The Impact of the Financial and the Health Crisis on Listed Hotel Stocks

Abstract Travel and tourism represent one of the largest industries in world as far percentages GDP occupation are concerned, consequently, asset managers could be interested to select listed hotel stocks their portfolios. The industry has shown some difficulties not only periods financial, but also during health crisis (Covid-19), when global local restrictions on travel had a negative effect sector. This study aims analyze how improve contribution portfolio diversification different stages market. First, we use constraint mean-variance approach diversification, then difference performance sector by using Risk-Adjusted Performance (RAP) measure. We three sample periods: a) whole (01/2000-09/2021); b) Financial Crisis (06/2007-06/2012) c) COVID (02/2021-09/2021). Our findings contribute good understanding financial patterns an class at support our hypothesis its possible positive terms performance. JEL classification numbers: G11, G12, G15 Keywords: Portfolio Management, Hotel Stocks, Crisis, Health Tourism.