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An impact assessment of the COVID‑19 pandemic on Japanese and US hotel stocks

Financial Innovation 2023年第1期9卷 2507-2557页

作者： Takashi Kanamura Graduate School of Advanced Integrated Studies in Human Survivability(GSAIS) Kyoto UniversityKyotoJapan

This study proposes two new regime-switching volatility models to empirically analyze the impact of the COVID-19 pandemic on hotel stock prices in Japan compared with the US,taking into account the role of stock *** first model is a direct impact model of COVID-19 on hotel stock prices;the analysis finds that infection speed negatively affects Japanese hotel stock prices and shows that the regime continues to switch to high volatility in prices due to COVID-19 until September 2021,unlike US stock *** second model is a hybrid model with COVID-19 and stock market impacts on the hotel stock prices,which can remove the market impacts on regime-switching volatility;this analysis demonstrates that COVID-19 negatively affects hotel stock prices regardless of whether they are in Japan or the *** also observe a transition to a high-volatility regime in hotel stock prices due to COVID-19 until around summer 2021 in both Japan and the *** results suggest that COVID-19 is likely to affect hotel stock prices in general,except for the influence of the stock *** the market influence,COVID-19 directly and/or indirectly affects Japanese hotel stocks through the Japanese stock market,and US hotel stocks have limited impacts from COVID-19 owing to the offset between the influence on hotel stocks and no effect on the stock *** on the results,investors and portfolio managers should be aware that the impact of COVID-19 on hotel stock returns depends on the balance between the direct and indirect effects,and varies from country to country and region to region.

关键词： Hotel industry asset price volatility COVID-19 Regime-switching Infection speed

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Financialisation in emerging economies:a systematic overview and comparison with Anglo-Saxon economies

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Economic and Political Studies 2017年第1期5卷 60-86页

作者： Ewa Karwowski Engelbert Stockhammer School of Social and Behavioural Sciences Kingston UniversityLondonUK

Financialisation research has originally focussed on the US experience,but the concept is now increasingly applied to emerging economies(EMEs).There is a rich literature stressing peculiarities of individual country experiences,but little systematic comparison across *** paper fills this gap,providing an overview of the debate and identifying six financialisation interpretations for *** different interpretations stress(1)financial deregulation,(2)foreign financial inflows,(3)asset price volatility,(4)the shift from bank-based to market-based finance,(5)business debt,and(6)household *** construct and compare measures of the six financialisation interpretations across a sample of 17 EMEs from Latin America,emerging Europe,Africa and Asia,contrasting them with the US and UK,two financialised *** find considerable variation in financialisation experiences of *** price volatility is found across the *** has been more exposed to capital inflows,stock markets have gained importance and private sector debt has *** emerging Europe financial deregulation has been more pronounced with lower levels but strong increases in household *** picture is similar in South Africa,the African EME in the sample,where household debt is comparatively *** in Latin America is weaker according to our measures.

关键词： Financialisation emerging markets financial instability asset price volatility heterodox economics

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