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This study aimed to examine the effects of macroeconomic and non-macroeconomic variables on Singapore hotel stock returns using hotel companies listed on the Singapore Stock Exchange (SGX). Data were obtained from the Singapore Department of Statistics, PULSES, and CEIC database. Regression procedures and residual tests were carried out using an econometric program, E-Views. The derived model which consisted of the significant macroeconomic variables and the unexpected non-macroeconomic variables was established. Results of stability and predictive power tests of the derived model inferred that the model was stable and reliable in explaining hotel stock returns and was also reliable for forecasting. Regression analyses indicated that changes in industrial production and money supply displayed positive relationships whilst exchange rates, inflation, short- and long-term interest rates showed negative relationships with Singapore hotel stock returns.

This study aims to propose and estimate the urban tourism performance index (UTPI), an index that can measure and track the month-by-month tourism performance on main tourism cities since the initial outbreak of the COVID-19 pandemic. The UTPI is estimated for the following urban destinations: Bangkok, Paris, London, Dubai, Singapore, Kuala Lumpur, New York, Istanbul, Tokyo, Seoul, Osaka, Phuket, Milan, Barcelona, Bali and Hong Kong.

Monthly based data measuring the tourism industry’s performance for these urban destinations has been collected. This data includes airlines’ and hotels’ performance, as well as potential tourists’ online searches. The obtained data has been combined using a principal component analysis, generating the UTPI.

The UTPI shows that all urban areas analyzed in this study experienced a devastating negative impact because of the COVID-19 pandemic outbreak. However, the tourism recovery evolution follows heterogeneous patterns.

The proposed index can be estimated using additional variables. Moreover, the index is only estimated for 16 tourism cities. Future studies can reproduce the methodology by incorporating further variables and amplifying the geographical coverage.

The UTPI might be useful for researchers and policymakers interested in using a measure of tourism performance during the COVID-19 pandemic in some of the most important urban destinations. Likewise, the UTPI index may serve as a suitable aggregated measure of tourism performance in a post-COVID-19 era or to monitor tourism during future crises.

This study analyzes the tourism performance during the COVID-19 pandemic from an urban perspective.

This study aims to examine cash dividend practices of travel and leisure (T&L) companies listed on the London Stock Exchange (LSE).

The study uses a panel data set of 524 firm-year observations of 55 unique publicly listed UK T&L companies between 2007 and 2019. First, it uses a modified version of Lintner’s (1956) partial adjustment model for analysis regarding the target payout ratio and dividend smoothing. Second, it performs logit and Tobit models in ascertaining the association between financial characteristics and divided decisions of T&L firms. Finally, it applies the modified specification of the partial adjustment model on different sub-samples that are partitioned based on various financial factors to determine how the financial characteristics of T&L companies affect their dividend behavior.

The results show that UK T&L companies have long-term payout ratios and adjust their cash dividends by moving gradually to their target at a serious degree of smoothing. The findings also detect that financial characteristics of T&L firms (i.e. profitability, debt and size) have significant effects on their dividend payments decisions. In particular, more profitable and larger T&L corporations are more likely to pay cash dividends, whereas T&L companies with more debt are less likely to pay cash dividends in the UK. The results further reveal that although such financial characteristics also have important impacts on the target payout ratios and dividend smoothing levels, UK T&L companies generally adopt stable dividend policies over the period 2007-2019.

This is thought to be the first study to provide insights on dividend policy practices of UK travel and leisure corporation listed on the LSE.

This study suggests two new diversification strategies, i.e., tourism-related and tourism-unrelated diversifications which are specifically applicable to the hotel firms. This study aims to investigate which diversification strategy has better benefits toward firm performance. This study includes a complete set of public listed firms of the hotel industry from four Asian countries, namely, Hong Kong, Singapore, China, and Malaysia, covering from years 2001 to 2012. Revealing the advantage and disadvantage of both diversification strategies, the empirical evidence regarding its influences on hotel firm performance are investigated in this study. This study finds a nonlinear relationship between degree of diversification and firm performance. Confronting with the volatile earnings when crises strike tourism sector, this study further shows how the crises affect the relationship between tourism-related/unrelated diversification strategy and hotel firm performance.

The purpose of this paper is to review and synthesize published contemporary hospitality financial management research from 1998 through 2009 and provide future research directions.

The authors began their initial literature search by entering into the ABI/INFORM database via ProQuest 19 pre‐identified keywords (i.e. debt, financing, ownership) related to the major functions of financial management, namely investing, financing, and dividend decisions, as well as commonly indexed keywords in hospitality finance research. The paper then expanded the authors' literature list through the reference lists of the studies that they initially identified. The authors limited their search to published studies between 1998 and 2009 and within hospitality journals written in English.

