No abstract

In this article, we investigate the effects of tourism indicators on income inequality (IIE) in a sample of 102 countries. We divide the sample countries into 71 developing and 31 advanced economies. Using annual data from 1995 to 2014, we employ panel unit root tests, cointegration, fixed-effects, fully modified ordinary least squares, and causality techniques. Our findings show that tourism indicators have a significant negative impact on IIE in developing economies, while they have an insignificant impact in developed economies. Conversely, economic globalization increases IIE in developing economies, whereas its effect is positive but statistically insignificant in developed countries. From these findings, the study outlines detailed policy and practical implications.

Nowadays, search engine use increasingly reflects investor sentiment, which affects the return on the stock market. In this article, we examine the relationship between Baidu Index sentiment and China's stock market returns. In two different GARCH models, the benchmark model and a Baidu Index extended model, the one-step forward method is used to predict the return of stock market. The study finds that Baidu Index − search volume is a valid indicator for forecasting volatility in China's stock market. The Baidu Index extended model performs better than the benchmark model, both in periods of high volatility and periods of low volatility. These results are quite robust in Shanghai Stock Exchange, Shenzhen Stock Exchange, CSI 300 Index, and CSI 100 Index. This study shows that the investor sentiment reflected in the Baidu Index can be used as a good early warning indicator of China's stock market.