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Nordic stock market performance of the travel and leisure industry during the first wave of Covid-19 pandemic
Södertörn University, School of Social Sciences, Economics.ORCID iD: 0000-0003-3747-9038
University of South-Eastern Norway, Notodden, Norway.ORCID iD: 0000-0003-0518-6513
2022 (English)In: Tourism Economics, ISSN 1354-8166, E-ISSN 2044-0375, Vol. 28, no 5, p. 1240-1257Article in journal (Refereed) Published
Abstract [en]

This article investigates the performance of the stock market and its volatility in the travel and leisure industry for three Nordic countries using daily data from June 2018 to June 2020, a period that includes the first wave of Covid-19 pandemic. The methodology is based on the Markov regime switching model that allows unobservable regime shifts in the stock return relationship between the travel and leisure industry and the overall market in the period before the outbreak of Covid-19 crisis and during the recovery period at the end of the first wave. The results provide strong evidence of regime switching behaviour in the form of idiosyncratic risk as measured by volatility. The period before Covid-19 corresponds to a low/medium idiosyncratic risk, while the period of the pandemic is characterized by a regime with high idiosyncratic risk. Overall, the timing, likelihood and duration of this crisis regime depend on the composition of the travel and leisure firms. Those with a large proportion of online gambling firms perform better, while those consisting of international transportation firms, hotels and restaurants perform negatively. This study shows that the high-frequency data and the model chosen here can provide timely information on the impact of the pandemic on various tourism and leisure businesses that could be useful for policymaking.

Place, publisher, year, edition, pages
Sage Publications, 2022. Vol. 28, no 5, p. 1240-1257
Keywords [en]
digital leisure, Markov switching model, Nordic countries, stock market performance, travel and leisure sector
National Category
Economics
Research subject
Politics, Economy and the Organization of Society
Identifiers
URN: urn:nbn:se:sh:diva-44050DOI: 10.1177/1354816621990937ISI: 000621167400001Scopus ID: 2-s2.0-85100458109OAI: oai:DiVA.org:sh-44050DiVA, id: diva2:1528452
Available from: 2021-02-15 Created: 2021-02-15 Last updated: 2022-09-15Bibliographically approved

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Lin, Xiang

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CiteExportLink to record
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Citation style
  • apa
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • harvard-anglia-ruskin-university
  • apa-old-doi-prefix.csl
  • sodertorns-hogskola-harvard.csl
  • sodertorns-hogskola-oxford.csl
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
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  • asciidoc
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