کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
9734320 | 1482536 | 2005 | 16 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
The impact of macroeconomic and non-macroeconomic forces on hotel stock returns
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موضوعات مرتبط
علوم انسانی و اجتماعی
مدیریت، کسب و کار و حسابداری
استراتژی و مدیریت استراتژیک
پیش نمایش صفحه اول مقاله
![عکس صفحه اول مقاله: The impact of macroeconomic and non-macroeconomic forces on hotel stock returns The impact of macroeconomic and non-macroeconomic forces on hotel stock returns](/preview/png/9734320.png)
چکیده انگلیسی
This study aimed to examine the relationship between macroeconomic and non-macroeconomic variables and hotel stock returns using hotel companies listed on the Taiwan Stock Exchange. The regression analysis indicated that among the macroeconomic variables (i.e., money supply, the growth rate of industrial production, expected inflation, the change of unemployment rate, and the yield spread), only money supply and the unemployment rate significantly explained the movement of hotel stock returns. On the other hand, all non-macroeconomic forces selected (i.e., presidential elections, the 921 earthquake, the 2003 Iraqi war, the outbreak of SARS, sports mega-events, the Asian financial crisis, and the 911 terrorist attacks) had significant influences on the hotel stock returns. The empirical results of this study may be used as valuable information for local and global stock investors who seek an investment opportunity in the hospitality industry.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: International Journal of Hospitality Management - Volume 24, Issue 2, June 2005, Pages 243-258
Journal: International Journal of Hospitality Management - Volume 24, Issue 2, June 2005, Pages 243-258
نویسندگان
Ming-Hsiang Chen, Woo Gon Kim, Hyun Jeong Kim,