Do investor relations matter in the tourism industry? Evidence from public opinions in China

Xu, Mingli; Yang, Wei; Huang, Zhongdong

doi:10.1016/j.econmod.2020.02.033

Cited by 11 publications

(3 citation statements)

References 60 publications

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“…Unsurprisingly in this context, tourism has attracted widespread policy attention. 3 Our study is based on the empirical context of Mexico, a country where tourism has grown to become an important economic force starting in the 1950s and 1960s. Since the development of tourism in Mexico has been driven by both international and domestic tourism flows, we set out to study the consequences of both cross-border and inter-regional tourism integration, and decompose the gains from tourism into an international and domestic component.…”

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confidence: 99%

Tourism and Economic Development: Evidence from Mexico’s Coastline

Faber

Gaubert

2019

American Economic Review

156

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Tourism is a fast-growing services sector in developing countries. This paper combines a rich collection of Mexican microdata with a quantitative spatial equilibrium model and a new empirical strategy to study the long-term economic consequences of tourism both locally and in the aggregate. We find that tourism causes large and significant local economic gains relative to less touristic regions that are in part driven by significant positive spillovers on manufacturing. In the aggregate, however, these local spillovers are largely offset by reductions in agglomeration economies among less touristic regions, so that the national gains from trade in tourism are mainly driven by a classical market integration effect. (JEL L60, L83, O14, O18, R11, Z31, Z32)A conventional view in the literature on economic growth and development is that the production of traded goods is subject to dynamic productivity improvements, whereas the services sector is perceived to be more stagnant. 1 In line with this view, the locus of agglomeration economies is generally assumed to be the manufacturing sector, rather than services. This asymmetry has important implications for the growth strategies of developing countries, and whether they should prioritize the development of traded goods producing sectors. At the same time, there is relatively little empirical evidence on the economic consequences of the development of the services sector in developing countries, and whether the reallocation of factors of production into services can give rise to adverse long-term effects both locally and in the aggregate. 2 This paper sets out to study the economic consequences of tourism, a fast-growing services sector in developing countries. Tourism involves the export of otherwise non-traded local services by temporarily moving consumers across space, rather than 1 This view is in the tradition of Baumol (1967). See Herrendorf, Rogerson, and Valentinyi (2014) for a review of the recent literature, and McMillan and Rodrik (2011) for an analysis in the context of developing countries. 2 See, for example, Copeland (1991) for an early theoretical discussion of tourism as a potential "Dutch disease."

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confidence: 99%

Tourism and Economic Development: Evidence from Mexico’s Coastline

Faber

Gaubert

2019

American Economic Review

156

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“…Essa etapa consiste em determinar o impacto do evento sobre o apreçamento das ações de cada bloco de empresas no período e avaliar a consistência com a hipótese teórica. Este método também foi utilizado por Xu et al (2021) para corrigir possíveis falhas que possam ter nos retornos anormais acumulados ao longo do período de análise.…”

Section: Metodologiaunclassified

Acidente De Brumadinho Em Minas Gerais

Silva,

Barros

2023

RMC

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Este estudo possui como objetivo analisar a reação sobre o preço dos ativos da Vale, pares nacionais e internacionais, em decorrência do desastre de Brumadinho-MG em 2019. Acompanhando a literatura apresentada por Campbell et al. (1997), MacKinlay (1997) e Kliger e Gurevich (2014), a pesquisa adota a Abordagem de Estudo de Eventos (ESA) para avaliar o efeito sobre o retorno diário do apreçamento das ações decorrentes das informações divulgadas em torno do evento de interesse. O estudo possui relevância para a literatura por trazer o efeito de um evento corporativo sobre as empresas do setor, também é relevante para os investidores perceberem os danos que um evento catastrófico causa sobre o preço dos ativos da companhia diretamente envolvida e seus pares, considerando os danos reputacionais à sua imagem. Os resultados da Vale indicam que, inicialmente, o evento apresentou retornos negativos significativos, os quais se ajustaram no decorrer do período com a chegada de novas informações. Nos seus pares nacionais foram observadas variações pós-evento, apesar de alguns retornos não serem significativos ao longo do período. Nos pares internacionais, os resultados tiveram movimentação inversa aos da Vale, com retornos favoráveis às companhias. As contribuições do estudo são verificar a reação do mercado e como o setor foi afetado pela catástrofe, diante de desastres corporativos, e auxiliar os investidores a interpretar incertezas, em termos de gerenciamento de carteiras, frente a uma queda ocasionada por eventos inesperados.

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“…However, the exchange rate negatively affects the tourist number, which means that the exchange rate fluctuation will increase the tourist flow. [10] and [11] have studied the stock market and tourism. [12] shows that the Gross Domestic Product and interest rate have influenced the stock price, while the gold price and exchange rate do not affect the stock price.…”

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confidence: 99%

Factors Affect Tourism Stock Price in Indonesia

Goh,

Henry,

Toni

et al. 2022

IJCS

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The study aims to examine which factors affect the tourism stock price more. The study uses weekly exchange rate and tourism stock prices; the inflation, interest rate, and the number of tourism use monthly data. Using descriptive statistics, correlation matrix, augmented Dickey Fuller's unit root test, VAR, the Granger causality test, and Impulse Response. The results show that all the variables in our observations have no causal relationship. Interest rates do not have a causal relationship with exchange rates, inflation, number of tourists, and tourism stock prices. The VAR models show interest rate has a negative impact on tourism stock price, exchange rate, and the number of tourists positively impacting tourism stock price. Inflation has no impact on tourism stock price. A decrease in interest rates will encourage investment to develop a business. A decrease in the IDR exchange rate against the USD will lower the product's price, so foreign tourists will feel that Indonesian goods are getting cheaper; thus, they will spend more and increase the tourism company's share price. Regulators can use the research results by lowering and maintaining the stability of interest rates, exchange rates, inflation, and increasing the number of tourists to Indonesia.

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Do investor relations matter in the tourism industry? Evidence from public opinions in China

Cited by 11 publications

References 60 publications

Tourism and Economic Development: Evidence from Mexico’s Coastline

Tourism and Economic Development: Evidence from Mexico’s Coastline

Acidente De Brumadinho Em Minas Gerais

Factors Affect Tourism Stock Price in Indonesia

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