Measuring COVID-19 Effects on Stock Returns of Online Travel Agencies: Does International Diversification Matter?
Abstract
The paper examine the effects of COVID-19 on stock perfomance of 14 online travelling agencies, Using panel regression distribution lag, I firstly observe short and Long term adverse effects of COVID -19 death cases and stock perfomance. on contrary the results indicate positive effects containment measures stringency on stock perfomance during the first wave alone. Secondly , OTAs with higher international diversification exhibited a better perfomance amid with strict measures. I ultimately conclude that the effect of COVID-19 were more pronounced in the first wave, I conclude by providing recomendation and implication.
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