| Summary: | 碩士 === 國立中正大學 === 財務金融研究所 === 101 === This paper uses panel regression tests to examine asymmetries in the response of Taiwan tourism stock prices to trading volume in terms of the total value (in New Taiwan dollars) of all shares traded and all shares traded under different business cycle and stock market conditions. Empirical test results reveal three major findings. First, there exists a positive contemporaneous correlation between tourism stock returns and percentage changes in trading volume in terms of the total value of all shares traded and all shares traded. Second, the impact of business cycle variation on tourism stock returns and the change of trading volume in terms of the total value of all shares traded and all shares traded are all significant at 1% level, however the difference between coefficients are both limited and statistically insignificant. Third, the influence of stock market phases on stock returns and the change of trading volume in terms of the total value of all shares traded and all shares traded are remarkable.
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