An Event Study Analysis of Political Events, Disasters, and Accidents for Chinese Tourists to Taiwan
學年 107
學期 1
出版（發表）日期 2018-11-20
作品名稱 An Event Study Analysis of Political Events, Disasters, and Accidents for Chinese Tourists to Taiwan
作品名稱（其他語言）
著者 Chia-Lin Chang; Shu-Han Hsu; Michael McAleer
單位
出版者
著錄名稱、卷期、頁數 Sustainability 10(11), 4307
摘要 The number of Chinese tourists visiting Taiwan has been closely related to the political relationship across the Taiwan Strait. The occurrence of political events and disasters or accidents have had, and will continue to have, a huge impact on the Taiwan tourism market. To date, there has been relatively little empirical research conducted on this issue. Tourists are characterized as being involved in one of three types of tourism: group tourism (group-type), individual tourism (individual-type), and medical cosmetology (medical-type). We use the fundamental equation in tourism finance to examine the correlation that exists between the rate of change in the number of tourists and the rate of return on tourism. Second, we use the event study method to observe whether the numbers of tourists have changed abnormally before and after the occurrence of major events on both sides of the Strait. Three different types of conditional variance models, namely, the Generalized Autoregressive Conditional Heteroscedasticity, GARCH (1,1), Glosten, Jagannathan and Runkle, GJR (1,1) and Exponential GARCH, EGARCH (1,1), are used to estimate the abnormal rate of change in the number of tourists. The empirical results concerning the major events affecting the changes in the numbers of tourists from China to Taiwan are economically significant, and confirm the types of tourists that are most likely to be affected by such major events.
關鍵字 event study;abnormal rate of change;Chinese tourists;OLS;GARCH;GJR;EGARCH;tourism finance
語言 en_US
ISSN 2071-1050
期刊性質 國外
收錄於 SSCI
產學合作
通訊作者
審稿制度 否
國別 CHE
公開徵稿
出版型式 ,電子版
相關連結

機構典藏連結 ( http://tkuir.lib.tku.edu.tw:8080/dspace/handle/987654321/119083 )