An Empirical Modelling of New Zealand Hospitality and Tourism Stock Returns

Table 4

Philip-Perron test statistics.

Variable	Philip-Perron
	Without trend (critical value = −2.88)	With trend (critical value = −3.44)
Auckland International Airport	−14.26	−14.25
Air New Zealand	−9.59	−9.60
Millenium & Copthorne Hotels	−13.92	−13.89
New Zealand Experience	−20.75	−21.15
Restaurant Brands	−12.62	−12.62
Sky City Entertainment	−13.60	−13.65
Tourism Holdings	−11.76	−11.74
Change in market portfolio	−12.49	−12.46
Change in M1 money supply	−15.15	−15.08
Change in 90-day bank bill	−5.18	−5.29
Change in term premium	−8.71	−8.69
Change in official cash rate	−6.54	−6.68
Change in tourist arrivals	−11.22	−11.18