This research explored the effects of the coronavirus disease (COVID-19) outbreak on stock price movements of China’s tourism industry by using an event study method. The results showed that the crisis negatively impacted tourism sector stocks. Further quantile regression analyses supported the non-linear relationship between the government’s responses and stock returns. The results present that the resurgence of the virus in Beijing did bring about a short-term negative impact on the tourism industry. The empirical results can be used for future researchers to conduct a comparative study of cultural differences concerning government responses to the COVID-19.

Using a monthly panel data of 13 Chinese provinces (cities) over the period from December 2019 to August 2020, this research investigates the impact of COVID-19 on the freight transport. We find that COVID-19 has a positive impact on the road freight transport turnover. This effect is pronounced under the higher numbers of COVID-19 confirmed cases and the lower level of gasoline production, and vice versa. In brief, This study finds that COVID-19 has a positive impact on the road freight transport turnover. This effect is pronounced under the higher numbers of COVID-19 confirmed cases and the lower level of gasoline production, and vice versa.

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