Spillovers from tourism demand to tourism equity indices
Balli F. Naeem M.A. Ozer-Balli H.
December 2022SAGE Publications Inc.
Tourism Economics
2022#28Issue 82228 - 2235 pp.
In this article, we analyse the extent of the spillover from international tourism demand on tourism sector equity indices and find that the magnitude of the spillovers are quite dispersed across different markets, which is in line with previous studies. Novel to the literature, we examine the impact of solvency and profitability positions of the firms in the tourism equity indices on evaluating the magnitude of the spillovers from tourism demand to sector equity indices. Firms that have better solvency ratios and operated in deeper financial markets find their stock returns are affected less from the fluctuations in tourism demand. Profitability positions of the firms, however, do not have significant impact on explaining the spillovers.
firm positions , international tourism demand , spillover indices
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Massey University Albany, New Zealand
Smurfit Graduate School of Business, University College Dublin, Ireland
Al-Farabi Kazakh National University, Kazakhstan
Massey University Albany
Smurfit Graduate School of Business
Al-Farabi Kazakh National University
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