Macroeconomic Influences On Japanese Hotel Stock Returns

REFERENCES

• Abugri , B. A. 2008 . Empirical relationship between macroeconomic volatility and stock returns: Evidence from Latin American markets . International Review of Financial Analysis , 17 : 396 – 410 .
   Google Scholar
• Asprem , M. 1989 . Stock prices, asset portfolios and macroeconomic variables in ten European countries . Journal of Banking and Finance , 13 : 589 – 612 .
   Web of Science ®Google Scholar
• Barrows , C. W. and Naka , A. 1994 . Use of macroeconomic variables to evaluate selected hospitality stock returns in the U.S . International Journal of Hospitality Management , 13 : 119 – 128 .
   Google Scholar
• Basher , S. A. and Sadorsky , P. 2006 . Oil price risk and emerging stock markets . Global Finance Journal , 17 : 224 – 251 .
   Google Scholar
• Bulmash , S. B. and Trivoli , G. W. 1991 . Time-lagged interactions between stock prices and selected economic variables . Journal of Portfolio Management , 17 ( 4 ) : 61 – 67 .
   Web of Science ®Google Scholar
• Chen , M. H. 2007a . Hotel stock performance and monetary conditions . International Journal of Hospitality Management , 26 : 588 – 602 .
   Google Scholar
• Chen , M. H. 2007b . Interactions between business conditions and financial performance of tourism firms: Evidence from China and Taiwan . Tourism Management , 28 : 188 – 203 .
   PubMed Web of Science ®Google Scholar
• Chen , M. H. 2007c . Macro and non-macro explanatory factors of Chinese hotel stock returns . International Journal of Hospitality Management , 26 : 991 – 1004 .
   PubMedGoogle Scholar
• Chen , M. H. 2010 . Federal Reserve monetary policy and U.S. hospitality stock returns . Tourism Economics , 16 : 833 – 852 .
   Google Scholar
• Chen , M. H. , Kim , W. G. and Kim , H. J. 2005 . The impact of macroeconomic and non-macroeconomic forces on hotel stock returns . International Journal of Hospitality Management , 24 : 243 – 258 .
   PubMedGoogle Scholar
• Chen , M. H. , Liao , C. N. and Huang , S. S. 2010 . Effects of shifts in monetary policy on hospitality stock performance . Service Industries Journal , 30 : 171 – 184 .
   Web of Science ®Google Scholar
• Chen , N. , Roll , R. and Ross , S. A. 1986 . Economic forces and the stock market . Journal of Business , 59 : 383 – 403 .
   Web of Science ®Google Scholar
• Dickey , D. A and Fuller , W. A. 1981 . Likelihood ratio statistics for autoregressive time series with a unit root . Econometrica , 49 : 1057 – 1071 .
   Web of Science ®Google Scholar
• Fama , E. F. 1981 . Stock returns, real activity, inflation, and money . American Economic Review , 71 : 545 – 565 .
   Web of Science ®Google Scholar
• Gao , T. 2000 . Exchange rate movements and the profitability of U.S. multinationals . Journal of International Money and Finance , 19 ( 1 ) : 117 – 134 .
   Web of Science ®Google Scholar
• Hammoudeh , S. and Eleisa , L. 2004 . Dynamic relationships among GCC stock markets and NYMEX oil futures . Contemporary Economic Policy , 22 : 250 – 269 .
   Web of Science ®Google Scholar
• Hartmann , D. and Pierdzioch , C. 2007 . Exchange rates, interventions, and the predictability of stock returns in Japan . Journal of Multinational Financial Management , 17 ( 1 ) : 155 – 172 .
   Google Scholar
• Huang , R. D. , Masulis , R. W. and Stoll , H. R. 1996 . Energy shocks and financial markets . Journal of Futures Markets , 16 ( 1 ) : 1 – 27 .
   Web of Science ®Google Scholar
• Jones , C. M. and Kaul , G. 1996 . Oil and the stock markets . Journal of Finance , 51 : 463 – 491 .
