Do investor relations matter in the tourism industry? Evidence from public opinions in China

This study uses public opinions on tourism in China in 2010–2017 as exogenous shocks to analyze how the capital market responds to public opinions on tourism events, and how the investor relations (IR) of listed firms affects investor responses in the tourism industry. We find that firms located in provinces where public opinions broke out experience significant decreases in cumulated abnormal returns, thereby indicating investors’ pessimistic...