{"title":"赌场公司的风险特征及其贝塔决定因素","authors":"Zheng Gu, Hyun-joong Kim","doi":"10.1002/(SICI)1099-1603(199812)4:4<357::AID-PTH166>3.0.CO;2-O","DOIUrl":null,"url":null,"abstract":"This study examines the risk features of casino firms. In particular, it investigates the systematic and unsystematic risks of investing in casino stocks and the determinants of their systematic risk, or beta. Using the financial data of 35 USA casino firms from 1992 through 1994, the study found that 92% of their total risk was contributed by firm-specific unsystematic risk. The rest was due to their market-related systematic risk. The systematic risk was found to be negatively correlated with assets turnover ratio. The findings suggest that making existing gaming capacity more productive, rather than expanding, may reduce a casino firm's systematic risk and enhance the firm value. Copyright © 1998 John Wiley & Sons, Ltd.","PeriodicalId":375630,"journal":{"name":"Progress in Tourism and Hospitality Research","volume":"15 1","pages":"0"},"PeriodicalIF":0.0000,"publicationDate":"1998-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"42","resultStr":"{\"title\":\"Casino Firms' Risk Features and their Beta Determinants\",\"authors\":\"Zheng Gu, Hyun-joong Kim\",\"doi\":\"10.1002/(SICI)1099-1603(199812)4:4<357::AID-PTH166>3.0.CO;2-O\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"This study examines the risk features of casino firms. In particular, it investigates the systematic and unsystematic risks of investing in casino stocks and the determinants of their systematic risk, or beta. Using the financial data of 35 USA casino firms from 1992 through 1994, the study found that 92% of their total risk was contributed by firm-specific unsystematic risk. The rest was due to their market-related systematic risk. The systematic risk was found to be negatively correlated with assets turnover ratio. The findings suggest that making existing gaming capacity more productive, rather than expanding, may reduce a casino firm's systematic risk and enhance the firm value. Copyright © 1998 John Wiley & Sons, Ltd.\",\"PeriodicalId\":375630,\"journal\":{\"name\":\"Progress in Tourism and Hospitality Research\",\"volume\":\"15 1\",\"pages\":\"0\"},\"PeriodicalIF\":0.0000,\"publicationDate\":\"1998-12-01\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"42\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Progress in Tourism and Hospitality Research\",\"FirstCategoryId\":\"1085\",\"ListUrlMain\":\"https://doi.org/10.1002/(SICI)1099-1603(199812)4:4<357::AID-PTH166>3.0.CO;2-O\",\"RegionNum\":0,\"RegionCategory\":null,\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"\",\"JCRName\":\"\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Progress in Tourism and Hospitality Research","FirstCategoryId":"1085","ListUrlMain":"https://doi.org/10.1002/(SICI)1099-1603(199812)4:4<357::AID-PTH166>3.0.CO;2-O","RegionNum":0,"RegionCategory":null,"ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"","JCRName":"","Score":null,"Total":0}
引用次数: 42
Casino Firms' Risk Features and their Beta Determinants
This study examines the risk features of casino firms. In particular, it investigates the systematic and unsystematic risks of investing in casino stocks and the determinants of their systematic risk, or beta. Using the financial data of 35 USA casino firms from 1992 through 1994, the study found that 92% of their total risk was contributed by firm-specific unsystematic risk. The rest was due to their market-related systematic risk. The systematic risk was found to be negatively correlated with assets turnover ratio. The findings suggest that making existing gaming capacity more productive, rather than expanding, may reduce a casino firm's systematic risk and enhance the firm value. Copyright © 1998 John Wiley & Sons, Ltd.
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