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| Author: | Cave, J. Gupta, K. Locke, S. |
| Title: | Supply-side investments: An international analysis of the return and risk relationship in the travel and leisure sector |
| Journal: | Tourism Management
2009 : OCT, VOL. 30:5, p. 665-673 |
| Index terms: | tourism leisure travel investment stock markets risk international |
| Language: | eng |
| Abstract: | This study examines supply-side investments in the tourism sector (henceforth as: t-sector), analysing the return and risk relationship of investments in tourism across several countries. The performance of t-sector companies listed on the stock exchange, for the top one 12 countries according to the World Economic Forum (WEF) tourism rankings, is explored by region, across these countries and within each country by comparison to other sectors. By using several metrics to compare the risk-adjusted returns over a 15-year period ending Mar 2007, there is found a strikingly different ranking than those of the WEF. In a global capital market, the implications for the flow of investment funds are important. Money will flow to those investments with the highest expected returns for a given risk level with consequential impacts for economic growth and employment in the t-sector. |
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