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The COVID-19 Pandemic Effect on Risk and Return of Malaysian Tourism Industry

Table 6: COVID-19 confirmed cases impacts for stock returns of tourism

Variable OLS Qu5 Qu10 Qu20 Qu30 Qu40 Qu50 Qu60 Qu70 Qu80 Qu90 Qu95
C 0.052** 0.379*** 0.224*** 0.237*** 0.176*** 0.176*** 0.164 0.038* 0.038* 0.094*** 0.276*** 0.172***
Confirmed 0.028 -0.023* -0.018** -0.019*** -0.013*** 0.011 0.030 0.061 -0.068 0.037 0.056 0.089
GRSI 0.020*** 0.033*** 0.026*** 0.029*** 0.022*** 0.021*** 0.258 0.090*** 0.094*** 0.020*** 0.015*** 0.014**
Oil(1) -0.077*** -0.009* -0.069* -0.013*** -0.048** -0.048** -12.315 -0.034 -0.039 -0.016*** -0.028*** -0.055***
ExR(1) -0.055* -0.023*** 0.046 -0.024*** -0.025*** -0.023*** -0.128 0.030 -0.034 0.034 0.087 -0.016*
INF(1) -0.025 -0.003*** -0.014*** -0.057** -0.032* -0.032* -0.064*** -0.016 -0.016 -0.050* -0.018*** -0.059
Adj./Pseudo R 2 0.500 0.019 0.009 0.008 0.004 0.004 0.014 0.004 0.004 0.009 0.015 0.025
Obs 30432
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