| Issue |
ITM Web Conf.
Volume 60, 2024
2023 5th International Conference on Advanced Information Science and System (AISS 2023)
|
|
|---|---|---|
| Article Number | 00015 | |
| Number of page(s) | 5 | |
| DOI | https://doi.org/10.1051/itmconf/20246000015 | |
| Published online | 09 January 2024 | |
The effects of coronavirus news on travel and leisure stocks: Evidence from the NARDL model
1 Institute of Science and Technology Information, Beijing Academy of Science and Technology, Beijing 100044, China
2 Beijing Normal University, Beijing 100091, China
3 School of Statistics, Remin University of China, Beijing 100872, China
4 School of Economics, Hebei GEO University, Shijiazhuang 050031, China
* Corresponding author: zhangshan199303@ruc.edu.cn; zhangrufei@hgu.edu.cn
This study employs the NARDL model to investigate the asymmetric effects of COVID-19 news on the return and volatility of travel and leisure stocks in both the United States and the global context. Our findings reveal distinct longand short-term impacts of COVID-19 news on these stocks, exhibiting asymmetry and lag effects. Various types of news, including panic-inducing reports, entity-related coronavirus news, and misleading information, contribute to adjustments in travel and leisure stock returns over the long term. Notably, panic-inducing news has a more pronounced long-term impact on stock volatility compared to a higher volume of news sources reporting coronavirus-related information in similar situations. We argue that regulatory bodies can influence the stock market by ensuring the accuracy and reliability of news content.
Key words: tourism / NARDL / coronavirus news
© The Authors, published by EDP Sciences, 2024
This is an Open Access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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