Impact of the Russia–Ukraine war on hospitality equity markets

This study explores the impact of the Russian–Ukraine war on the hospitality equity sector market for the selected 26 countries. It reveals a sharp spike in the return connectivity at the onset of the war. The return of the sector materializes more sensitivity when tourism demand from Russia and Ukraine is more extensive and when a country has a higher energy dependency on Russia. Overall results consistently stipulate the aspect of the efficient market hypothesis.