Understanding the impact of changes in consumer confidence on hotel stock performance in Taiwan

Chen, Ming‐Hsiang

doi:10.1016/j.ijhm.2015.07.010

Cited by 36 publications

(42 citation statements)

References 31 publications

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“…On the other hand, tourism expenditures, tourism growth, and corruption are found to have no significant effect on the stock returns. Chen (2015) shows that consumer-confidence positively affects sales and stock returns in the Taiwanese hotel industry, while also documents limited support for the impact of macroeconomic variables on stock returns. Recently, Demir et al (2017) investigate how stock prices of Turkish tourism companies are affected from the macroeconomic variables.…”

Section: Literature Reviewmentioning

confidence: 93%

The effect of European and global uncertainty on stock returns of travel and leisure companies

2018

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This article aims to evaluate the impact of economic policy uncertainty (EPU) on the STOXX Europe 600 Travel & Leisure Price Index by utilizing a monthly data set for 20 years through 1997-2016. It is found that both the European and the global EPU have significant negative effects on the stock returns of travel and leisure companies. We demonstrate the significantly superior forecasting power of EPU measures on tourism and leisure stock returns, relative to a rather weak forecasting power of various macroeconomic variables.

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Section: Literature Reviewmentioning

confidence: 93%

The effect of European and global uncertainty on stock returns of travel and leisure companies

2018

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“…In the sub-stream of business cycle and corporate governance, papers explore the effects generated by some National strategies (as the government weekend policy changes in Taiwan), business cycle or corporate governance (Chen et al, 2009). Concerning crisis and external shocks, research analysis include the effects generated by variation in gross domestic product or by international shocks, such as the 9/21 earthquake in Taiwan, the 9/11 terrorist attacks in the US, or the SARS outbreak (Chen, 2015). As previously stated, performance indicators are mainly financial indicators (stock return, risk, Sharpe ratio, Treynor's measure, and Jensen's alpha) integrated with accounting measures (financial ratios) and competitive indicators (average daily rate, occupancy and revenue per available room (RevPAR)).…”

Section: Cluster 2 -External Determinantsmentioning

confidence: 99%

Hotel performance and research streams: a network cluster analysis

Sainaghi

Baggio

Phillips

et al. 2018

IJCHM

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Purpose This paper aims to provide a review of hotel performance within the hospitality and tourism research domain. The authors use network analysis to examine two research questions. The first relates to ascertaining general trends within the hotel performance literature, and the second focuses on identifying the salient streams and sub-topics. Design/methodology/approach Articles were selected according to three criteria: keywords, journals and year of publication. The analysis embraces 20 years (1996-2015). These choices assure a wide coverage of the literature. Using these three criteria, the sample includes 1,155 papers. For the analysis, the authors created a network of papers designated as nodes, and the citations among the papers as links. A network approach recognizes the internal structure of the network by identifying groups of nodes (papers) that are more densely connected between themselves than to other nodes within the network (modules, clusters or communities). Findings The authors found 761 papers that were “connected” studies within the network. By contrast, 34 per cent of the sample (394 papers) consists of “unconnected” studies. Excluding outliers, the net sample was 734 articles. The authors identify 14 clusters, which they break down into several sub-topics. The authors conclude by providing some conclusions regarding trends and future research directions. With regards to salient topics, cross-citation and network analysis provide a detailed picture of where the literature comes from and where it currently stands. Conclusions are articulated at the theoretical and empirical levels. Originality/value Compared with previous hotel performance reviews, the approach followed by this study enables the discovery of an analytical research map, which is able to identify both clusters and sub-topics populating each segment. Researchers are able to position their work and identify issues that are in growth and decline.

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“…The most important advantage of the methodology is the recommendation of both general and industry-specific criteria in order to capture the specific specifications of each industry 5 , while the weight of each criterion depends on the industry that the company operates 6 . Data for DJSI US were obtained by the official site of DJSI 7 .…”

Section: Methodological Approach and Datamentioning

confidence: 99%

“…In particular, a number of studies investigated the role of consumer sentiment on stock returns (e.g. Chen, 2011;Chen, 2015). However, less interest has been focused on whether stock returns affect consumer confidence.…”

confidence: 99%

“…Consumer confidence is an important variable for investors, firms, governments and other bodies since a shift of consumer confidence can be a signal for the state of the economy and their own financial situation (Chen, 2015). Further studies suggested that consumer confidence is highly related with the real consumption, forecasting future changes in household spending (Carroll et al, 1994).…”

confidence: 99%

See 1 more Smart Citation

The effect of Dow Jones Sustainability Index on Consumer Sentiment Index

Sariannidis

Giannarakis

Partalidou

et al. 2017

Investment Management and Financial Innovations

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This study intends to investigate whether stock returns affect the consumer sentiment. In particular, socially responsible companies are incorporated in the sample in order to capture the specification of socially responsible investors. For this reason, the University of Michigan Consumer Confidence Index is used as a proxy for consumer confidence, while data from Dow Jones Sustainability Index US is employed as a proxy for socially responsible companies for the period 1999-2016. The generalized autoregressive conditional heteroskedasticity model applied and illustrated that stock returns affect positively the consumer confidence. The result has important implications for investors and policy makers.

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Understanding the impact of changes in consumer confidence on hotel stock performance in Taiwan

Cited by 36 publications

References 31 publications

The effect of European and global uncertainty on stock returns of travel and leisure companies

The effect of European and global uncertainty on stock returns of travel and leisure companies

Hotel performance and research streams: a network cluster analysis

The effect of Dow Jones Sustainability Index on Consumer Sentiment Index

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