Performance of hospitality stocks and financial ratios are relatively well discussed topics in hospitality finance. The current study contributes to the body of knowledge by attempting to identify if certain groups of...Performance of hospitality stocks and financial ratios are relatively well discussed topics in hospitality finance. The current study contributes to the body of knowledge by attempting to identify if certain groups of hospitality stocks continually outperform market and if selected financial ratios can predict excess returns. Hospitality stocks betas were computed and most recent five-year annual returns were utilized for analysis. Study used Jensen＇s alpha to determine excess returns for various hospitality segments studied. Six major ratios were operationalized to determine the predictability of excess returns in hospitality stocks. Overall, the excess returns in hospitality company stocks were positive but no significance was found with an exception of one year. Out of six selected ratios, cash flow per share was determined to have significant predictive power for excess returns. In conclusions, study provides important implications for the investors and industry decision makers.展开更多
Using unbalanced panel data on 3326 Chinese listed companies from 2014 to 2021,this study investigates the impact of corporate environmental performance on China’s excess stock returns.The results show that stocks of...Using unbalanced panel data on 3326 Chinese listed companies from 2014 to 2021,this study investigates the impact of corporate environmental performance on China’s excess stock returns.The results show that stocks of companies with better environmental performance earn significantly higher excess returns,indicating the existence of green returns in the Chinese stock market.We further reveal that heightened climate-change concerns can boost the stock market’s green returns,while tightened climate policies decrease green returns by increasing long-term carbon risk.Our findings are robust to endogeneity problems and hold great implications for both investors and policymakers.展开更多
文摘Performance of hospitality stocks and financial ratios are relatively well discussed topics in hospitality finance. The current study contributes to the body of knowledge by attempting to identify if certain groups of hospitality stocks continually outperform market and if selected financial ratios can predict excess returns. Hospitality stocks betas were computed and most recent five-year annual returns were utilized for analysis. Study used Jensen＇s alpha to determine excess returns for various hospitality segments studied. Six major ratios were operationalized to determine the predictability of excess returns in hospitality stocks. Overall, the excess returns in hospitality company stocks were positive but no significance was found with an exception of one year. Out of six selected ratios, cash flow per share was determined to have significant predictive power for excess returns. In conclusions, study provides important implications for the investors and industry decision makers.
基金Supports from the National Natural Science Foundation of China under Grant Nos.72348003,72022020,72203016,71974181 and 71974159 are acknowledged.
文摘Using unbalanced panel data on 3326 Chinese listed companies from 2014 to 2021,this study investigates the impact of corporate environmental performance on China’s excess stock returns.The results show that stocks of companies with better environmental performance earn significantly higher excess returns,indicating the existence of green returns in the Chinese stock market.We further reveal that heightened climate-change concerns can boost the stock market’s green returns,while tightened climate policies decrease green returns by increasing long-term carbon risk.Our findings are robust to endogeneity problems and hold great implications for both investors and policymakers.
