Russia-Ukraine War and the global tourism sector: A 13-day tale

Using the event study method, we examine the impacts of the Russia-Ukraine war 2022 on the global tourism sector stocks. The findings suggest that the impact is different for firms in different markets. While abnormal returns of firms in Europe, the Middle East, and Africa, as well as the Pacific, are significantly negative on the event day, those in the Americas11 Americas include Brazil, Canada, Mexico, and the United States. and Asia are insignificant. The cross-sectional analysis reveals that some country- and firm-specific variables significantly impact the cumulative abnormal returns.