The Effect of European and Global Uncertainty on Stock Returns of Travel and Leisure Companies
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Date
2019
Authors
Ersan, Oğuz
Akron, Sagi
Demir, Ender
Journal Title
Journal ISSN
Volume Title
Publisher
Sage Publications Ltd
Open Access Color
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Abstract
This article aims to evaluate the impact of economic policy uncertainty (EPU) on the STOXX Europe 600 Travel & Leisure Price Index by utilizing a monthly data set for 20 years through 1997-2016. It is found that both the European and the global EPU have significant negative effects on the stock returns of travel and leisure companies. We demonstrate the significantly superior forecasting power of EPU measures on tourism and leisure stock returns relative to a rather weak forecasting power of various macroeconomic variables.
Description
Keywords
Economic policy uncertainty, European economic policy uncertainty, Global economic policy uncertainty, Return, STOXX Europe 600 Travel & Lisure price index
Turkish CoHE Thesis Center URL
Fields of Science
Citation
49
WoS Q
Q1
Scopus Q
Q1
Source
Volume
25
Issue
1
Start Page
51
End Page
66