How the air travel restrictions to India impacted the global airline industry's stock returns? An event study analysis

We examine the impacts of the travel restrictions and bans imposed by several nations on India. Hence, our interest is concerned with the airline stocks listed in the nations' leading stock market, which have imposed restrictions/bans as of 30 April 2021. Initially, we had 20 nations that either imposed travel restrictions or travel bans. Further, the airline stock to be included in the sample must have a history of regular trade, and data for the estimation and event window is available. Owing to these conditions, we include 34 airline stocks across seven nations in our final sample.
We collect the adjusted closing prices, the quarterly revenue, and net earnings of the sample firms from Yahoo Finance. We also collect the closing prices of the leading stock market indices of the sample nations. The adjusted closing prices have been collected for t-216 to t+5. The quarterly revenue and net earnings have been collected for the four quarters of the year 2020.

本研究旨在考察多国针对印度实施的旅行限制与禁令所产生的影响。据此，本研究聚焦于截至2021年4月30日已实施旅行限制/禁令的各国主要证券交易所上市的航空公司股票。最初纳入筛选范围的、实施过旅行限制或禁令的国家共计20个。此外，纳入样本的航空公司股票需具备常态化交易历史，且可获取事件窗口与估计窗口所需的相关数据。基于上述筛选条件，最终样本共涵盖7个国家的34只航空公司股票。本研究从雅虎财经（Yahoo Finance）获取样本公司的调整后收盘价、季度营收及净利润数据，同时采集样本国家主流证券市场指数的收盘价数据。其中，调整后收盘价的采集时间范围为t-216至t+5；季度营收与净利润数据均取自2020年全年四个季度。