The impact of tourism uncertainty on airline stock markets in Korea: a quantile regression approach
This study explores the impact of tourism uncertainty, including economic policy uncertainty (EPU) and travel crises arising from issues such as terrorism and disease outbreaks, on airline stock markets in Korea. Airline stock prices are particularly affected by tourism uncertainty. Using data from...
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| Format: | Article |
| Language: | English |
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Vilnius Gediminas Technical University
2021-06-01
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| Series: | Journal of Business Economics and Management |
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| Online Access: | https://journals.vgtu.lt/index.php/JBEM/article/view/14668 |
| _version_ | 1819089730047836160 |
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| author | Ji-Hong Jeon |
| author_facet | Ji-Hong Jeon |
| author_sort | Ji-Hong Jeon |
| collection | DOAJ |
| description | This study explores the impact of tourism uncertainty, including economic policy uncertainty (EPU) and travel crises arising from issues such as terrorism and disease outbreaks, on airline stock markets in Korea. Airline stock prices are particularly affected by tourism uncertainty. Using data from 2001–2018 and events influencing tourism uncertainty such as the 9/11 terrorist attacks and severe acute respiratory syndrome, quantile regression approach reveals how EPU influences airline stock prices in Korea during three market phases – bearish, normal, and bullish. EPU and travel crises negatively affect airline stock prices in Korea. Specifically, we document that higher EPU and more global travel crises lead to deeper reductions in stock prices in bullish markets. These results provide implications and insights for airline investors, stakeholders, and organizations concerned about the influence of tourism uncertainty on airline stock prices in Korea. |
| first_indexed | 2024-12-21T22:12:34Z |
| format | Article |
| id | doaj.art-2258ec707dce4cb4946eebdd5ef98177 |
| institution | Directory Open Access Journal |
| issn | 1611-1699 2029-4433 |
| language | English |
| last_indexed | 2024-12-21T22:12:34Z |
| publishDate | 2021-06-01 |
| publisher | Vilnius Gediminas Technical University |
| record_format | Article |
| series | Journal of Business Economics and Management |
| spelling | doaj.art-2258ec707dce4cb4946eebdd5ef981772022-12-21T18:48:32ZengVilnius Gediminas Technical UniversityJournal of Business Economics and Management1611-16992029-44332021-06-0122492393910.3846/jbem.2021.1466814668The impact of tourism uncertainty on airline stock markets in Korea: a quantile regression approachJi-Hong Jeon0School of Business, Hanyang University, Seoul, KoreaThis study explores the impact of tourism uncertainty, including economic policy uncertainty (EPU) and travel crises arising from issues such as terrorism and disease outbreaks, on airline stock markets in Korea. Airline stock prices are particularly affected by tourism uncertainty. Using data from 2001–2018 and events influencing tourism uncertainty such as the 9/11 terrorist attacks and severe acute respiratory syndrome, quantile regression approach reveals how EPU influences airline stock prices in Korea during three market phases – bearish, normal, and bullish. EPU and travel crises negatively affect airline stock prices in Korea. Specifically, we document that higher EPU and more global travel crises lead to deeper reductions in stock prices in bullish markets. These results provide implications and insights for airline investors, stakeholders, and organizations concerned about the influence of tourism uncertainty on airline stock prices in Korea.https://journals.vgtu.lt/index.php/JBEM/article/view/14668koreaeconomic policy uncertaintytravel crisisairlinestock marketquantile regression |
| spellingShingle | Ji-Hong Jeon The impact of tourism uncertainty on airline stock markets in Korea: a quantile regression approach Journal of Business Economics and Management korea economic policy uncertainty travel crisis airline stock market quantile regression |
| title | The impact of tourism uncertainty on airline stock markets in Korea: a quantile regression approach |
| title_full | The impact of tourism uncertainty on airline stock markets in Korea: a quantile regression approach |
| title_fullStr | The impact of tourism uncertainty on airline stock markets in Korea: a quantile regression approach |
| title_full_unstemmed | The impact of tourism uncertainty on airline stock markets in Korea: a quantile regression approach |
| title_short | The impact of tourism uncertainty on airline stock markets in Korea: a quantile regression approach |
| title_sort | impact of tourism uncertainty on airline stock markets in korea a quantile regression approach |
| topic | korea economic policy uncertainty travel crisis airline stock market quantile regression |
| url | https://journals.vgtu.lt/index.php/JBEM/article/view/14668 |
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