Abstract:This study examines the impact of economic stimulus policies on tourism-related firms’ stock prices, after movement restriction announcements, and differences in the relationships between economic policy responses and stock prices for large firms vis-à-vis small firms. Using a cross-section data of 888 firms from 56 countries listed on several stock exchanges, we find a positive and significant association between the COVID-19 economic stimulus index and 1- and 2-week average changes in tourism firms’ stock pr… Show more
scite is a Brooklyn-based organization that helps researchers better discover and understand research articles through Smart Citations–citations that display the context of the citation and describe whether the article provides supporting or contrasting evidence. scite is used by students and researchers from around the world and is funded in part by the National Science Foundation and the National Institute on Drug Abuse of the National Institutes of Health.