No abstract

This paper uses firm-level data to examine whether investors follow each other into and out of the same industries in China's A-share markets. Our study is a significant addition to the literature that investigates herding behaviour in an industry context with asymmetric herding effects with respect to different market states, different stock exchanges, and the role of the information technology sector. Using recent daily data from 17 May 2001 through 16 May 2011, we demonstrate strong evidence of industry herding in the A-share markets. Evidence further supports that stock return dispersions from the information technology sector play a significant role in explaining the other sectors' herding activity. After examining bull and bear markets, herding is more profound in some sectors during a bull market. Finally, industry herding is more prevalent in the Shenzhen stock exchange, while for some sectors in the Shanghai stock exchange herding is more prevalent during a bull market state.

This research fills the gap in the tourism literature on the impacts of country stability—including political, financial, and economic—on tourism development (i.e., international tourist arrivals, international tourism revenues, and travel and leisure sector returns). To account for possible asymmetric and nonlinear relationships among variables, we apply a new method of moment quantile regression, by using panel data from 106 countries spanning the period 2006–2017. From a global perspective, the empirical results indicate that higher country stability generally leads to higher tourism development, while there is no salient influence of financial stability on travel and leisure sector returns. This suggests that the effects of country risk ratings are mostly nonlinear across different tourism development quantiles. Additionally, different components of risk rating scores have diverse impacts on tourism development. The findings mean that policy makers should consider their tourism condition when setting country stability strategies.

No abstract

We explore what firm and macroeconomic factors assisted Chinese firms to resist the global financial crisis. We find that firms with higher top ten shareholder ratios or firms that are older exhibited saliently higher performance during the crisis, but performed poorly during the non-crisis period. Firm size has a notably negative impact on firm performance. Firms audited by the Big Four accounting firms have a significantly negative correlation with performance. During the crisis, stock markets became less efficient in incorporating firm-specific information into stock prices, signifying that the determinants of firm performance vary across non-crisis and crisis periods.