The risk perception of customers has great significance for the proper functioning of the hospitality companies. This study discloses and compares the risk perception of consumers before and during pandemic by utilizing aspect-based sentiment analysis, and examines its effect on stock return volatility of hospitality companies. Taking the top five hotel companies as examples, the results indicate that customers perceived risks of insufficient safety precautions and the lack of enough servicers during pandemic. In addition, performance risk and time risk perceived by customers have significant positive impact on stock return volatility. This study provides hotel managers and investors practical implications.

中文翻译：

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消费者的风险感知如何影响股票回报波动性？来自五家酒店公司的证据


客户的风险感知对于酒店公司的正常运作具有重要意义。本研究利用基于方面的情绪分析，揭示和比较了消费者在大流行之前和期间的风险感知，并考察了其对酒店公司股票回报波动性的影响。以排名前五的酒店公司为例，结果表明，客户在疫情期间感知到安全预防措施不足和缺乏足够服务商的风险。此外，客户感知到的业绩风险和时间风险对股票回报波动性有显著的积极影响。本研究为酒店管理者和投资者提供了实际意义。