Effects of legislation events on US gaming stock returns and market turnings

Chen, Dar-Hsin; Bin, Feng-Shun

doi:10.1016/s0261-5177(01)00011-5

Cited by 21 publications

(20 citation statements)

References 18 publications

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“…Also, a GARCH(1,1) model is generally used in tourism research (Chen & Bin, 2001;Divino & McAleer, 2010). Both independent variables in the mean equation are statistically significant at the 1% level.…”

Section: Methodology and Resultsmentioning

confidence: 99%

Electricity consumption and international tourism: the case of Singapore

Lee

2013

Anatolia

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International inbound tourists consume electricity of a destination either directly or indirectly. Despite the recognition of potential effect of international tourism on electricity consumption, not many papers have investigated the existence of such relationship empirically. This research note intends to fill the existing literature gap by determining such relationship with time-varying volatility models using the data of Singapore. A GARCH-M(1,1) model is selected. This model indicates that industrial production and total international inbound tourists have positive effects on electricity consumption. The model also suggests that the variability of electricity consumption has a positive effect on electricity consumption.

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Section: Methodology and Resultsmentioning

confidence: 99%

Electricity consumption and international tourism: the case of Singapore

Lee

2013

Anatolia

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“…In the fields of hospitality and tourism, Chen and Bin (2001) applied the ESM to examine the relationship between US gaming stock returns and federal and state legislation events regarding casino regulation and deregulation. Nicolau (2002) applied the same methodology to examine the impact of announcement of the opening of a new hotel on the stock performance of its chain in Spain.…”

Section: Article In Pressmentioning

confidence: 99%

The impact of the SARS outbreak on Taiwanese hotel stock performance: An event-study approach

Chen

Jang

Kim

2007

International Journal of Hospitality Management

495

414

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The severe acute respiratory syndrome (SARS) outbreak in 2003 weakened the Taiwanese economy. The tourism industry suffered the most, experiencing the highest stock price decline (approximately 29 percent) within a month of the SARS outbreak. This research examined the effect of the SARS epidemic on Taiwanese hotel stock price movements using an event-study approach. Seven publicly traded hotel companies experienced steep declines in earnings and stock price during the SARS outbreak period. On and after the day of the SARS outbreak, Taiwanese hotel stocks showed significantly negative cumulative mean abnormal returns, indicating a significant impact of the SARS outbreak on hotel stock performance. Empirical findings could be used to prepare businesses for the similar epidemics, such as a deadly bird-flu epidemic. r

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“…In addition, two prior papers have used event study methodology to examine the impact of hospitality-related legislation on hospitality firm value. Chen and Bin (2001) examine the effects of state and federal gaming legislation adopted during the period 1993-1997 on the returns of U.S. gaming stocks. More recently, Johnson, Singh, and Ma (2015) examine the effect of the Travel Promotion Act on hospitality returns.…”

Section: Methods and Resultsmentioning

confidence: 99%

Federal Tax Law Trumps Indian Canon

Johnson

2016

Cornell Hospitality Quarterly

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On November 27, 2001, the Supreme Court ruled in Chickasaw v. United States that Native American gaming (NAG) firms are subject to federal excise and occupational taxes. Prior to the decision, these firms had been exempt from all federal taxation. We hypothesize that Chickasaw improves the competitive position of publicly traded gaming firms and their suppliers by leveling the playing field for publicly traded firms. Consistent with this argument, we find that the stock prices of publicly traded gaming firms and their suppliers reacted positively to the announcement of the Chickasaw Supreme Court and Tenth Circuit decisions. We also hypothesize that Nevada casinos are relatively insulated from competition because they offer a unique experience that is not easily replicated by NAG firms. Consistent with this argument, we find smaller stock price reactions for firms with Nevada operations.

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Effects of legislation events on US gaming stock returns and market turnings

Cited by 21 publications

References 18 publications

Electricity consumption and international tourism: the case of Singapore

Electricity consumption and international tourism: the case of Singapore

The impact of the SARS outbreak on Taiwanese hotel stock performance: An event-study approach

Federal Tax Law Trumps Indian Canon

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