kumar & Kumar, Satish & Kumari, Vineeta & Alahdal, Waleed M., 2024. "Quaking the stock market: Event study evidence on the Turkey-Syria earthquake," International Review of Economics & Finance, Elsevier, vol. 93(PA), pages 182-194.
    5. Luis N. Zúñiga-Morales & Jorge Ángel González-Ordiano & J. Emilio Quiroz-Ibarra & César Villanueva Rivas, 2024. "Machine learning framework for country image analysis," Journal of Computational Social Science, Springer, vol. 7(1), pages 523-547, April.

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