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on Tourism Economics |
| By: | Chia-Lin Chang (National Chung Hsing University, Taiwan); Hui-Kuang Hsu (National Pingtung Institute of Commerce, Taiwan); Michael McAleer (Erasmus University Rotterdam, Kyoto University, Japan, and Complutense University of Madrid, Spain) |
| Abstract: | This paper examines the size effects of volatility spillovers for firm performance and exchange rates with asymmetry in the Taiwan tourism industry. The analysis is based on two conditional multivariate models, BEKK-AGARCH and VARMA-AGARCH, in the volatility specification. Daily data from 1 July 2008 to 29 June 2012 for 999 firms are used, which covers the Global Financial Crisis. The empirical findings indicate that there are size effects on volatility spillovers from the exchange rate to firm performance. Specifically, the risk for firm size has different effects from the three leading tourism sources to Taiwan, namely USA, Japan, and China. Furthermore, all the return series reveal quite high volatility spillovers (at over sixty percent) with a one-period lag. The empirical results show a negative correlation between exchange rate returns and stock returns. However, the asymmetric effect of the shock is ambiguous, owing to conflicts in the significance and signs of the asymmetry effect in the two estimated multivariate GARCH models. The empirical findings provide financial managers with a better understanding of how firm size is related to financial performance, risk and portfolio management strategies that can be used in practice. |
| Keywords: | Tourism; Size effects; Small-firm effects; Financial performance; Spillover effects; MGARCH; VARMA; BEKK |
| JEL: | C22 G32 L83 |
| Date: | 2013–01–07 |
| URL: | http://d.repec.org/n?u=RePEc:dgr:uvatin:20130008&r=tur |
| By: | Zawadzki, Krystian |
| Abstract: | In the course of preparations to the 2012 European Football Championship (Euro 2012) many doubts have arisen as to the actual cost-benefit balance affecting the hosting country. The event is accompanied by intense promotion of the agglomeration and the region, especially abroad. In effect, one can anticipate the competitive position of both the region and the businesses operating there to improve. In this paper, the micro level is considered, namely the potential impact of Euro 2012 on the business decisions in selected sectors, particularly connected with the mega sport event in the Pomeranian region.The research reported in this study focused on the relationship between UEFA Euro in Poland and the decisions taken by representatives of SMEs. |
| Keywords: | Euro 2012; Mega sport's event; tourism; pomeranian region |
| JEL: | P13 D7 L83 |
| Date: | 2012–12–31 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:43624&r=tur |
| By: | Wang, Di; Wang, Dong; Wang, Weiren |
| Abstract: | This paper analyzes the economic growth problems of Timor-Leste since its independence. As for a typical country whose economic growth is mostly relying on the petroleum revenues, its monotonous source of income seems to be the biggest obstacle. Therefore, this article mainly analyzed the possible solutions for how to sustain and manage the economic growth for Timor-Leste. As the Strategic Development Plan was issued in 2011 by Timor-Leste government, a high-quality public spending strategy was set to be the main method to reach a rapid economic growth. Following this strategy, this paper indicates three plausible solutions consist of improvement of infrastructure, coffee production and trades, and development of tourism. After comparing these three alternatives according to the criterion of effectiveness and timing, the conclusion of this paper goes to the improvement of infrastructure being the best solution for Timor-Leste. |
| Keywords: | Timor-Leste; GDP; Dutch Disease |
| JEL: | O11 H51 I18 I3 |
| Date: | 2012–12–28 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:43751&r=tur |