Restrictions on air travel to India and the global airline industry - An event study and cross-sectional approach

Kumari, Vineeta; Kumar, Rahul; Pandey, Dharen Kumar

doi:10.1016/j.apmrv.2022.10.002

Cited by 9 publications

(7 citation statements)

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“…, 2015; Chortane and Pandey, 2022; Goodell and Huynh, 2020; Goyal and Soni, 2023; Jaiswal and Dubey, 2022; Kumari et al. , 2023a, b; Pandey et al. , 2023a; Pandey and Kumari, 2021; Rai and Kumari, 2022).…”

Section: Methodsmentioning

confidence: 99%

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The impact of Credit Suisse takeover on Indian banking and financial services sector stocks: an event study analysis

Goyal,

Soni

2023

JES

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PurposeThe present study aims to comprehensively examine the impact of the Union Bank of Switzerland (UBS) takeover of Credit Suisse on the banking and financial services sector in the Indian stock market. To fully comprehend the impact of the event, the study separately investigates the response of private sector banks, public sector banks, overall banking companies and financial services companies to the takeover of the second-largest financial institution in Switzerland.Design/methodology/approachThe study employs event study methodology, using the market model, to analyze the event's impact on Indian banking and financial services sector stocks. The data consists of daily closing prices of companies included in the Nifty Private Bank Index, Nifty PSU Bank Index, Nifty Bank Index and Nifty Financial Services Index from the National Stock Exchange (NSE). Furthermore, cross-sectional regression analysis has been conducted to explore the factors that drive abnormal returns.FindingsThe empirical findings of the study suggest the event had a heterogeneous impact on the stock prices of Indian banks and financial services companies. While public sector banks experienced a significant negative impact on select days within the event window, the overall Indian banking sector and financial services companies also witnessed notable declines. In contrast, Indian private sector banks were relatively resilient, exhibiting minimal effects. However, the cumulative effect is found to be insignificant for all four categories across different event windows. The study also observed that the cumulative abnormal returns (CARs) were significantly influenced by certain variables during different event windows.Originality/valueTo the best of the authors' knowledge, the present study is the earliest attempt that investigates the impact of the UBS takeover of Credit Suisse on the Indian banking and financial services sector using event study methodology and cross-sectional regression model.

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Section: Methodsmentioning

confidence: 99%

“…Following it, the present study employed the most widely used market model of event study methodology (Buigut and Masinde, 2022; Kumari et al. , 2023a, b; Pandey et al. , 2023c; Pandey and Kumari, 2022) to explore the impact of the event on the Indian banking and financial services sector stocks.…”

Section: Methodsmentioning

confidence: 99%

The impact of Credit Suisse takeover on Indian banking and financial services sector stocks: an event study analysis

Goyal,

Soni

2023

JES

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“…The airline industry is one of the first industries affected by the pandemic and government interventions. Several studies find negative impacts of COVID-19 on airline stocks ( Kumari et al, 2022 , 2022 ; Maneenop & Kotcharin, 2020 , 2023 ; Martins & Cró, 2022 ). For instance, Maneenop and Kotcharin (2020) document global airline negative abnormal returns of 24.42% in the five days following the 11 march 2020 WHO declaration of a global pandemic outbreak.…”

Section: Introductionmentioning

confidence: 99%

“…Using this dataset, recent studies can investigate the role of government policy response to financial markets ( Aharon & Siev, 2021 ; Kumari, Kumar, & Pandey, 2022 , Kumari et al, 2022 ; Kumari, Kumar, & Pandey, 2022 , Kumari et al, 2022 , Guedhami et al, 2022 , among others). However, they find mixed results.…”

Section: Introductionmentioning

confidence: 99%

The impact of government policy responses on airline stock return during the COVID-19 crisis

Kotcharin

Maneenop

Jaroenjitrkam

2023

Research in Transportation Economics

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“…Kamal et al (2022) use the COVID-19 outbreak news and the invention of COVID-19 vaccine in the maritime shipping industry. Meanwhile, Kumari et al (2022) focus on the WHO named the B.1.617 variant as “variant of interest” and the announcements of travel bans in the airline industry. Similarly, Sakawa and Watanabel (2023) examine the COVID-19 outbreak in Princess Diamond cruise ship and the announcement on tightened border control in the Japanese shipping industry.…”

Section: Introductionmentioning

confidence: 99%

Comparative evidence on the impact of the COVID-19 outbreak and vaccine discovery on the global transportation industry

Maneenop

Kotcharin

2023

Transportation Research Interdisciplinary Perspectives

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Restrictions on air travel to India and the global airline industry - An event study and cross-sectional approach

Cited by 9 publications

References 93 publications

The impact of Credit Suisse takeover on Indian banking and financial services sector stocks: an event study analysis

The impact of Credit Suisse takeover on Indian banking and financial services sector stocks: an event study analysis

The impact of government policy responses on airline stock return during the COVID-19 crisis

Comparative evidence on the impact of the COVID-19 outbreak and vaccine discovery on the global transportation industry

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