Global and domestic economic policy uncertainties and tourism stock market: Evidence from China

IF 3.6 3区管理学 Q1 ECONOMICS

Tourism Economics Pub Date : 2023-05-10 DOI:10.1177/13548166231173171

Han Liu, Peng Yang, Haiyan Song, D. Wu

引用次数: 0

Abstract

This study investigates the impacts of global economic policy uncertainty (GEPU) and domestic (Chinese) economic policy uncertainty (CEPU) on the long-run volatility of the tourism stock market in China based on an improved GARCH–MIDAS–X model. Empirical results reveal that both CEPU and GEPU have significant negative effects on the long-run volatility of China’s tourism stock market. It is further identified that the impact of GEPU on tourism companies’ performance is short-lived. The findings suggest that tourism-related practitioners should monitor both CEPU and GEPU when conducting risk assessments related to tourism investment and policymaking.

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全球和国内经济政策不确定性与旅游股票市场:来自中国的证据

基于改进的GARCH-MIDAS-X模型，研究了全球经济政策不确定性(GEPU)和国内(中国)经济政策不确定性(CEPU)对中国旅游股票市场长期波动的影响。实证结果表明，CEPU和GEPU对中国旅游股票市场的长期波动都有显著的负向影响。进一步发现，GEPU对旅游企业绩效的影响是短期的。研究结果提示，旅游相关从业人员在进行旅游投资和决策风险评估时，应同时监测CEPU和GEPU。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Tourism Economics Multiple-

CiteScore

9.30

自引率

11.40%

发文量

期刊介绍： Tourism Economics, published quarterly, covers the business aspects of tourism in the wider context. It takes account of constraints on development, such as social and community interests and the sustainable use of tourism and recreation resources, and inputs into the production process. The definition of tourism used includes tourist trips taken for all purposes, embracing both stay and day visitors. Articles address the components of the tourism product (accommodation; restaurants; merchandizing; attractions; transport; entertainment; tourist activities); and the economic organization of tourism at micro and macro levels (market structure; role of public/private sectors; community interests; strategic planning; marketing; finance; economic development).