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| Author: | Lee, S.K. Jang, S.S. |
| Title: | Foreign exchange exposure of US tourism-related firms |
| Journal: | Tourism Management
2011 : AUG, VOL. 32:4, p. 934-948 |
| Index terms: | tourism tourist industry foreign exchange exchange rates cash flow companies USA |
| Freeterms: | trade-weighted index |
| Language: | eng |
| Abstract: | The tourism sector is sensitive to the exchange rates between travelers' home countries and their destinations. Suspecting that the exposure of domestic tourism-related (herein as: t-rtd.) firms to foreign exchange (hereafter as: f-exg.) risk results from price elasticity of demand, this study tested the cash flow exposure of sample firms, accounting for non-linearity, asymmetry, and lagged effects. As a result, 78 per cent of U.S. domestic t-rtd. firms was found to have significant f-exg. exposure. In addition, f-exg. exposure for t-rtd. firms was also found to be non-linear, asymmetric, and lagged etc. |
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