Tourism stocks in times of crises : an econometric investigation of non-macro factors

Anastasios Zopiatis (Department of Hotel and Tourism Management, School of Business and Economics, Cyprus University of Technology), Christos S. Savva (Department of Commerce, Finance and Shipping, School of Business and Economics, Cyprus University of Technology), Neophytos Lambertides (Department of Commerce, Finance and Shipping, School of Business and Economics, Cyprus University of Technology), Michael McAleer (Department of Quantitative Finance, National Tsing Hua University, Taiwan and Econometric Institute, Erasmus School of Economics, Erasmus University Rotterdam, The Netherlands and Department of Quantitative Economics, Complutense University of Madrid, Spain and Institute of Advanced Sciences, Yokohama National University, Japan)