COVID-19, government measures and hospitality industry performance

David Yechiam Aharon, Arie Jacobi, Eli Cohen, Joseph Tzur, Mahmoud Qadan

Research output: Contribution to journalArticlepeer-review


This study explores the interplay between public measures adopted by the U.S. government to combat COVID-19 and the performance of the American hospitality industry. The recent global pandemic is a natural experiment for exploring the role of government interventions and their direct impact on hospitality stock returns in the U.S. financial market. Overall, our findings show that most of the government interventions were associated with a negative response in the returns of the hospitality industry, a response that became more negative as the COVID-19 pandemic evolved. Similar patterns were also detected for other industries such as entertainment and transportation that are closely related to hospitality. The findings we document are fundamental to understanding the trends and fluctuations in hospitality stocks in the current crisis and any similar crisis in the future.

Original languageEnglish
Article numbere0255819
JournalPLoS ONE
Issue number8
StatePublished - Aug 2021

Bibliographical note

Publisher Copyright:
© 2021 Aharon et al. This is an open access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.

ASJC Scopus subject areas

  • General


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