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Comparing the price of sin: Abnormal returns of cross-listed casino gaming stocks in the Hong Kong and US markets
William Ming Yan Cheung; Desmond Lam
2015-02-01
Source PublicationInternational Journal of Hospitality Management
ISSN0278-4319
Volume45Pages:73-76
Abstract

While a number of hospitality researchers have investigated hospitality stock returns, few examine the stock returns of casino gaming companies. In finance, these stocks are often termed as 'sin' stocks. The purpose of this study is to compare the stock returns of cross-listed casino gaming stocks in Hong Kong and New York stock exchanges. Four pairs of casino gaming stocks are currently cross-listed in both exchanges, allowing for comparison. The cross-listing sample consists of 3138 firm-day observations from January 2009 to December 2013. Preliminary analyses, using time-series regression, show that the average daily returns and standard deviations of casino gaming stocks are much higher than market indices in both jurisdictions. Most importantly, casino gaming stocks listed in Hong Kong exchange have a significantly higher abnormal return than their cross-listed counterparts in the US. The reason may be due to cultural issues. These findings will have meaningful implications to investors of casino gaming companies.

KeywordSin Stocks Casino Gaming Hong Kong Usa
DOIhttps://doi.org/10.1016/j.ijhm.2014.12.002
URLView the original
Indexed BySSCI ; SSCI
Language英语
WOS Research AreaSocial Sciences - Other Topics
WOS SubjectHospitality, Leisure, Sport & Tourism
WOS IDWOS:000349736900008
Fulltext Access
Citation statistics
Cited Times [WOS]:4   [WOS Record]     [Related Records in WOS]
Document TypeJournal article
CollectionFaculty of Business Administration
DEPARTMENT OF INTEGRATED RESORT AND TOURISM MANAGEMENT
Corresponding AuthorDesmond Lam
AffiliationUniversity of Macau, Avenida da Universidade, Taipa, Macao
First Author AffilicationUniversity of Macau
Corresponding Author AffilicationUniversity of Macau
Recommended Citation
GB/T 7714
William Ming Yan Cheung,Desmond Lam. Comparing the price of sin: Abnormal returns of cross-listed casino gaming stocks in the Hong Kong and US markets[J]. International Journal of Hospitality Management,2015,45:73-76.
APA William Ming Yan Cheung,&Desmond Lam.(2015).Comparing the price of sin: Abnormal returns of cross-listed casino gaming stocks in the Hong Kong and US markets.International Journal of Hospitality Management,45,73-76.
MLA William Ming Yan Cheung,et al."Comparing the price of sin: Abnormal returns of cross-listed casino gaming stocks in the Hong Kong and US markets".International Journal of Hospitality Management 45(2015):73-76.
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