Tourism Stocks in Times of Crises: an Econometric Investigation of Non-macro Factors

Following the recent terrorist attacks in Paris, the European media emphatically pronounced that billions of euros were wiped from tourism related stocks. This comes at a troublesome time for the tourism industry, in the midst of a global financial crisis, and the unpredictable rise of radical Islamic ideologies, which have caused chaos in the Middle East and Europe. The relationship and vulnerability of the industry to non-macro incidents have been well documented in the literature, mostly in theoretical terms. Nevertheless, the quantifiable impact of such events on tourism-specific stock values, both in terms of returns and volatility, received much less attention. With the use of an econometric methodology, the paper aims to enhance our conceptual capital pertaining to the effects of such possibilities on five hospitality and tourism stock indices. The empirical findings are of interest to stakeholders at all echelons of the spectra of the tourism and financial industries

Hospitality managers in turbulent times: the COVID-19 crisis

Purpose – This study explores the role General Managers (GMs) play in mitigating the effects of the unprecedented COVID-19 pandemic. Design/methodology/approach – Qualitative structured interviews conducted online with 50 hospitality GMs from 45 countries are used to explore the impact of the pandemic on the industry’s operational norms, and the role of managers in both managing the crisis and planning contingencies for recovery. Findings – Our findings enhance the conceptual capital in this emerging field and provide insights on how GMs behave during crises. Four related sub-themes emerged from the data analysis, namely contingency planning and crisis management, resilience and impact on GM roles, the impact on hotels’ key functional areas, and some GMs’ suggestions for the future of luxury hospitality. Research implications – This study generates empirical data that inform contemporary debates about crisis management and resilience in hospitality organizations at a micro-level operational perspective. Practical implications – Findings suggest that, in times of uncertainty and crisis, luxury hotel GMs are vital in coping with changes and leading their organizations to recovery. GMs’ resilience, and renewed role and abilities enables them to adapt rapidly to external changes on their business environment. Originality/value – This study is unique in terms of scale and depth since it provides useful insights regarding the GM’s role during an unprecedented crisis such as COVID-19

The impact of COVID-19 in luxury hotels: the case of Greece and Cyprus.

This study explores the impact of COVID-19 pandemic in luxury Greek and Cypriot hotels. More specifically the study focuses on the primary functions of operations management, people management, sales & revenue management, and customer expectations

The general managers’ role in luxury hotels, during the COVID-19 pandemic: evidence from 45 countries

The vulnerability of the tourism industry to natural catastrophes and pandemics is well documented, with scholars emphasizing the critical role of crisis management. Several approaches have been proposed focusing on the strategic macro-level perspective at the destination. In contrast, little has been written about the micro-level operational aspects at the establishment level and the role of general managers (GMs). This study espouses that GMs’ knowledge, skills and abilities, fortified by their vast experience and resilience, are all vital to the survival of the business in times of crisis; it therefore seeks to explore the role GMs can play in mitigating the effects of the COVID-19 pandemic on the luxury hotel sector. Fifty semi-structured interviews were conducted online with GMs from 45 countries. Our findings, of interest to industry stakeholders, can enhance conceptual capital in this emerging field, and provide suggestions on how to reboot the sector on a global scale