Institutional investors and the Monday effect on tourism stocks
Publication in refereed journal


香港中文大学研究人员 ( 现职)


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Scopushttp://aims.cuhk.edu.hk/converis/portal/Publication/6Scopus source URL

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摘要Stock return for the general market on Mondays reverses trend in the 1990s, and is positive in most of the years in that period. However, Monday stock return in the 1980s is still significantly negative (this significantly negative Monday return is called the Monday effect). Tourism stocks are known to be more volatile than the general market in the US. In this study, we concentrate on tourism stocks and find that they exhibit the same trends as that of the general stock market. We further divide tourism stocks into four different sectors: (1) Eating and Drinking Places, (2) Hotels, Rooming Houses, Camps, and other Lodging Places, (3) Amusement and Recreation Services and (4) Scheduled Air Transportation. We found different trends among the four different sectors, and they are clearly related to the percentage of institutional investors in the sectors. Our findings have strong implications on how to attract more institutional investors into the tourism industry, which is one of the most important ways to finance future growth in that industry. ? 2005 Elsevier Ltd. All rights reserved.

着者Leung W.K., Lee T.S.
期刊名称INTERNATIONAL JOURNAL OF HOSPITALITY MANAGEMENT
详细描述(200http://aims.cuhk.edu.hk/converis/portal/Publication/6 International Journal of Hospitality Management Best Paper Award)
出版年份200http://aims.cuhk.edu.hk/converis/portal/Publication/6
月份9
日期1
卷号25
期次3
出版社Pergamon Press
出版地United States
页次348 - 372
国际标準期刊号0278-4319
语言英式英语

关键词Institutional investors, Monday effect, Tourism stocks