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From pandemic to systemic risk: contagion in the U.S. tourism sector

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  • Syed Jawad Hussain Shahzad
  • Thi Hong Van Hoang
  • Elie Bouri

Abstract

This paper investigates the interconnectedness among 95 tourism firms in the U.S. over the 2018–2020 period with a focus on the impact of the Covid-19 pandemic. The results using tail risk spillover analysis show that the level of risk contagion significantly increased during the Covid-19 pandemic. Small tourism firms become more systemically important during the Covid-19 pandemic while the level of bad risk contagion has a negative impact on the stock performance of US tourism firms.

Suggested Citation

  • Syed Jawad Hussain Shahzad & Thi Hong Van Hoang & Elie Bouri, 2022. "From pandemic to systemic risk: contagion in the U.S. tourism sector," Current Issues in Tourism, Taylor & Francis Journals, vol. 25(1), pages 34-40, January.
    • Handle: RePEc:taf:rcitxx:v:25:y:2022:i:1:p:34-40
    DOI: 10.1080/13683500.2021.1881050
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    Cited by:

    1. Yen-Chang Chen & Ying-Sing Liu, 2023. "Market Efficiency and Stock Investment Loss Aversion Guide During COVID-19 Pandemic Events: The Case for Applying Data Mining," SAGE Open, , vol. 13(4), pages 21582440231, December.
    2. Syed jawad hussain Shahzad & Elie Bouri & Román Ferrer, 2023. "Twitter sentiment and stock return volatility of US travel and leisure firms," Economics Bulletin, AccessEcon, vol. 43(2), pages 1133-1142.
    3. Liang, Ruibin & Cheng, Sheng & Cao, Yan & Li, Xinran, 2024. "Multi-scale impacts of oil shocks on travel and leisure stocks: A MODWT-Bayesian TVP model with shrinkage approach," Technological Forecasting and Social Change, Elsevier, vol. 200(C).
    4. Hu, Yang & Lang, Chunlin & Corbet, Shaen & Wang, Junchuan, 2024. "The impact of COVID-19 on the volatility connectedness of the Chinese tourism sector," Research in International Business and Finance, Elsevier, vol. 68(C).
    5. Al-Nassar, Nassar S. & Yousaf, Imran & Makram, Beljid, 2023. "Spillovers between positively and negatively affected service sectors from the COVID-19 health crisis: Implications for portfolio management," Pacific-Basin Finance Journal, Elsevier, vol. 79(C).

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