Abstract
The current outbreak of coronavirus disease 2019 (COVID-19) has led to an economic recession which has an adverse impact on the economic performance in various sectors, including the tourism sector and especially the airline industry. The purpose of this study is to investigate the impact of the COVID-19 outbreak on airline stock performance by examining changes in stock returns and risks of airline stocks after the emergence of the COVID-19 crisis. The data set used for this study includes 30 publicly traded passenger airline companies in three geographical regions including North America, Europe, and Asia Pacific. A one-way paired t-test was conducted to determine whether the weekly returns, total risk, and systematic risk were significantly different in the pre- and post-COVID-19 periods. The results show that the average weekly returns, total risk, and systematic risk of airline stocks increased significantly after the emergence of the COVID-19. The important implications of this study are discussed later in the paper.
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