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Stock market effects of CrowdStrike IT outage on largest listed hotel companies

2025-02-14Artigo científico Acesso aberto
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datacite.subject.fosCiências Sociais::Economia e Gestão
dc.contributor.authorAlbuquerque, Bruno
dc.contributor.authorCró, Susana
dc.contributor.authorMoutinho, Nuno
dc.contributor.authorMartins, António Miguel
dc.contributor.authorAlbuquerque, Bruno
dc.contributor.authorMartins, António
dc.date.accessioned2026-08-07T15:32:49Z
dc.date.available2026-08-07T15:32:49Z
dc.date.issued2025-02-14
dc.description.abstract<jats:p>This study analyses the short-term market effect of CrowdStrike IT outage in the 100 largest worldwide listed hotel companies. Using an event study methodology, the paper analyses how hotel companies are penalized by the market to the biggest IT disruption in history. Our results evidence a statistically significant negative reaction around the event date. This result is explained by the adverse impact caused by IT failures in the hotel’s business operations (reservation, payment, technical systems) and supply chain processes, which result in financial losses. We also observe a highest negative stock market reaction for hotel companies located in Western countries and for hotels with a low cyber risk rating. Finally, this study identifies hotel-specific characteristics that drive value during an IT outage. The research evidence that larger and more profitable hotel companies, with lower leverage and higher cyber risk ratings are more resilient to the adverse effects of IT outages.</jats:p>eng
dc.identifier.citationAlbuquerque, B., Cró, S., Moutinho, N., & Miguel Martins, A. (2025). Stock market effects of CrowdStrike IT outage on largest listed hotel companies. Tourism Economics, 31(7), 1452-1464.
dc.identifier.doi10.1177/13548166251321212
dc.identifier.issn1354-8166
dc.identifier.issn2044-0375
dc.identifier.urihttp://hdl.handle.net/10400.13/7917
dc.language.isoeng
dc.peerreviewedyes
dc.publisherSAGE Publications
dc.relationUIDB/00685/2020
dc.relationUID00685CEEAplA
dc.relationUIDB/04007/2020
dc.relationUIDB/04752/2020
dc.relationUIDP/04752/2020
dc.relation.ispartofTourism Economics
dc.rights.urihttp://creativecommons.org/licenses/by/4.0/
dc.subjectAbnormal returns
dc.subjectCrowdstrike
dc.subjectIT outage
dc.subjectHotels
dc.subjectEvent study
dc.subject.
dc.subjectFaculdade de Ciências Sociais
dc.titleStock market effects of CrowdStrike IT outage on largest listed hotel companieseng
dc.typejournal article
dspace.entity.typePublication
oaire.citation.endPage1464
oaire.citation.issue7
oaire.citation.startPage1452
oaire.citation.titleTourism Economics
oaire.citation.volume31
oaire.versionhttp://purl.org/coar/version/c_970fb48d4fbd8a85
person.affiliation.nameUniversidade da Madeira
person.familyNameAlbuquerque
person.familyNameMartins
person.givenNameBruno
person.givenNameAntónio
person.identifier.orcid0009-0000-8448-6826
person.identifier.orcid0000-0001-7082-5460
relation.isAuthorOfPublication9416fc0e-d63f-49aa-9cba-f308a2b0878c
relation.isAuthorOfPublication3adb669d-826c-43e7-8df7-8e28bad5eed1
relation.isAuthorOfPublication.latestForDiscovery9416fc0e-d63f-49aa-9cba-f308a2b0878c

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