OxTalks is Changing
OxTalks will soon be transitioning to Oxford Events (full details are available on the Staff Gateway). A two-week publishing freeze is expected to start before the end of Hilary Term to allow all future events to be migrated to the new platform. During this period, you will not be able to submit or edit events on OxTalks. The exact freeze dates will be confirmed on the Staff Gateway and via email to identified OxTalks users.
If you have any questions, please contact halo@digital.ox.ac.uk
Travel and leisure stocks during global shocks – the role of sustainability uncertainty
The tourism literature documents substantial evidence on the impact of news-based uncertainty and oil market shocks on the sector. Within the uncertainty and tourism literature, the role of ESG news is a recent emerging area. We consolidate these various strands of research into a unified framework, by employing local projections to estimate their impact on travel and leisure (T&L) stock returns. We consider global and regional (North America; Europe; and Asia) level T&L markets, and our analysis spans 2002m11-2025m6. Our results suggest that rising stock market fear reduces T&L returns over the 5-year forecast horizon, while geo-political risk does so but towards the latter part of the forecast. Interestingly, we find that an increase in sustainability uncertainty generates positive T&L returns, which we attribute to the brown characteristics of the T&L sectors. We also find that oil market shocks provide response functions consistent with economic theory. On one hand, an unanticipated increase in oil supply and global economic activity increases T&L returns, which implies benefits from lower production costs and an increase in demand for T&L services, respectively. On the other hand, an unexpected increase in oil consumption demand lowers T&L returns in the short term, due to more competition for oil which indicates increased cost for these energy-intensive sectors. Our findings are robust to alternative regression specifications based on varying lag lengths. These results have financial management implications for the T&L service sectors.
Date:
4 March 2026, 16:00
Venue:
Dyson Perrins Building, off South Parks Road OX1 3QY
Venue Details:
Diversity Room
Speaker:
Dr Scott Mahadeo (University of Reading)
Organising department:
Environmental Change Institute
Organiser:
Dr Avidesh Seenath (Environmental Change Institute, University of Oxford)
Host:
Dr Avidesh Seenath (Environmental Change Institute, University of Oxford)
Part of:
ECM Brown Bag Seminar Series
Booking required?:
Not required
Audience:
Members of the University only
Editor:
Avidesh Seenath
