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Impact of the Russia–Ukraine war on hospitality equity markets

Author

Listed:
  • Faruk Balli
  • Mabruk Billah
  • Iftekhar Chowdhury

Abstract

This study explores the impact of the Russian–Ukraine war on the hospitality equity sector market for the selected 26 countries. It reveals a sharp spike in the return connectivity at the onset of the war. The return of the sector materializes more sensitivity when tourism demand from Russia and Ukraine is more extensive and when a country has a higher energy dependency on Russia. Overall results consistently stipulate the aspect of the efficient market hypothesis.

Suggested Citation

  • Faruk Balli & Mabruk Billah & Iftekhar Chowdhury, 2023. "Impact of the Russia–Ukraine war on hospitality equity markets," Tourism Economics, , vol. 29(8), pages 2206-2215, December.
    • Handle: RePEc:sae:toueco:v:29:y:2023:i:8:p:2206-2215
    DOI: 10.1177/13548166221133493
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    References listed on IDEAS

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    4. Faruk Balli & Gazi Salah Uddin & Syed Jawad Hussain Shahzad, 2019. "Geopolitical risk and tourism demand in emerging economies," Tourism Economics, , vol. 25(6), pages 997-1005, September.
    5. Fama, Eugene F, 1970. "Efficient Capital Markets: A Review of Theory and Empirical Work," Journal of Finance, American Finance Association, vol. 25(2), pages 383-417, May.
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