Page 189 - GLOBAL TOURISM CHALLENGES IN 21st CENTURY

IRU 0%, PRYHPHQWV 0%, RIILFLDO VWDUW LV DW :H SURYLGH EHWD
FDOFXODWLRQV IRU DOO WHQ VWRFNV FRQWDLQHG 0%, DQG 06( VWRFNV¶ FRUUHODWLRQ DQG
UHJUHVVLRQ DQDO\VLV DV QHFHVVDU\ WRROV IRU VWRFNV¶ YDOXDWLRQ DQG GHWHUPLQH PXWXDO
GHSHQGHQFH DQG FRUUHODWLRQ RI VWRFNV UHWXUQV DV WRROV IRU VWRFN YDOXH IRUHFDVW
:H XVH WKH OLPLWHG VDPSOH RI WHQ FRPSDQLHV TXRWHG RQ RIILFLDO PDUNHW VHJPHQW RI
06( DQG D UHSUHVHQWDWLYH RI WKH YDULRXV HFRQRPLF JURXSV FRQWDLQHG LQ WKH 0%,
,QGH[ 7KH WHQ VHOHFWHG FRPSDQLHV $/. %(6. *517 .0% 037 5(3/ 6%7
67,/ 0785 73)/ KDYH VLJQLILFDQW VWRFN PDUNHW FDSLWDOL]DWLRQ LQIOXHQFH LQ WKH
0%, DQG WKH WUDGHG YROXPH DW 06( 7KLV DOVR HQVXUHG WKDW DOO HFRQRPLF JURXSV
UHSUHVHQWHG LQ WKH 06( ZHUH XQGHU DQDO\VLV 06( ZDV WKH PDLQ VRXUFH RI GDWD
WKURXJK WKH RIILFLDO VWRFN QHZVOHWWHUV DQG DQQXDO UHSRUWV 7KH WLPH SHULRG RI WHQ \HDUV
DOORZHG XV WR SURYLGH DFFXUDWH EHWD FRHIILFLHQWV XVLQJ WKH GDLO\ FORVLQJ SULFHV RI WKH
WUDGHG VWRFNV DV ZHOO IRU 0%, IRU WKH SHULRG 'HFHPEHU WR 'HFHPEHU
7KH EDVH GDWD IRU 0%, LV 'HFHPEHU ZKHQ 0%, LQGH[
VWDUWHG
$IWHU SHUIRUPHG FDOFXODWLRQ RI GDLO\ VWRFN UHWXUQV DV ZHOO DV VWRFN PDUNHW LQGH[
UHWXUQV XVLQJ VORSH IXQFWLRQ LQ ([FHO ZH GHWHUPLQH EHWD FRHIILFLHQWV IRU 06( VWRFNV
DV IROORZV
Table 1 MSE stocks’ Beta coefficients

6WRFN %HWD
%(6.
*517
.0%
037
5(3/

6%7
67,/
0785
73/)
$/.

0%, VKRUW KLVWRU\ WLPH SHULRG RI \HDUV LV QRW ORQJ HQRXJK WR SURYLGH
DFFXUDWH EHWD FRHIILFLHQWV EXW LW ZDV RQH RI RXU OLPLWDWLRQV LQ WKLV UHVHDUFK 2Q WKH
RWKHU VLGH IXOO\ DZDUH RI ORZ UHOLDELOLW\ RI XVLQJ VORSH IXQFWLRQ LQ ([FHO ZH SURFHHG
ZLWK UHJUHVVLRQ DQDO\VLV WHVWLQJ VHYHUDO VWRFN UHWXUQV 2XU SURFHGXUH RI UDQGRPL]DWLRQ
ZDV EDVHG RQ SRVVLELOLW\ WR FRPSDUH RXU UHVXOWV ZLWK SUHYLRXV %HWD FDOFXODWLRQV :H
ILQG VLJQLILFDQW GLIIHUHQFHV LQ UHVXOWV EHWZHHQ VORSH FDOFXODWLRQ DQG UHJUHVVLRQ
DOWKRXJK ZH XVHG WKH VDPH WLPH SHULRG WRWDO REVHUYDWLRQV

ϭϴϮ