Performance Trends of Hotels and Casino Hotels Through the Recession: An ARIMA With Intervention Analysis of Stock Indices

Zheng, Tianshu; Farrish, John; Kitterlin, Miranda

doi:10.1080/19368623.2015.970725

Cited by 16 publications

(9 citation statements)

References 28 publications

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“…H. Chen 2011; M. H. Chen, Jang, and Kim 2007; Zheng, Farrish, and Kitterlin 2016); nevertheless, they fail to adequately respond to a number of questions surrounding the behavior and reaction of hospitality- and tourism-specific stock indices following major, unexpected nonmacro incidents.…”

Section: Introductionmentioning

confidence: 99%

Tourism Stocks in Times of Crisis: An Econometric Investigation of Unexpected Nonmacroeconomic Factors

Zopiatis

Savva

Lambertides

et al. 2018

Journal of Travel Research

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The relationship between the tourism industry and unexpected nonmacro incidents has received limited academic coverage. As a result, the quantifiable impact of such events on tourism-specific stock values, both in terms of returns and volatility, remains grossly underexamined. Motivated by the reasoning that the well-established features inherent to the tourism industry may trigger a different pattern of stock price movement compared with other industries, and by using econometric methodology, this article investigates the reaction of five hospitality/tourism stock indices to 150 incidents, depicting major Acts of Terrorism, natural catastrophes, and War conflicts that have taken place since the year 2000. Empirical findings underscore the effect of such incidents on stock indices, with distinctive differences among the types and specificities of each event under investigation. This article contributes to the extant literature and enhances our conceptual capital pertaining to the tourism industry’s current financial practices related to stock performance and behavior.

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Section: Introductionmentioning

confidence: 99%

Tourism Stocks in Times of Crisis: An Econometric Investigation of Unexpected Nonmacroeconomic Factors

Zopiatis

Savva

Lambertides

et al. 2018

Journal of Travel Research

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“…Olason et al (2015) study found that after all three major banks in Iceland went bankrupt in 2008 gambling went up significantly. Zheng et al (2016) used autoregressive integrated moving average (ARIMA) with intervention analysis to examine weekly stock indices of the hotel segment and the casino hotel segment in comparison with the S&P 500 index, results show that casino hotel firms were affected at the beginning of the recession and hotel firms and S&P 500 firms were not affected until nine months later. Raab and Schwer (2003) used an autoregressive conditional heteroskedasticity model to measure the short-and long-term impact of the Asian crisis on Las Vegas gaming revenues.…”

Section: Literature Reviewmentioning

confidence: 99%

Double down: economic downturn and increased competition impacts on casino gaming and employment

Marlowe

Zheng

Farrish

et al. 2020

IHR

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PurposeThe purpose of this study was to create a more balanced, comprehensive and valid illustration of the relationships between casino gaming volume and employment during economic downturns in urban and rural locations in nondestination gaming states.Design/methodology/approachThis study analyzes gaming volumes and employment prior, during and after the recession of 2007–2009, using a time series with intervention analysis on a monthly coin in, table drop and regression analysis on employment impacts of casinos.FindingsFindings indicate that while there was a slight drop in gaming revenue and employment figures during the economic downturn, nondestination gaming locations such as Indiana proved relatively resilient to an economic downturn.Originality/valueThe Great Recession had no significant impact on gaming volume because gamblers chose to spend their more limited entertainment dollars on less expensive gaming options; in other words, casinos closer to home requiring the expenditure of fewer dollars on travel and/or hotel rooms. The current pandemic and pressures of the macro-environment again threaten the US gaming and casino market with an economic downturn and the results of this study are as timely as ever for hospitality professionals and social scientists to understand the behavior of casinos in recessionary environments.

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“…By contrast, Cankurt and Subasi (2016), Song, Li, Witt, andAthanasopoulos (2011), Turner (2015) and many others used structural TS analysis to model and forecast tourist demand. On the other hand, many authors such as Aboagye-Sarfo, Cross, and Mueller (2016), Zheng, Farrish, and Kitterlin (2016), Hayashi (2013, 2014), Chung, Ip, and Chan (2009) and many others used the ARIMA and ITSA methods to evaluate the impacts of various crisis events. An excellent survey of the literature on the evaluation of crisis events can be found in Hall (2010) and Goh and Law (2011).…”

Section: A Brief Review Of Literaturementioning

confidence: 99%

The swine flu and its impacts on tourism in Brunei

Haque

Haque²

2018

Journal of Hospitality and Tourism Management

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Performance Trends of Hotels and Casino Hotels Through the Recession: An ARIMA With Intervention Analysis of Stock Indices

Cited by 16 publications

References 28 publications

Tourism Stocks in Times of Crisis: An Econometric Investigation of Unexpected Nonmacroeconomic Factors

Tourism Stocks in Times of Crisis: An Econometric Investigation of Unexpected Nonmacroeconomic Factors

Double down: economic downturn and increased competition impacts on casino gaming and employment

The swine flu and its impacts on tourism in Brunei

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