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      The impact of the SARS outbreak on Taiwanese hotel stock performance: An event-study approach

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          Abstract

          The severe acute respiratory syndrome (SARS) outbreak in 2003 weakened the Taiwanese economy. The tourism industry suffered the most, experiencing the highest stock price decline (approximately 29 percent) within a month of the SARS outbreak. This research examined the effect of the SARS epidemic on Taiwanese hotel stock price movements using an event-study approach. Seven publicly traded hotel companies experienced steep declines in earnings and stock price during the SARS outbreak period. On and after the day of the SARS outbreak, Taiwanese hotel stocks showed significantly negative cumulative mean abnormal returns, indicating a significant impact of the SARS outbreak on hotel stock performance. Empirical findings could be used to prepare businesses for the similar epidemics, such as a deadly bird-flu epidemic.

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          Generalized autoregressive conditional heteroskedasticity

          Tim Bollerslev (1986)
          Article 0 comments Cited 1581 times – based on 0 reviews     Review now
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            Autoregressive Conditional Heteroscedasticity with Estimates of the Variance of United Kingdom Inflation

            Robert F. Engle (1982)
            Article 0 comments Cited 1444 times – based on 0 reviews     Review now
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              Conditional Heteroskedasticity in Asset Returns: A New Approach

              Daniel B. Nelson (1991)
              Article 0 comments Cited 668 times – based on 0 reviews     Review now
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                Author and article information

                Contributors
                Ming-Hsiang Chen
                SooCheong (Shawn) Jang
                Woo Gon Kim
                Journal
                Journal ID (nlm-ta): Int J Hosp Manag
                Journal ID (iso-abbrev): Int J Hosp Manag
                Title: International Journal of Hospitality Management
                Publisher: Elsevier Ltd.
                ISSN (Print): 0278-4319
                ISSN (Electronic): 1873-4693
                Publication date PMC-release: 23 March 2006
                Publication date (Print): March 2007
                Publication date (Electronic): 23 March 2006
                Volume: 26
                Issue: 1
                Pages: 200-212
                Affiliations
                [a ]Department of Finance, National Chung Cheng University, Chia-Yi, Taiwan, ROC
                [b ]Department of Hospitality and Tourism Management, Purdue University, Stone Hall, Room B-9, West Lafayette, IN 47907-2059, USA
                [c ]School of Hotel and Restaurant Administration, Oklahoma State University, 210 HESW, Stillwater, OK 74078-6173, USA
                Author notes
                [* ]Corresponding author. Tel.: +011 886 5 2720411; fax: +011 886 5 2720818. finmhc@ 123456ccu.edu.tw
                Article
                Publisher ID: S0278-4319(06)00004-1
                DOI: 10.1016/j.ijhm.2005.11.004
                PMC ID: 7116915
                PubMed ID: 32287849
                SO-VID: 8cb24c96-63f8-4e7e-842f-461f4c603748
                Copyright © Copyright © 2006 Elsevier Ltd. All rights reserved.
                License:

                Since January 2020 Elsevier has created a COVID-19 resource centre with free information in English and Mandarin on the novel coronavirus COVID-19. The COVID-19 resource centre is hosted on Elsevier Connect, the company's public news and information website. Elsevier hereby grants permission to make all its COVID-19-related research that is available on the COVID-19 resource centre - including this research content - immediately available in PubMed Central and other publicly funded repositories, such as the WHO COVID database with rights for unrestricted research re-use and analyses in any form or by any means with acknowledgement of the original source. These permissions are granted for free by Elsevier for as long as the COVID-19 resource centre remains active.

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                Subject: Article

                Keywords: severe acute respiratory syndrome (sars),hotel stocks,taiwan,event study
                Data availability:
                Keywords: severe acute respiratory syndrome (sars), hotel stocks, taiwan, event study

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