کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
1010354 | 1482527 | 2007 | 15 صفحه PDF | دانلود رایگان |
Following the investigation of the link between hotel stock returns and macroeconomic factors in the hospitality finance literature, this study further examines (1) the performance of Taiwanese hotel stocks under two various monetary policy environments, namely expansive and restrictive, and (2) the impact of different monetary stringency on the relationship between hotel stock returns and macro variables in Taiwan. Using changes in the discount rate allows us to effectively measure the monetary policy changes and classify the monetary environment as either restrictive or expansive. Empirical results show that hotel stocks exhibited a higher mean return and reward-to-risk ratio during expansive monetary periods. Moreover, the connection between hotel stock returns and macro variables behaved differently under various monetary conditions. In response to monetary policy developments, the implication for hotel stock investors to reallocate their investment portfolios is provided.
Journal: International Journal of Hospitality Management - Volume 26, Issue 3, September 2007, Pages 588–602