How Airbnb moves markets: asymmetric financial responses across global market types

Abstract This study examines the differential impact of 442 Airbnb announcements on financial markets across developed versus emerging and frontier economies using event study methodology. The analysis reveals striking asymmetries in market responses. Developed markets show minimal abnormal returns following announcements, suggesting efficient information processing. In contrast, emerging and frontier markets exhibit significant positive abnormal returns persisting over twenty days, indicating gradual price adjustment. Most notably, the study documents asymmetric spillover effects: announcements in emerging markets generate significant positive returns in developed market indices, while reverse spillovers remain negligible. This pattern challenges conventional assumptions about information flows from developed to emerging economies. Regression analysis reveals that pre-announcement volatility and global market performance systematically influence announcement effects only in emerging markets. These findings demonstrate how market development levels fundamentally shape responses to platform economy signals, with implications for investment strategies and financial market integration in the digital era.