2020
DOI: 10.1177/1938965520978170
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Sentiment, Confidence and Uncertainty: The Case of Tourism and Leisure Stocks

Abstract: This study tests the possible effect of sentiment on the performance of the tourism and leisure (T&L) industry. Using a portfolio consisting of U.S. publicly traded firms, we reveal that the Consumer Sentiment Index (CSI) and the Consumer Confidence Index (CCI) are perhaps better candidates for capturing a contemporaneous relationship or making predictions about the performance of the T&L stocks than the Economic Policy Uncertainty Index (EPU) or the Volatility Index (VIX). Macroeconomic variables have… Show more

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Cited by 9 publications
(5 citation statements)
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“…They also find evidence of the long-run association between the VIX and tourism stock returns. Aharon (2020) finds a significant influence of the volatility index on the performance of the T&L sector in the US. The findings of the study also provide evidence of the significant impact of consumer confidence and consumer sentiment on the dynamics of the T&L stocks.…”
Section: Review Of the Literaturementioning
confidence: 99%
“…They also find evidence of the long-run association between the VIX and tourism stock returns. Aharon (2020) finds a significant influence of the volatility index on the performance of the T&L sector in the US. The findings of the study also provide evidence of the significant impact of consumer confidence and consumer sentiment on the dynamics of the T&L stocks.…”
Section: Review Of the Literaturementioning
confidence: 99%
“…Kumar (2021) expanded upon this effort by applying the copula-based conditional value-at-risk method to analyze the impact of uncertainty on European T&L stocks from the perspectives of EPU, GPR, the financial market, and crude oil price uncertainty. Aharon (2022) identified the effects of the Consumer Sentiment Index, EPU, and the Volatility Index on T&L stocks in the United States via OLS, GARCH, and quantile regression, respectively. Hadi et al (2022) analyzed the effects of financial and economic uncertainty on U.S. tourism subsector stocks based on the time-varying vector autoregression model.…”
Section: Literature Reviewmentioning
confidence: 99%
“…Tree dimensions, namely, travel intentions, trip planning, and travel concerns, were combined under the concept of travel sentiment [22][23][24]. According to empirical research conducted by Aharon [25], sentiment played a signifcant role in the tourist and leisure industries whereas macroeconomic considerations had minimal impact. Travel sentiment has been used with a focus on interpreting the causal factors pertaining to tourist development [26].…”
Section: Literature Reviewmentioning
confidence: 99%