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the COVID-19 epidemic which has resulted in a substantial decrease in the number of tourist arrival in Thailand. As a consequence, the occupancy rate in the first quarter of 2020 decreased compared to
, to mitigate this concern, I delete all firms that do not report at least twenty quarters of earnings history. This implies that survivorship rate is similar for both string and non-string firms. 6/29
: International Air Transport Association). Thailand tourism industry in fourth quarter of 2018 grew at 4.9 percent. Tourist arrival from Southeast Asia region had the highest growth at 20.4 percent, followed by
from slow investment from private sector and export sector. Additionally, Thailand’s tourism has shown slow pace from a drop in international tourist arrival, especially Chinese tourists (Source: The
Transport Association). In terms of the Thailand tourism industry in the second quarter of 2018, the number of international tourist arrival to Thailand increased by 9.1 percent, compared to the same period
while the tourism growth decelerate from drop in arrival from Chinese visitors which was effected from the deadly Phuket boat accident. In addition the weak of Chinese Yuan against US dollar, resulting