Supply-side investments: An international analysis of the return and risk relationship in the Travel & Leisure sector |
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| Authors: | Jenny Cave Kartick Gupta Stuart Locke |
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| Affiliation: | aDepartment of Tourism and Hospitality Management, Waikato Management School, The University of Waikato, Private Bag 3105, Hamilton, New Zealand;bFinance Department, Waikato Management School, University of Waikato, Private Bag 3105, Hamilton, New Zealand |
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| Abstract: | This study investigates supply-side investments in the tourism sector, analysing the return and risk relationship of investments in tourism across several countries. The performance of tourism sector companies listed on the stock exchange, for the top one dozen countries according to the World Economic Forum (WEF) tourism rankings, is investigated by region, across these countries and within each country by comparison to other sectors. Several metrics are used to compare the risk-adjusted returns, over a 15-year period ending March 2007 and sub-periods to check the persistence of performance over time. The results present a strikingly different ranking than those of the WEF. The implications for the flow of investment funds are of importance in a global capital market. Money will flow to those investments with the highest expected returns for a given risk level and this has consequential impacts for economic growth and employment in the tourism sector. |
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| Keywords: | Investment Tourism Stock markets Yield coefficients Risk ratios |
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