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Institutional ownership and return volatility in the casino industry
Yongjia Lin1; Xiaoqing Fu2; Xinhua Gu2; Haiyan Song3
2018-03-01
Source PublicationInternational Journal of Tourism Research
ISSN1099-2340
Volume20Issue:2Pages:204-214
Abstract

Using a sample that covers all casino companies in Macao from March 2010 to June 2015, this paper investigates the impact of institutional investment on stock return volatility in the casino industry. The results suggest that higher institutional ownership is conducive to lower return volatility on Macao casino stocks. Such volatility also hinges on policy shifts, such as China's anti-corruption campaign, in tourist source communities. In addition, the estimation reveals that both smoking bans and business size significantly decrease return volatility, whereas cross-listing increases return volatility significantly.

KeywordCasino Industry Institutional Ownership Stock Return Volatility
DOIhttps://doi.org/10.1002/jtr.2173
URLView the original
Indexed BySSCI
Language英语
WOS Research AreaSocial Sciences - Other Topics
WOS SubjectHospitality, Leisure, Sport & Tourism
WOS IDWOS:000426506600007
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Cited Times [WOS]:1   [WOS Record]     [Related Records in WOS]
Document TypeJournal article
CollectionDEPARTMENT OF FINANCE AND BUSINESS ECONOMICS
Corresponding AuthorHaiyan Song
Affiliation1.School of Business, Macau University of Science and Technology, Macau, China
2.Faculty of Business Administration, University of Macau, Macau, China
3.School of Hotel and Tourism Management, The Hong Kong Polytechnic University, Hung Hom, Hong Kong
Recommended Citation
GB/T 7714
Yongjia Lin,Xiaoqing Fu,Xinhua Gu,et al. Institutional ownership and return volatility in the casino industry[J]. International Journal of Tourism Research,2018,20(2):204-214.
APA Yongjia Lin,Xiaoqing Fu,Xinhua Gu,&Haiyan Song.(2018).Institutional ownership and return volatility in the casino industry.International Journal of Tourism Research,20(2),204-214.
MLA Yongjia Lin,et al."Institutional ownership and return volatility in the casino industry".International Journal of Tourism Research 20.2(2018):204-214.
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