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

被引：51

作者：

Ersan, Oguz ^{[1
]}

Akron, Sagi ^{[2
]}

Demir, Ender ^{[3
]}

机构：

[1] Kadir Has Univ, Istanbul, Turkey

[2] Univ Haifa, Haifa, Israel

[3] Istanbul Medeniyet Univ, Istanbul, Turkey

来源：

TOURISM ECONOMICS | 2019年 / 25卷 / 01期

关键词：

economic policy uncertainty; European economic policy uncertainty; global economic policy uncertainty; return; STOXX Europe 600 Travel & Lisure price index; ECONOMIC-POLICY UNCERTAINTY; CORPORATE GOVERNANCE; INVESTMENT EVIDENCE; FINANCIAL CRISIS; TIME-SERIES; IMPACT; PERFORMANCE; INDUSTRY; DEMAND; PRICES;

D O I：

10.1177/1354816618792398

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

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.

引用

页码：51 / 66

页数：16

共 40 条

[21] THE CROSS-SECTION OF EXPECTED STOCK RETURNS [J].