Did COVID-19 tourism sector supports alleviate investor fear?

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dc.contributor.authorCorbet, Shaen
dc.contributor.authorHou, Yang (Greg)
dc.contributor.authorHu, Yang
dc.contributor.authorOxley, Les
dc.date.accessioned2024-06-21T03:57:13Z
dc.date.available2024-06-21T03:57:13Z
dc.date.issued2022
dc.description.abstractThe COVID-19 pandemic presented a dynamic black-swan event to which governments implemented support programmes to reduce sectoral probability of default. This research analyses investor response to such assistance, designed to mitigate the effects of the pandemic upon international aviation and tourism. Investor confidence in such support schemes is estimated through short-term abnormal returns. Results indicate significant differential behaviour, with fiscal policy found to be a dominant and largely effective mechanism generating median abnormal returns of 2.17 %. Specific assistance programmes relating to COVID-19 loan facilities, and the provision of pandemic relief packages significantly alleviated short-term investor concerns with median abnormal returns estimated between 2.87 % and 3.89 % respectively. Our empirical results offer investors and policymakers an additional layer of information.
dc.identifier.citationCorbet, S., Hou, Y., Hu, Y., & Oxley, L. (2022). Did COVID-19 tourism sector supports alleviate investor fear? Annals of Tourism Research, 95, Article 103434. https://doi.org/10.1016/j.annals.2022.103434
dc.identifier.doi10.1016/j.annals.2022.103434
dc.identifier.eissn1873-7722
dc.identifier.issn0160-7383
dc.identifier.urihttps://hdl.handle.net/10289/16642
dc.language.isoen
dc.publisherElsevier BV
dc.relation.isPartOfAnnals of Tourism Research
dc.subjectSocial Sciences
dc.subjectHospitality, Leisure, Sport & Tourism
dc.subjectSociology
dc.subjectSocial Sciences - Other Topics
dc.subjectAviation
dc.subjectTourism
dc.subjectCOVID-19
dc.subjectAbnormal returns
dc.subjectGARCH
dc.subjectGovernment assistance
dc.subjectVOLATILITY SPILLOVERS
dc.subjectAbnormal returns
dc.subjectAviation
dc.subjectCOVID-19
dc.subjectGARCH
dc.subjectGovernment assistance
dc.subjectTourism
dc.subjectAviation&#x3b; Tourism&#x3b; COVID-19&#x3b; Abnormal Returns&#x3b; GARCH&#x3b; Government Assistance
dc.subject.anzsrc20203504 Commercial Services
dc.subject.anzsrc202035 Commerce, Management, Tourism and Services
dc.subject.anzsrc20203506 Marketing
dc.subject.anzsrc20203508 Tourism
dc.subject.anzsrc20204406 Human geography
dc.titleDid COVID-19 tourism sector supports alleviate investor fear?
dc.typeJournal Article
dspace.entity.typePublication
pubs.publication-statusPublished
pubs.volume95
uow.identifier.article-noARTN 103434
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