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Effect of IT Investment Announcements on the Market Value of Hospitality Firms Using Event Study Methodology

The goals of this study are to examine the impact of IT investment announcements on firms' stock prices and to test the productivity paradox of IT investment in the hospitality industry by adopting event study methodology. The cautious interpretation of the results lends support for a positive link between IT investment announcements and financial performance. Furthermore, this study's descriptive analysis indicates that the trend of abnormal returns and cumulative abnormal returns shows steady increases over the three-day event windows. This study provides the stepping-stone to solving the IT productivity paradox and offers useful information for IT investment decision making in the hospitality business.