Effect of consumer sentiment on hospitality expenditures and stock returns

International Journal of Hospitality Management

Volumn 31, Issue 2, 2012, Pages 511-521

  Singal, Manisha ^a  

^a PAMPLIN COLLEGE OF BUSINESS   (United States)

Author keywords

Consumer expenditure; Consumer sentiment; Hospitality industry; Predictability; Stock returns

Indexed keywords

EID: 84855485212     PISSN: 02784319     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.ijhm.2011.07.009     Document Type: Article

References (29)

1. Angevine G.E. Forecasting consumption with a Canadian consumer sentiment measure. Canadian Journal of Economics 1974, 2:273-289.
2. Barrows C.W., Naka A. Use of macroeconomic variables to evaluate selected hospitality stock returns in the US. International Journal of Hospitality Management 1994, 13(2):119-128.
3. Bram J., Ludvigson S. Does consumer confidence forecast household expenditure? A Sentiment Index Horse Race. FRB New York - Economic Policy Review 1998, 4:59-78.
4. Brown S.J., Warner J.B. Using daily stock returns: the case of event studies. Journal of Financial Economics 1985, 14(1):3-31.
5. Carroll C.D., Fuhrer J.C., Wilcox D.W. Does consumer sentiment forecast household spending? If so, why?. American Economic Review 1994, 84(5):1397-1408.
6. Chen N. Financial investment opportunities and the macroeconomy. Journal of Finance 1991, 46:529-554.
7. Chen N., Roll R., Ross S.A. Economic forces and the stock market. Journal of Business 1986, 59:383-403.
8. Chen M.H., Kim W.G., Kim H.J. The impact of macroeconomic and non-macroeconomic forces on hotel stock returns. International Journal of Hospitality Management 2005, 24(2):243-258.
9. Duchin R. Cash holdings and corporate diversification. Journal of Finance 2010, 65(3):955-992.
10. Fama E.F. Risk, return and equilibrium: some clarifying comments. Journal of Finance 1968, 23(1):29-40.
11. Fama E.F. Efficient capital markets: a review of theory and empirical work. Journal of Finance 1970, 25(2):383-417.
12. Fisher K.L., Statman M. Consumer confidence and stock returns. Journal of Portfolio Management 2003, 30:115-127.
13. Fornell C., Rust R.T., DeKimpe M.G. The effect of consumer satisfaction on consumer spending growth. Journal of Marketing Research 2010, 67:28-35.
14. Friedman M.A. A Theory of the Consumption Function 1957, Princeton University Press, Princeton, NJ.
15. Guillet B.D., Mattila A.S. A descriptive examination of corporate governance in the hospitality industry. International Journal of Hospitality Management 2010, 29(4):677-684.
16. Hall R.E. Stochastic implications of the life cycle-permanent income hypothesis: theory and evidence. Journal of Political Economy 1978, 86(6):971-988.
17. Heiman R. Effects of key issues on the financial performance of hospitality firms. Hospitality Education and Research Journal 1988, 12:85-90.
18. Huth W.L., Eppright D.R., Taube P.T. The indexes of consumer sentiment and confidence: leading or misleading guides to future buyer behavior. Journal of Business Research 1994, 29(3):199-206.
19. Jang S., Tang C.H. Simultaneous impacts of international diversification and financial leverage on profitability. Journal of Hospitality & Tourism Research 2009, 33(3):347-368.
20. Kwan A.C., Cotsomitis J.A. Can consumer attitudes forecast household spending in the United States? Further evidence from the Michigan survey of consumers. Southern Economic Journal 2004, 71:136-144.
21. Ludvigson S.C. Consumer confidence and consumer spending. Journal of Economic Perspectives 2004, 18(2):29-50.
22. Madanoglu M., Lee K., Kwansa F.A. Risk-return analysis of fast-food versus casual-dining restaurants: who moved my cheeseburger?. Journal of Hospitality & Tourism Research 2008, 32(3):328-341.
23. Mishkin F.S. Consumer sentiment and spending on consumer durables. Brookings Papers 1977, 9(1):217-232.
24. Modigliani F. Monetary policy and consumption. Consumer Spending and Monetary Policy: The Linkages, Conference Series No. 5 1971, 9-84.
25. Newey W.K., West K.D. A simple, positive semi-definite, heteroskedasticity and autocorrelation consistent covariance matrix. Econometrica 1987, 55(3):703-708.
26. Newey W.K., West K.D. Automatic lag selection in covariance matrix estimation. Review of Economic Studies 1994, 61(2):631-654.
27. Park K., Jang S. Insider ownership and firm performance: an examination of restaurant firms. International Journal of Hospitality Management 2010, 29(3):448-458.
28. Wong K.K.F., Song H. Do macroeconomic variables contain any useful information for predicting changes in hospitality stock indices?. Journal of Hospitality & Tourism Research 2006, 30(1):16-33.
29. Yang J., Qu H., Kim W.G. Merger abnormal returns and payment methods of hospitality firms. International Journal of Hospitality Management 2009, 28(4):579-585.