Corbet, ShaenHou, Yang (Greg)Hu, YangOxley, Les2024-06-212024-06-212022Corbet, 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.2022.1034340160-7383https://hdl.handle.net/10289/16642The 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.enSocial SciencesHospitality, Leisure, Sport & TourismSociologySocial Sciences - Other TopicsAviationTourismCOVID-19Abnormal returnsGARCHGovernment assistanceVOLATILITY SPILLOVERSAbnormal returnsAviationCOVID-19GARCHGovernment assistanceTourismAviation&#x3b; Tourism&#x3b; COVID-19&#x3b; Abnormal Returns&#x3b; GARCH&#x3b; Government AssistanceJournal Article10.1016/j.annals.2022.1034341873-77223504 Commercial Services35 Commerce, Management, Tourism and Services3506 Marketing3508 Tourism4406 Human geography