کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
7419091 1482466 2018 10 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
The momentum effect on Taiwanese hotel stocks
ترجمه فارسی عنوان
تاثیر موثر بر سهام هتل تایوانی
کلمات کلیدی
اثر شتاب، مالیات رفتاری، سهام هتل،
موضوعات مرتبط
علوم انسانی و اجتماعی مدیریت، کسب و کار و حسابداری استراتژی و مدیریت استراتژیک
چکیده انگلیسی
By extending the hospitality finance research to the area of behavioral finance, this study examines the momentum effect in the hotel industry. This paper determines whether or not there is a momentum effect on hotel stocks in the Taiwan stock market. The results of empirical tests reveal several unique findings. The momentum factor is found to be a significant determinant of hotel stock returns in Taiwan. Specifically, there is a negative momentum effect in the Taiwanese hotel industry for the short horizon (one month), the medium horizons (three, six and 12 months) and the long horizons (18 and 24 months). Moreover, the negative momentum for the medium (three-, six- and 12-month) horizons is consistent and persistent on different hotel firm performance levels and under different stock market conditions. These empirical findings offer a valuable investment strategy for investors who are interested in hotel stocks.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: International Journal of Hospitality Management - Volume 71, April 2018, Pages 141-150
نویسندگان
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