The effect of European and global uncertainty on stock returns of travel and leisure companies-Reference-Cited by-同舟云学术

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

Published:2018-08-07 Issue:1 Volume:25 Page:51-66
ISSN:1354-8166
Container-title:Tourism Economics
language:en
Short-container-title:Tourism Economics

Author:

Ersan Oguz¹,Akron Sagi²,Demir Ender³

Affiliation:

1. Kadir Has University, Turkey

2. University of Haifa, Israel

3. Istanbul Medeniyet University, Turkey

Abstract

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.

Publisher

SAGE Publications

Subject

Tourism, Leisure and Hospitality Management,Geography, Planning and Development

Link

http://journals.sagepub.com/doi/pdf/10.1177/1354816618792398

Reference39 articles.

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5. Use of macroeconomic variables to evaluate selected hospitality stock returns in the U.S.

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