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研究生:李曉鳳
研究生(外文):Hsiao-Feng Li
論文名稱(外文):State Dependence in the Impact of Consumer Sentiment on Hotel Stock Performance
指導教授:陳明祥陳明祥引用關係陳乃維
指導教授(外文):Ming-Hsiang ChenNai-Wei Chen
口試委員:郭良瑋鎮明常陳泰衡
口試委員(外文):Liang-Wei KuoMing-Chang JhenTai-Heng Chen
口試日期:2013-05-14
學位類別:碩士
校院名稱:國立中正大學
系所名稱:財務金融研究所
學門:商業及管理學門
學類:財務金融學類
論文種類:學術論文
論文出版年:2013
畢業學年度:101
語文別:英文
論文頁數:37
外文關鍵詞:Consumer confidenceStock returnsHotelsBusiness cyclePanel regression
相關次數:
  • 被引用被引用:0
  • 點閱點閱:326
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  • 下載下載:2
  • 收藏至我的研究室書目清單書目收藏:0
This paper tests the hypothesis that changes in consumer confidence would have a significant influence on hotel stock performance and the effect could be attributed both to the discount rate and to hotel sales earnings (Hypothesis I). Furthermore, the hypothesis that there is a cyclical variation in the response of hotel stock performance to consumer confidence (Hypothesis II) will be also examined. Empirical results based on panel regression tests reveal that changes in consumer confidence can significantly benefit hotel stock returns by lowering the perceived riskiness of cash flows and by stimulating hotel sales earnings. Moreover, the results demonstrate that consumer confidence has a stronger impact on hotel stock returns in contraction than in expansion, and the effect could be attributed to the discount rate more than hotel sales earnings.
1. Introduction
2. Literature review
3. Data and methodology
3.1. Data and variables
3.2. Panel data methodology
3.2.1. Tests of hypotheses I
3.2.2. Tests of hypothesis II
3.2.3. Estimation of panel regression tests
4. Empirical results
4.1. Test results of hypotheses I
4.2. Test results of hypothesis II
5. Discussion and conclusion
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