Do investors react differently? Evidence from hospitality sector during the Covid-19 pandemic

Tosun, Onur Kemal ORCID: https://orcid.org/0000-0003-2551-1408 2022. Do investors react differently? Evidence from hospitality sector during the Covid-19 pandemic. Finance Research Letters 49 , 103099. 10.1016/j.frl.2022.103099

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Abstract

Focusing on publicly traded U.S. eating & dining and lodging firms from 01 July 2019 to 30 October2020, this paper examines investor reaction to restaurant and hotel firms throughout the Covid-19 pandemic. Results show that there is no consensus on buying or selling shares of different hospitality firms in the beginning. Consistent with the behavioral theory, the market reaction is mainly negative to restaurant firms matching with investors’ negative sentiments while investors are indifferent towards lodging firms. In later stages, investors trade less stocks, and the buy pressure in the market leads to a positive reaction to both types of firms.

Item Type:	Article
Date Type:	Published Online
Status:	Published
Schools:	Business (Including Economics)
Subjects:	H Social Sciences > HG Finance
Additional Information:	This is an open access article under the terms of the CC-BY Attribution 4.0 International license.
Publisher:	Elsevier
ISSN:	1544-6123
Related URLs:	https://www.sciencedirect.com/science/ar...
Date of First Compliant Deposit:	16 July 2022
Date of Acceptance:	24 June 2022
Last Modified:	15 May 2023 16:42
URI:	https://orca.cardiff.ac.uk/id/eprint/151337

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