   Web of Science ®Google Scholar
• Kaneko , T. and Lee , B. S. 1995 . Relative importance of economic factors in the U.S. and Japanese stock markets . Journal of the Japanese and International Economies , 9 : 290 – 307 .
   Web of Science ®Google Scholar
• Kim , H. Y. , Chen , M. H. and Jang , S. C. 2006 . Tourism expansion and economic development: The case of Taiwan . Tourism Management , 27 : 925 – 933 .
   PubMed Web of Science ®Google Scholar
• Kulendran , N. and Wilson , K. 2000 . Is there a relationship between international trade and international travel? . Applied Economics , 32 : 1001 – 1009 .
   Web of Science ®Google Scholar
• Kwon , C. S. and Shin , T. S. 1999 . Cointegration and causality between macroeconomic variables and stock market returns . Global Finance Journal , 10 ( 1 ) : 71 – 81 .
   Google Scholar
• Lastrapes , W. D. and Koray , F. 1990 . International transmission of aggregate shocks under fixed and flexible exchange rate regimes: United Kingdom, France and Germany, 1959–1985 . Journal of International Money and Finance , 9 : 402 – 423 .
   Web of Science ®Google Scholar
• Madanoglu , M. and Karadag , E. 2009 . Exiting the public scene and becoming private: The magnitude of bid premiums in the U.S. restaurant industry . Journal of Hospitality Marketing and Management , 18 : 615 – 631 .
   Google Scholar
• McMillin , W. D. 1991 . The velocity of M1 in the 1980s: Evidence from multivariate time series model . Southern Economic Journal , 57 ( 1 ) : 34 – 48 .
   Google Scholar
• Nakaota , H. 2003 . The term structure of interest rates in Japan: The predictability of economic activity . Japan and the World Economy , 17 : 311 – 326 .
   Google Scholar
• Nandha , M. and Hammoudeh , S. 2007 . Systematic risk, and oil price and exchange rate sensitivities in Asia–Pacific stock markets . Research in International Business and Finance , 21 : 326 – 341 .
   Google Scholar
• Papapetrou , E. 2001 . Oil price shocks, stock market, economic activity and employment in Greece . Energy Economics , 23 : 511 – 532 .
   Web of Science ®Google Scholar
• Phillips , P. and Perron , P. 1988 . Testing for a unit root in time series regression . Biometrica , 75 : 335 – 346 .
   Web of Science ®Google Scholar
• Sadorsky , P. 1999 . Oil price shocks and stock market activity . Energy Economics , 21 : 449 – 469 .
   Web of Science ®Google Scholar
• Sadorsky , P. 2003 . The macroeconomic determinants of technology stock price volatility . Review of Financial Economics , 12 : 191 – 205 .
   Google Scholar
• Shan , J. and Wilson , K. 2001 . Causality between trade and tourism: Empirical evidence from China . Applied Economics Letters , 8 : 279 – 283 .
   Web of Science ®Google Scholar
• Shapiro , M. D. 1988 . The stabilization of the U.S. economy: evidence from the stock market . American Economic Review , 78 : 1067 – 1079 .
   Web of Science ®Google Scholar
• Sims , C. A. 1980 . Macroeconomics and reality . Econometrica , 48 : 1 – 49 .
   Web of Science ®Google Scholar
• Singh , A. J. and Kwansa , F. A. 1999 . Financing the lodging industry in the next millennium . International Journal of Hospitality Management , 18 : 415 – 425 .
   Google Scholar
• Wang , P. and Godbey , G. 1994 . A normative approach to tourism growth to the year 2000 . Journal of Travel Research , 33 : 32 – 37 .
   Google Scholar
• Wasserfallen , W. 1989 . Macroeconomic news and the stock market . Journal of Banking and Finance , 13 : 613 – 626 .
   Web of Science ®Google Scholar
• Wong , K. F. and Song , H. 2006 . Do macroeconomic variables contain any useful information for predicting changes in hospitality stock indices? . Journal of Hospitality and Tourism Research , 30 ( 1 ) : 16 – 33 .
   Google Scholar