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This paper aims to evaluate the impact of the COVID-19 pandemic on the performance of travel cryptocurrency and stock markets over a long period during the pandemic.

A generalized autoregressive conditional heteroskedasticity model was developed for 6 travel cryptocurrencies and the top 10 hotel, 7 airline and 26 restaurant stocks listed on the NASDAQ stock exchange. An event-study approach was applied to the emergence of the novel coronavirus and its variant, Omicron. Additionally, abnormal returns of the respective assets in response to such events were estimated.

Results indicated that the travel cryptocurrency market did not respond to the early stage of the pandemic, but NASDAQ hotel, restaurant and airline stocks revealed abnormal negative returns when the pandemic manifested in the USA. Upon the official US declaration of a pandemic, both cryptocurrencies and tourism stocks showed abnormal negative returns, but these were considerably greater among stocks than cryptocurrencies. Conversely, in response to the Omicron variant, only hotel, restaurant and airline stocks showed abnormal negative returns.

These results imply that travel cryptocurrencies are a financial instrument independent of hotel, restaurant or airline stocks. Thus, adopting travel cryptocurrencies may help investors and businesses diversify risk during long-duration crises such as COVID-19.

To the best of the author’s knowledge, this paper is the first empirical study to investigate the impact of the COVID-19 pandemic on the recently emerging travel cryptocurrency market using an event-study approach to investigate how it differs from tourism stock performances.

本文评估了 COVID 大流行在疫情期间很长一段时间对旅游加密货币和股票市场表现的影响。

为 6 种旅行加密货币和纳斯达克证券交易所上市的前 10 大酒店、7 家航空公司和 26 家餐厅股票开发了 GARCH（广义自回归条件异方差）模型。 将事件研究方法应用于新型冠状病毒及其变种 Omicron 的出现。 此外, 还估计了相应资产因此类事件而产生的异常收益。

结果表明, 旅游加密货币市场对疫情初期没有反应, 但纳斯达克酒店、餐厅和航空公司股票在美国出现疫情时出现异常负回报。 在美国正式宣布大流行后, 加密货币和旅游股均出现异常负回报, 但股票中的负回报要远高于加密货币。 相反, 作为对 Omicron 变体的回应, 只有酒店、餐厅和航空股出现异常的负回报。

这些结果表明, 旅行加密货币是一种独立于酒店、餐厅或航空公司股票的金融工具。因此, 采用旅游加密货币可能有助于投资者和企业在 COVID-19 等长期危机期间分散风险。

本文是第一份旨在调查 COVID-19 大流行对最近新兴的旅游加密货币市场的影响的实证研究, 并使用事件研究方法来调查它与旅游股票表现有何不同。

The paper aims to analyze the impact of cyber attacks on stock returns of companies operating in the hospitality sector. The fast development of information and communication technologies has been posited as both an opportunity and a challenge to the United Nations Global Sustainable Development Goals. Digital technologies are significant tools for sustainable development, but if they are not addressed appropriately, they can potentially hinder the progress toward sustainability. Among negative impacts, it is necessary to consider cyber risk, a major concern today, in particular for industries which work with sensitive data, such as tourism businesses. Hospitality businesses have to adequately manage cyber insecurity and digital privacy issues, to prevent losses and contribute to socioeconomic sustainable growth.

Using event-study methodology, the paper provides empirical evidence on the effect of announcements of 170 information security breaches on the market value of firms operating in the hospitality sector in the past five years.

The study focuses on identifying potential threats of cyber attacks for the economic value of listed companies. The authors find that negative market returns occur following announcements of cyber attacks suffered by hospitality companies. Adequate investments in technology for cyber security and staff training are relevant in the hospitality sector to reduce cyber risk.

The paper contributes to identifying potential threats of cyber attacks for the economic value of listed companies operating in the hospitality sector. The analysis is carried out by collecting an original sample of global cyber attacks from newspaper announcements sourced from the LexisNexis database.

论酒店业的网络攻击：股票市场的反应

信息通讯技术的快速发展, 对UN全球可持续发展战略目标带来机遇和挑战。电子技术对可持续发展起到重要作用, 但是如果它们未被合理使用, 则对可持续性构成潜在威胁。在众多负面影响中, 网络攻击不可忽视, 成为现今重大担忧, 尤其是对于处理敏感数据的行业, 比如旅游产业。酒店业必须具备管理网络安全和处理电子隐私的能力, 以防止损失, 对社会经济可持续增长做出贡献。

本论文分析酒店业内因网络攻击而遭受股票的影响。借用事件分析法, 本论文研究了近五年来, 170项信息安全泄露消息对酒店市场价值的影响。

本论文主要确立了上市公司因网络攻击而受到的经济价值影响。我们发现, 酒店公司在宣布网络攻击后, 其市场收益受到负面影响。充足的网络安全技术投入和人员培训与酒店减少网络攻击有一定的联系。

本论文分析了酒店业中上市公司因网络攻击而带来的潜在经济价值的损失。研究分析样本来自Lexis Nexis数据库中的全球网络攻击的新闻报道。