Kanamura, Takashi - In: Financial innovation : FIN 9 (2023) 1, pp. 1-51
pandemic on hotel stock prices in Japan compared with the US, taking into account the role of stock markets. The first model is … negatively affects hotel stock prices regardless of whether they are in Japan or the US. We also observe a transition to a high …-volatility regime in hotel stock prices due to COVID-19 until around summer 2021 in both Japan and the US. These results suggest that …