- About this Journal ·
- Aims and Scope ·
- Article Processing Charges ·
- Articles in Press ·
- Author Guidelines ·
- Bibliographic Information ·
- Citations to this Journal ·
- Contact Information ·
- Editorial Board ·
- Editorial Workflow ·
- Free eTOC Alerts ·
- Publication Ethics ·
- Reviewers Acknowledgment ·
- Submit a Manuscript ·
- Subscription Information ·
- Table of Contents
Volume 2013 (2013), Article ID 289718, 10 pages
An Empirical Modelling of New Zealand Hospitality and Tourism Stock Returns
1Nanyang Business School and Institute on Asian Consumer Insight, Nanyang Technological University, Singapore 639798
2Curtin Business School, Curtin University, Perth 845, Australia
Received 27 December 2012; Accepted 17 January 2013
Academic Editors: J. H. Haslag, J.-L. Hu, and B. M. Tabak
Copyright © 2013 Christine Lim and Felix Chan. This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
- World Travel & Tourism Council, “Progress and Priorities,” 2008, http://www.wttc.org/eng/Tourism_Research/Tourism_Economic_Research.
- World Travel & Tourism Council, “The Economic Impact of Travel & Tourism 2012,” http://www.wttc.org/site_media/uploads/downloads/singapore2012.pdf.
- D. K. Hayes and A. A. Miller, Revenue Management for the Hospitality Industry, John Wiley & Sons, New Jersey, NJ, USA, 2011.
- N. F. Chen, R. Roll, and S. A. Ross, “Economic forces and the stock market,” Journal of Business, vol. 59, pp. 383–403, 1986.
- M. H. Chen, “Interactions between business conditions and financial performance of tourism firms: evidence from China and Taiwan,” Tourism Management, vol. 28, no. 1, pp. 188–203, 2007.
- Auckland Airport, “Annual Report, 2012,” http://www.aucklandairport.co.nz/Annual-Report/~/media/Files/Annual%20Report/Auckland_Airport_Annual_Report_2012.ashx.
- Auckland Airport, “An assessment of the future contribution by Auckland Airport to the Auckland Region and New Zealand Economies,” 2010, http://www.aucklandairport.co.nz/Corporate.aspx.
- Air New Zealand, “Air New Zealand completes Ansett purchase,” NZX Deep Archive database, 2000.
- Air New Zealand and Company History, 2006, http://www.airnewzealand.co.nz/resources/company_history_feb_06.pdf.
- Air New Zealand, “Company Profile,” 2011, http://www.airnewzealand.co.nz/about-air-new-zealand.
- Millennium Hotels and Resorts, “Financial library—annual reports,” 2009, http://www.millenniumhotels.com/corporate/investor_relations/annualReport_nz.html.
- Millennium Hotels and Resort, “Corporate-Overview,” 2009, http://www.millenniumhotels.com/corporate/index.html.
- Restaurant Brands, “Annual Report 2010/20111,” http://www.restaurantbrands.co.nz/images/stories/Annual_Reports/20112012/rbnz_ar11_web.pdf.
- New Zealand Experience Limited, “Annual report 1995,” NZX Deep Archive database.
- New Zealand Experience Limited, “Company Description,” 2011, http://investing.businessweek.com/research/stocks/snapshot/snapshot_article.asp?ticker=NZE:NZ.
- SKYCITY, “Entertainment Group,” http://www.skycityentertainmentgroup.com/About-SKYCITY/Welcome.html.
- Tourism Holdings Limited, “Annual Report 2008,” http://www.thlonline.com/CentralLibraryDocuments/Corporate/Annual-Interim-Reports/Annual%20Report%202008.pdf.
- Tourism Holdings Limited, “Company Profile,” 2011, http://www.thlonline.com/THLBusinesses/default.aspx.
- S. A. Ross, “The arbitrage theory of capital asset pricing,” Journal of Economic Theory, vol. 13, no. 3, pp. 341–360, 1976.
- N. F. Chen, “Some empirical tests of the theory of arbitrage pricing,” Journal of Finance, vol. 38, no. 5, pp. 1393–1414, 1983.
- M. Beenstock and K. Chan, “Economic forces and London Stock Market,” Oxford Bulletin of Economics and Statistics, vol. 50, pp. 27–39, 1988.
- R. Priestley, “The arbitrage pricing theory, macroeconomic and financial factors, and expectations generating processes,” Journal of Banking and Finance, vol. 20, no. 5, pp. 869–890, 1996.
- N. Groenewold and P. Fraser, “Share prices and macroeconomic factors,” Journal of Business Finance and Accounting, vol. 24, no. 9-10, pp. 1367–1383, 1997.
