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Examining the Impact of STR Weekly RevPAR Announcements on Lodging Stock Returns

This study investigated whether or not there were abnormal stock market returns on the announcement date of weekly revenue per available room (RevPAR) data by the lodging industry research firm Smith Travel Research (STR). Using event study methodology, the study found that there were not statistically significant abnormal returns on the weekly RevPAR announcement date for the period from 2004 to 2009. The implications of this study are important to the hotel investment community, including lodging stock owners and investors, stock analysts, investment bankers, and consultants because it indicates that there is not advance trading in lodging stocks based on the STR weekly RevPAR announcements.