A partial and multiple wavelet analysis of tourism and house prices

ABSTRACT

This paper aims to examine the relationship between tourism activities and house prices (HP) in China’s regions using wavelet transform context structures. The partial wavelet coherence (PWC) and multiple wavelet coherence (MWC) are applied to the available tourism data. Results indicate that there is a strong short-term comovement between tourism and its control variables at low, medium, and high frequencies between three tourism sectors in terms of PWC. As for MWC, tourism activities are generally highly correlated over time and frequency bands and become clear. In addition, the researchers uncover some differences between the comovement of control variables in tourism and their relationships through time and frequencies.

摘要

本文旨在运用小波转换方法研究中国地区旅游活动与房价之间的关系。本研究将局部和多重小波相干性应用于现有的旅游数据资料。 研究结果表明, 局部小波相干性而言, 当三个变量在低频, 中频和高频下存在共移性, 旅游业及其控制变量之间存在强烈的短期联动性关系。至于多重小波相干性, 结果表明旅游活动通常在时间和频率上高度相关, 且运用此方法后共移性变得更清晰。此外, 研究人员还揭示了旅游业中控制变量的联动关系及某些差异通过时间和频率关系之间的方法。

KEYWORDS:

• Tourism activities
• house prices
• wavelet analysis
• time domains
• frequency domains

关键词:

• 旅游活动
• 房价
• 小波分析
• 时域
• 频域

Disclosure statement

No potential conflict of interest was reported by the authors.

Additional information

Funding

This study was supported by the Department of Education of Guangdong Province (Grant Number 2018WTSCX214).

Notes on contributors

Tsung-Pao Wu

Tsung-Pao Wu is a Full Professor at the School of Accounting and Finance in Beijing Institute of Technology, Zhuhai, China. He received his Ph.D. in finance from Feng Chia University. His research interest focuses on tourism economics (E-mail: https://[email protected]).

Hung-Che Wu

Hung-Che Wu is an Associate Professor in the Business School at Nanfang College of Sun Yat-Sen University, Guangdong Province, China. He received his Ph.D. in marketing and economics from Lincoln University. His research interests include green marketing, hospitality management, service quality, customer satisfaction, consumer behavior, and tourism economics (E-mail:https://[email protected]).

Shu-Bing Liu

Shu-Bing Liu is an Associate Professor in the Department of Finance at Shih Chien University Kaohsiung Campus, Kaohsiung City, Taiwan. She received her Ph.D. in finance from National Cheng Kung University. Her research interests include corporate governance, financial management, and financial market (E-mail: https://[email protected]).

Shun-Jen Hsueh

Shun-Jen Hsueh is an Associate Professor in the Department of Financial Management at Cheng Shiu University, Kaohsiung City, Taiwan. He received his Ph.D. in business administration from National Cheng Kung University. His research interest focuses on financial economics and management, corporate finance, and banking practice and theory (E-mail: https://[email protected]).

Junyan Chen

Junyan Chen is a Research Assistant in the School of Accounting and Finance at Beijing Institute of Technology, Zhuhai, Guangdong Province, China. He received his B.B.M. in financial management from Beijing Institute of Technology, Zhuhai. His research interests focus on loans, financial market, financial management, portfolio investment, and data analytics (E-mail: https://[email protected]).