Market reactions to announcements

In recent years, the peer-to-peer (P2P) economy has attracted attention as a new model that leverages technology to allow people to exchange goods and services. The most common example of the P2P economy is Airbnb, which has spread to many parts of the world, including the Asia Pacific region. This study investigates the impact of announcements about the Asia Pacific region published on Airbnb on the travel and tourism industry, and the real estate industry<em><strong>.</strong></em> Using six parametric and non-parametric tests and additional regressions, I tested the effect of 80 such announcements about the Asia Pacific area on the travel and tourism industry and the real estate industry in the region. While investors adjust their profit strategy based on expectations about the impact of the announcements on both industries, the effect is not uniform. The announcements negatively affect the travel and tourism industry, but have a positive impact on the real estate industry. In addition, the more precise the announcement about a specific location, the stronger the returns in both industries. Finally, in the real estate industry, announcements about poor countries in the region and announcements published in later years have a stronger positive effect.