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on Tourism Economics |
| By: | Chia-Lin Chang; Hui-Kuang Hsu; Michael McAleer (University of Canterbury) |
| Abstract: | This paper investigates the stock returns and volatility size effects for firm performance in the Taiwan tourism industry, especially the impacts arising from the tourism policy reform that allowed mainland Chinese tourists to travel to Taiwan. Four conditional univariate GARCH models are used to estimate the volatility in the stock indexes for large and small firms in Taiwan. Daily data from 30 November 2001 to 27 February 2013 are used, which covers the period of Cross-Straits tension between China and Taiwan. The full sample period is divided into two subsamples, namely prior to and after the policy reform that encouraged Chinese tourists to Taiwan. The empirical findings confirm that there have been important changes in the volatility size effects for firm performance, regardless of firm size and estimation period. Furthermore, the risk premium reveals insignificant estimates in both time periods, while asymmetric effects are found to exist only for large firms after the policy reform. The empirical findings should be useful for financial managers and policy analysts as it provides insight into the magnitude of the volatility size effects for firm performance, how it can vary with firm size, the impacts arising from the industry policy reform, and how firm size is related to financial risk management strategy. |
| Keywords: | : Tourism, firm size, stock returns, conditional volatility models, volatility size effects, asymmetry, tourism policy reform |
| JEL: | C22 G18 G28 G32 L83 |
| Date: | 2013–08–13 |
| URL: | http://d.repec.org/n?u=RePEc:cbt:econwp:13/26&r=tur |
| By: | Carl S. Bonham (UHERO, University of Hawaii at Manoa); Peter Fuleky (UHERO, University of Hawaii at Manoa); Qianxue Zhao (UHERO, University of Hawaii at Manoa) |
| Abstract: | It is natural to turn to the richness of panel data to improve the precision of estimated tourism demand elasticities. However, the likely presence of common shocks shared across the underlying macroeconomic variables and across regions in the panel has so far been neglected in the tourism literature. We deal with the effects of cross-sectional dependence by applying PesaranÕs (2006) common correlated effects estimator, which is consistent under a wide range of conditions and is relatively simple to implement. We study the extent to which tourist arrivals from the US Mainland to Hawaii are driven by fundamentals such as real personal income and travel costs, and we demonstrate that ignoring cross-sectional dependence leads to spurious results. |
| Keywords: | Panel Cointegration, Cross-Sectional Dependence, Tourism Demand, Hawaii |
| JEL: | C23 C51 L83 R41 |
| Date: | 2013–02 |
| URL: | http://d.repec.org/n?u=RePEc:hae:wpaper:2013-2r&r=tur |
| By: | Lorenzo Zirulia (University of Bologna, Department of Economics, Italy; The Rimini Centre for Economic Analysis, Italy; CRIOS, Bocconi University, Italy) |
| Abstract: | This brief paper focuses on Dutch outbound tourism, i.e. international flows with the Netherlands as a place of origin. Using data provided by CBS Statistics Netherlands, we show that the total number of international holidays, both in absolute terms and per capita, has significantly grown in the last three decades, denoting a significant increase in the propensity of Dutch residents to engage in international tourism; moreover, year-by-year variations seem to be positively, but weakly, associated with the general conditions of the Dutch economy. In terms of the composition of international holidays by destination country, we found evidence of some instability in the relative importance of different destinations, with an increase in the diversity of choices by Dutch tourists and in the distance of their preferred destination. |
| Keywords: | Outbound tourism, international holidays, the Netherlands, tourism markets, tourist preferences, tourist area cycle of evolution |
| Date: | 2013–07 |
| URL: | http://d.repec.org/n?u=RePEc:rim:rimwps:35_13&r=tur |
| By: | Mondschein, Andrew Samuel |
| Abstract: | Transportation planning research addresses accessibility from diverse approaches, focusing varyingly on the usability of the transportation system as a whole, a particular mode, the pattern of land uses, or the wherewithal of individuals and communities to make use of those systems. One aspect of accessibility that has received relatively little attention from planners is its cognitive, experiential aspect. Individuals’ activity and travel choices require not just money and time but also information about opportunities in the city. This component of an individual’s accessibility is highly personal but also dependent on the terrain of land uses and transportation options shaped by planners and policymakers. I seek to extend current accessibility research, addressing shortcomings in how the literature deals with individual experience of the city and knowledge. Through a series of empirical analyses of activity patterns and cognitive maps of theLos Angeles region, I explore the factors that shape individual accessibility. The first analysis investigates the spatial nature of personal cities, using the activity spaces of respondents to explore the types of opportunities that different populations within a city can access. The second demonstrates the differences – depending on mode of travel – among individuals’ perceptions of the city, even when location is held constant. The third analysis continues an exploration of the personal city by considering its fundamental components. Overall, the analyses support the relevance of the personal city framework to accessibility research, highlighting in particular that planning interventions are filtered through experiential and cognitive processes. The findings highlight that the accessibility impacts of transportation and land use patterns are felt not just in the instantaneous calculations of a microeconomic choice framework, but also in the long-term, developmental processes of cognition and experience. For urban planners, the implications of this research include evidence of how the built environment can effectively reduce travel while maintaining accessibility and how different transportation modes afford varying levels of functional accessibility. Overall, I find that experience, information, and learning are elements of urban daily life traditionally neglected by planners but with potential to increase opportunity and accessibility for diverse urban populations. |
| Keywords: | Social and Behavioral Sciences, urban planning, travel choice, accessibility |
| Date: | 2013–08–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:uctcwp:qt7014d9cg&r=tur |