Özet:

In this study, the reaction of investors to the tourism stock market indices of the COVID-19 epidemic was analyzed by the "event study" method. In this context, three events representing the development of the COVID-19 epidemic were identified in the study. First event date of the first infected case outside of China in Thailand (13 January 2020); the second event was the outbreak of the epidemic in Italy (21 February 2020); and the third event, the date (March 11, 2020) when the World Health Organization (WHO) declared COVID-19 a global epidemic and the USA restricted travel to 26 European countries. These are STOXX Travel & Leisure Global index, STOXX Travel & Leisure Asia-Pacific index, STOXX Travel & Leisure Europe index and STOXX Travel & Leisure North America index. The results of the analysis show that, in general, investors reacted negatively to the COVID-19 outbreak according to market returns (MSCI ACWI). When analyzed by regions, it is seen that the highest losses in all event windows are experienced in the European tourism index.

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