Hospitality stock returns under different economic and monetary environments in Japan
碩士 === 國立中正大學 === 財務金融所 === 95 === This paper aims to examine the performance of Japanese hospitality stocks under different economic and monetary environments from January 1973 to June 2006. Over the entire sample period, the period from July 1991 to June 2006 is the bubble burst period in Japan. C...
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| Format: | Others |
| Language: | en_US |
| Online Access: | http://ndltd.ncl.edu.tw/handle/31722841512929779081 |
| Summary: | 碩士 === 國立中正大學 === 財務金融所 === 95 === This paper aims to examine the performance of Japanese hospitality stocks under different economic and monetary environments from January 1973 to June 2006. Over the entire sample period, the period from July 1991 to June 2006 is the bubble burst period in Japan. Changes in the discount rate are used as the indicator of changes in monetary conditions. The monetary policy environments are classified as either expansive or restrictive using changes in the discount rate. Empirical results show that during January 1973 to June 1991, the mean stock return for airlines and hotel stocks are higher during expansive monetary period than during restrictive period. Moreover, different economic conditions also have an impact on hospitality stock performance. The explanatory power of monetary policy changes is much high during the period from January 1973 to June 1991 than full sample period.
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