The paper identifies 98 published papers that represented the major work and efforts in expanding the body of knowledge in both the theoretical and practical perspectives of hospitality financial management. The major categories of papers include hospitality financing, investing, dividend policy, financial condition, and performance. Areas that warrant further investigation are noted throughout the paper.

The papers review provides academics and practitioners an overview of the updated body of knowledge in the field and suggests the need for further in‐depth research to extend the literature and prompt better financial decision making for practitioners.

Since Harris and Brown's and Atkinson and Jones's reviews of past hospitality accounting and finance studies which mostly focused on the former, hospitality financial management research alone has grown noticeably in terms of diverse topics and sophistication of methodologies. To the authors' knowledge, no updated reviews that focus solely on hospitality finance research have been published in the last 12 years, and the need for such a task motivated them to conduct a review of recent research on this topic.

Several studies and research related to event study and terrorist bombing acts have different conclusions. Moreover, research on terrorist bombings worldwide has never been conducted. Hence, this research aims at examining the impact of terrorist bombing using the abnormal return variables by looking at all bombings around the world in the past 10 years. This research uses a paired t-test by looking at the abnormal return before, during, and after a bombing act. Results show no significant difference between the abnormal return before, during, and after bombing acts.

This chapter presents the outcome of a study that examined the phenomena ‘Is Tourism Regulation Catalyst for Abuja Federal Capital Territory (FCT) Nigeria, Hotels Business Performance Innovation?’ Previous studies on this subject area have been largely done around tourism and its impact on hotel business performance and the relationship between tourism regulation and hotel business performance from mostly western perspectives. Hence, this study aims to investigate the direct effect of tourism regulations on hotel business performance in Nigeria. Quantitative survey questionnaires were used to collect data from 176 participants comprising general managers and departmental heads in 22 key Abuja FCT Nigerian hotels. Balanced Scorecard (BSC) developed by Norton and Kaplan was adopted as the study’s theoretical framework. Data collected were analysed using the simple linear regression technique and Statistical Package for the Social Sciences (SPSS) statistical analysis software tool.

The result of the analysis shows that tourism regulation has a significant and positive correlation with Abuja hotel business performances based on the BSC four dimensions of financial, customer, processes and learning and growth. The unique city characteristics of Abuja FCT were also identified as an issue for consideration in future tourism regulation innovation by the regulatory authorities. This study contributes to business performance measurement literature from the Abuja FCT hotels, Nigerian perspective, and sets an agenda for the Nigerian tourism regulators, the Nigeria Tourism Development Corporation (NTDC) charged with diversifying the Nigerian economy revenue through tourism performance innovation. Also, a policy study into city characteristics classification as a way of innovating tourism regulations and hotels business performance is suggested.

The purpose of this study is to investigate the relationship between gold–platinum price ratio (GP) and stock returns in international stock markets. The study addresses three empirical questions: (1) Does GP have robust predictive power in international stock markets? (2) Does GP outperform other macroeconomic variables in international stock markets? (3) What is the relationship between GP and stock market returns during economic recessions?

The study mainly uses OLS regressions to perform empirical tests for a comprehensive set of 17 advanced international stock markets and overall world market. The monthly data is used for the period January 1978 to July 2019, 499 observations for each market.

The study finds that the first-difference of GP (ΔGP), not the initial-level of GP, has strong predictive power for stock returns, both in short- and long-time horizons. The results remain robust after controlling for a number of macroeconomic predictors. The out-of-sample test results are significant, confirming the robustness of the predictive power of ΔGP.

This study is the first to examine the ability of the ΔGP to predict stock returns, and provide novel evidence on the relationship between ΔGP and international stock markets. The study draws on behavioral finance theory, specifically the myopic loss aversion, the herd effect and the limited attention theory, to explain the predictability of stock returns in international stock markets.

In this work, we estimated the impact that the US VIX, economic policy and epidemic uncertainty indexes had on leisure and recreation stocks. We extended the current literature in two ways: first, we estimated the smoothed probabilities of being in ‘normal’ ( s = 1 ), ‘distress’ ( s = 2 ) and ‘crisis’ ( s = 3 ) episodes in the Refinitiv global leisure and recreation index. Then, we estimated the influence that the VIX and uncertainty indexes had on the generation of distress and crisis episodes in these stocks. By using logit regressions, we found out that only the US Economic policy uncertainty index is a detonator of distress and crisis episodes. We also found that the pandemic (COVID-19) news uncertainty has no significant and direct influence on the smoothed probabilities. Finally, and complementary to the current literature, we found that the volatility spillover effect from the S&P 500 to these stocks generates extreme volatility (crisis) episodes. Our results could be of use for practitioners and scholars and could provide a model to forecast distress and crisis episodes among leisure and recreation stocks. This model could be used for potential portfolio management or economic (tourism) policy purposes.