The Month Effect of Tourism Stockson Taiwan Stock Market

• Main Authors: Yin-Huang Hong, 洪銀煌
• Other Authors: Ai-Chi Hsu
• Format: Others
• Language: zh-TW
• Online Access: http://ndltd.ncl.edu.tw/handle/30895081943358164294

碩士 === 雲林科技大學 === 財務金融系碩士班 === 96 === This paper aims to examine the income anomalies of the tourism stocks in Taiwan stock market, to search the anomaly of seasonlity. By applying the AR(P)-ARCH/GARCH models, it is aimed to discover the influence of “month effect” on the income of the tourism industry. The results show that the “month effect” has the positive influence on the income of the tourism industry during summer vacation and the end of the year. Theme parks and tourism in July and August, hotels are effected positively from October to December, and food and beverage in December. However, the ”month effect” also has the negative impact during in the taxing season and summer vacation. Theme parks and tourism in April and May, hotels in July and August, and food and beverage in August.The results suggest that festival and vacation have great influence on the income of the tourism industry.