About: This study examines the short-term impact of the 2019 novel coronavirus (COVID-19) outbreak on 52 listed airline companies around the world by using event study methodology. The results demonstrate that airline stock returns declined more significantly than the market returns after three major COVID-19 announcements were made. Overall, traders reacted differently during the three selected events. The strongest overreaction was noted in the post-event periods of the World Health Organization's and President Trump's official announcements. Moreover, the findings confirm that traders in western countries are more responsive to recent information than those in Asian countries. The findings call for immediate policy designs in order to protect the airline industry around the globe.   Goto Sponge  NotDistinct  Permalink

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  • This study examines the short-term impact of the 2019 novel coronavirus (COVID-19) outbreak on 52 listed airline companies around the world by using event study methodology. The results demonstrate that airline stock returns declined more significantly than the market returns after three major COVID-19 announcements were made. Overall, traders reacted differently during the three selected events. The strongest overreaction was noted in the post-event periods of the World Health Organization's and President Trump's official announcements. Moreover, the findings confirm that traders in western countries are more responsive to recent information than those in Asian countries. The findings call for immediate policy designs in order to protect the airline industry around the globe.
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  • Memory processes
  • American investors
  • Candidates in the 2000 United States presidential election
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