Airline industry equities under external uncertainty shocks
通过股票市场视角，研究新闻等外部不确定性对航空业的影响，发现投资者恐慌冲击对股票收益有长期负面效应，而地缘政治、气候政策和燃料成本不确定性影响较短。
We gauge the impact of news and other relevant external uncertainties facing airline firms via an equity market lens. Using local projections, we establish that rising investors’ fear shocks have long-lasting negative effects on airline industry equity returns, while increasing geopolitical, climate policy, and fuel cost uncertainties have comparatively short-lived impacts. Our results are robust to several alternative model specifications, including a pre-pandemic subsample. Based on our findings, we provide a promising avenue for future research in airline financial management. • External uncertainties facing airline firms are examined via an equity market lens. • Investors’ fear shocks have longer-lasting negative effects on the airline industry. • Geopolitical, climate policy, and fuel cost uncertainties have shorter-lived impacts.