The impact of policy changes and foreign institutionalholding on Tuesday effect of tourism stock returns
| Autor: | Ching-Min Liu, 劉敬民 |
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| Druh dokumentu: | 學位論文 ; thesis |
| Popis: | 94 Since the Taiwanese government implemented a two-day weekend policy for every other week in 1998 and a two-day weekend for every week policy in 2001, traveling activities have become growingly popular and foreign institutional holdings on stocks of tourism firms soared. This study therefore aims to examine 1) the impact of the weekend policy changes on the stock performance of tourism companies over the period from January 5 1994 to December 31 2004 and 2) the impact of the foreign institutional holding on financial performance of tourism companies in Taiwan. It is found that there existed a significantly negative Tuesday effect on tourism stocks returns over the full sample and over the period of 1998-2000, but this negative effect diminished recently. On the other hand, we detected that the increasing level of foreign institutional holding could improve financial performance of tourism firms and deteriorated the negative Tuesday effect of tourism stocks returns. Furthermore, the volatility of tourism stock returns is negatively correlated with the percentage of foreign institutional holding. |
| Databáze: | Networked Digital Library of Theses & Dissertations |
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