Table 1: Descriptive statistics of Hospitality and Tourism Companies Monthly Stock Returns, 1999(3)–2012(9).

Stock returnMeanStandard deviationNormality

Auckland International Airport (AIA)0.6855.822.38*
Air New Zealand (AIR)−1.47611.881057.68
Millenium & Copthorne Hotels (MCK)0.1687.559.64*
New Zealand Experience (NZE)1.10613.8598.23
Restaurant Brands (RBD)0.358 7.416.52*
Sky City Entertainment (SKC)0.5766.2514.56
Tourism Holdings (THL)−0.40210.066.86

Note: *indicates 5% significance level.