英文摘要 |
Tourism industry is vulnerable to nature disasters, military events, plagues and so on. The events such as the Asian financial crisis in 1997, Taiwan’s 921 earthquake in 1999, the 911 terrorist attack in 2001, the SARS epidemic in 2003 and the Bird Flu in 2004 damage tourism industry very much. Crisis management, which analyzes of how crisis cases should be faced and of recovery situations, has been paid attention increasingly since the 1970s. For prevention of possible financial damage from these disasters, it’s crucial to realize the financial consequences by them. The main purpose of this paper is to study the stock price responses of Taiwan’s tourism industry to these substantial disasters. From the viewpoint of corporations, the stock prices are related to the value and the equity financing of corporations. This paper finds that Taiwan’s tourism industry experienced large stock price falls under these substantial disasters. For alleviating the risk of price depreciation, tourism industry might as well finance by internal cash flow or leverage. |