- H. Rjoub, T. Türsoy, and N. Günsel, “The effects of macroeconomic factors on stock returns: Istanbul stock market,” Studies in Economics and Finance, vol. 26, no. 1, pp. 36–45, 2009.
- C. W. Barrows and A. Naka, “Use of macroeconomic variables to evaluate selected hospitality stock returns in the U.S.,” International Journal of Hospitality Management, vol. 13, no. 2, pp. 119–128, 1994.
- M. H. Chen, W. G. Kim, and H. J. Kim, “The impact of macroeconomic and non-macroeconomic forces on hotel stock returns,” International Journal of Hospitality Management, vol. 24, no. 2, pp. 243–258, 2005.
- M. H. Chen, “Hotel stock performance and monetary conditions,” International Journal of Hospitality Management, vol. 26, no. 3, pp. 588–602, 2007.
- M. H. Chen, “Macro and non-macro explanatory factors of Chinese hotel stock returns,” International Journal of Hospitality Management, vol. 26, no. 4, pp. 991–1004, 2007.
- M. H. Chen, “The economy, tourism growth and corporate performance in the Taiwanese hotel industry,” Tourism Management, vol. 31, no. 5, pp. 665–675, 2010.
- M. H. Chen, “Federal Reserve monetary policy and US hospitality stock returns,” Tourism Economics, vol. 16, no. 4, pp. 833–852, 2010.
- K. K. F. Wong and H. Song, “Do macroeconomic variables contain any useful information for predicting changes in hospitality stock indices?” Journal of Hospitality & Tourism Research, vol. 30, no. 1, pp. 16–33, 2006.
- F. A. Kwansa, “Acquisitions, shareholder wealth and the lodging sector: 1980–1990,” International Journal of Contemporary Hospitality Management, vol. 6, no. 6, pp. 16–20, 1994.
- D. H. Chen and F. S. Bin, “Effects of legislation events on US gaming stock returns and market turnings,” Tourism Management, vol. 22, pp. 539–549, 2001.
- C. Wang and H. Xu, “Government intervention in investment by Chinese listed companies that have diversified into tourism,” Tourism Management, vol. 32, no. 6, pp. 1371–1380, 2011.
- J. L. Nicolau, “Assessing new hotel openings through an event study,” Tourism Management, vol. 23, pp. 47–54, 2002.
- M. H. Chen, S. C. Jang, and W. G. Kim, “The impact of the SARS outbreak on Taiwanese hotel stock performance: an event-study approach,” International Journal of Hospitality Management, vol. 26, no. 1, pp. 200–212, 2007.
- J. G. Choi, M. D. Olsen, F. A. Kwansa, and E. C. Y. Tse, “Forecasting industry turning points: the US hotel industry cycle model,” International Journal of Hospitality Management, vol. 18, no. 2, pp. 159–170, 1999.
- H. Kim and Z. Gu, “Risk-adjusted performance: a sestor analysis of restaurant firms,” Journal of Hospitality and Tourism Research, vol. 27, pp. 200–216, 2003.
- J. S. Lee and S. C. Jang, “The systematic-risk determinants of the US airline industry,” Tourism Management, vol. 28, no. 2, pp. 434–442, 2007.
- R. W. Faff, “An Empirical test of the arbitrage pricing theory on Australian stock returns 1974–85,” Accounting and Finance, vol. 28, pp. 23–43.
- T. E. Copeland, J. F. Weston, and K. Shastri, Financial Theory and Corporate Policy, Addison Wesley, Boston, Mass, USA, 4th edition, 2005.
- R. A. DeFusco, Quantitative Investment Analysis, John Wiley & Sons, New Jersey, NJ, USA, 2nd edition, 2007.
- R. Roll and S. A. Ross, “An empirical investigation of the arbitrage pricing theory,” The Journal of Finance, vol. 35, pp. 1073–1103, 1980.
- E. F. Fama and K. R. French, “Business conditions and expected returns on stocks and bonds,” Journal of Financial Economics, vol. 25, no. 1, pp. 23–49, 1989.
- G. R. Jensen, J. M. Mercer, and R. R. Johnson, “Business conditions, monetary policy, and expected security returns,” Journal of Financial Economics, vol. 40, no. 2, pp. 213–237, 1996.
- Reserve Bank of New Zealand, http://www.rbnz.govt.nz/statistics/.
- Datastream, Equities, Thomson Reuters, New York, NY, USA.
- Statistics New Zealand, “Tourist Arrivals,” http://www.stats.govt.nz/.
- P. C. B. Phillips and P. Perron, “Testing for a unit root in time series regression,” Biometrika, vol. 75, no. 2, pp. 335–346, 1988.
- H. White, “A hteroskedasticity-consistent covariance matrix and a direct test for heteroskedasticity,” Econometrica, vol. 48, pp. 817–838, 1980.