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The COVID-19 pandemic that began in the last quarter of 2019 seriously impacted the transportation industry. Countries around the world adopted various restrictions and policies to prevent the spread of the pandemic, which resulted in a sharp drop in the demand for transportation. China was the first country to detect the pandemic and the fastest to recover. Existing policies and impacts were reviewed to analyze the impact of the pandemic on China's urban transportation sector and propose measures that may be taken to reduce the impact of COVID-19. This study reviews the impact on urban transportation system operations and how government should respond to a viral pandemic. The recovery measures during and after the pandemic and their hierarchical response system are analyzed. Furthermore, to empirically explore the effect of the recovery measures, this study adopted the Event Study Methodology (ESM) to quantitatively analyze the impact of the epidemic as well as anti-pandemic policies on the traffic flow sequence in the resurgence of COVID-19 in Beijing. The research findings provided solid policy implications and experiences for constructing sustainable urban transportation system and improve flexibility, reliability, and resilience of traffic governance in post-pandemic era. • It analyses the impact of the pandemic on the urban transportation in China and envisions effective policy measures. • A revealed preference (RP) based approach is employed to adds new insights to the impact analysis and policy implication. • China's experience has important significance in determining best practices for other countries. • The findings provide useful insights for effective transportation policy governance in post-pandemic era. [ABSTRACT FROM AUTHOR]

This study explores the impact of the Paris terrorist attacks on the stock returns of the most important companies in the global defense industry. The investigation is carried out using the traditional event study methodology. The findings are suggestive that this terrorist attacks event supports an upward trend in cumulative abnormal returns across all companies over the post-attack period, implying a positive effect of the attacks on the defensive companies’ stock returns. [ABSTRACT FROM AUTHOR]

This study examines the effect of environmental, social and governance risks on firm value. We analyze the extent to which environmental, social and governance related news affect tourism firms' abnormal returns using event study methodology. The results show that environmental, social and governance related news releases do not significantly affect firm value in the short-term. We further investigate the effect of environmental, social and governance risks on the value of tourism firms during the recent pandemic utilizing difference-in-differences analysis. The results provide robust evidence that sustainable business practices provide higher resilience to pandemic-like external shocks. Also, the presence of a sustainability committee mitigates the adverse effects of environmental, social and governance risks on firm value. Theoretical and practical implications are discussed. • Exposure to environmental, social and governance risks adversely affect firm value. • Some firms merely focus on profit maximization regardless of their exposure level. • While this risk can be ignored in the short-term, it has negative impact in the long-term. • Reducing exposure to this risk provide a shield during external shocks. • The presence of an active sustainability committee further eliminates this risk. [ABSTRACT FROM AUTHOR]

Management decision assessment is fundamental for the future development of the market value of tourism and hospitality businesses. This article conducts a review of the literature on the event study methodology applied to tourism and hospitality—wherein we identify trends and categorize the main topics analyzed; and seeks to stimulate the use of this methodology to examine the drivers of firm value by outlining its key advantages and providing a step-by-step practical guidance. The article also launches the Annals of Tourism Research Curated Collection on drivers of firm value through event studies in tourism and hospitality. The Collection contains all past articles published in Annals of Tourism Research on the topic, and continues to grow as new articles are added. • Key topics are identified and categorized. • Substantial increased publications in tourism and hospitality journals • The event study method is trendy. • A step-by-step practical guide is provided. • The method proves versatile in today's volatile environment. [ABSTRACT FROM AUTHOR]

Abstract: This paper investigates the effect of oligopolistic rivalry on spillovers in financial reporting. Using an event study methodology and focusing on global airlines, we find that firms experience discernable abnormal stock price reactions at the announcement of unexpected earnings by rival airlines. The extent of the price reactions is related to the extent of rivalry between the announcing and non-announcing firms, among other factors. Our empirical evidence, which is inconsistent with the contestable markets hypothesis, confirms an association between the stock market performance of players in a global industry and the extent of inter-firm rivalry in the product market. [Copyright &y& Elsevier]

The event study methodology is used to assess the effects of terrorism on global capital markets. We examine the U.S. capital market''s response to 14 terrorist/military attacks dating back to 1915 and global capital markets'' response to two recent events—Iraq''s invasion of Kuwait in 1990 and the September 11, 2001 terrorist attacks. U.S. capital markets are more resilient than in the past and recover sooner from terrorist attacks than other global capital markets. Evidence suggests that this increased market resilience can be partially explained by a stable banking/financial sector that provides adequate liquidity to promote market stability and minimize panic. [Copyright &y& Elsevier]