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Abstract
The vast majority of over 150 studies conclude that smoking bans do not
have adverse effects on the revenues, profits, or employment of hospitality
industry firms. However, several important criticisms have recently been
raised which call into question many of the prior results. I examine the
market value impact of a proposed smoking ban using a sample and
methodology not subject to the perceived shortcomings in prior studies –
an event study on the Indian hospitality industry. Contrary to the results in
most prior studies, I find negative abnormal stock returns to portfolios of
the hospitality industry firms examined upon the announcement of a
proposed smoking ban. These results support the conclusion that a
smoking ban lowered the aggregate market value of these firms.

I. INTRODUCTION
II. PREVIOUS LITERATURE
III. EMPIRICAL ANALYSIS
TABLE 1
Abnormal Returns to Indian Tobacco Companies
TABLE 2
Summary Statistics and Abnormal Returns for Sample Indian Hospitality Firms
TABLE 3
Portfolio Abnormal Returns to Publicly Traded Firms in the Indian Hospitality
IV. SUMMARY
APPENDIX TABLE A1
Additional Descriptive Statistics for Sample Indian Hospitality FirmsAPPENDIX TABLE A2
Average and Standard Deviation of Daily Returns for Portfolios of Indian
Hospitality Firms
APPENDIX TABLE A3
Overview of Operations of Sample of Indian Hospitality Firms
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