Connectedness between travel & tourism tokens, tourism equity, and other assets

被引：29
|
作者：
Yousaf, Imran [1 ]
Abrar, Afsheen [2 ]
Goodell, John W. [3 ]
机构：
[1] Wenzhou Kean Univ, Coll Business & Publ Management, Wenzhou, Peoples R China
[2] Natl Univ Modern Languages, Islamabad, Pakistan
[3] Univ Akron, Coll Business, Akron, OH 44325 USA
来源：
FINANCE RESEARCH LETTERS | 2023年 / 53卷
关键词：
Travel & tourism tokens; Tokens; Diversification; Hedging; COVID-19;
D O I：
10.1016/j.frl.2022.103595
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
We examine the return and volatility connectedness between travel & tourism tokens and other financial assets, including travel and tourism stocks, energy (WTI oil), cryptocurrency (bitcoin) and bonds, gold, the US dollar, using a generalized vector autoregressive framework. Findings show, in normal economic periods, only weak static spillovers between travel & tourism tokens and other assets. However, dynamic analysis reveals increased intensity of spillovers between travel & tourism tokens and other assets during COVID-19. Results are consistent with travel & tourism tokens offering diversification, including surprisingly to equity of the travel and tourism industry, during downturns that particularly impact tourism.
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页数：9
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