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Financing Tourist Development through Stock Capital: Evidence from the Greek Hotel Sector

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  • Aristeidis G. Samitas

    (Department of Business Administration, Business School, University of the Aegean, 6 Christou Lada Street, 10561 Athens, Greece)

  • Dimitris F. Kenourgios

    (University of Athens, Faculty of Economics, 5 Stadiou Street, Office 115, 10562 Athens, Greece)

Abstract

As an economic and social activity, tourism can be one of the most important factors in the development of a country. This paper uses the study of business events to investigate the success of financing the tourist sector through stock capital, especially the accommodation sector. The research focuses on five large tourist enterprises and the ‘events’ analysed are announcements about financial results. The study identifies and forecasts the way in which stock returns generally react to tourist sector announcements, such as the dissemination of annual, semi-annual and quarterly financial reports. The empirical evidence indicates that annual reports have a positive impact on stock returns. The authors suggest that the Athens Stock Exchange (ASE) provides an alternative opportunity for tourism companies to raise capital and to extend their development plans.

Suggested Citation

  • Aristeidis G. Samitas & Dimitris F. Kenourgios, 2006. "Financing Tourist Development through Stock Capital: Evidence from the Greek Hotel Sector," Tourism Economics, , vol. 12(1), pages 87-100, March.
    • Handle: RePEc:sae:toueco:v:12:y:2006:i:1:p:87-100
    DOI: 10.5367/000000006776387169
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    References listed on IDEAS

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    1. Bessler, Wolfgang & Murtagh, James P., 2002. "The stock market reaction to cross-border acquisitions of financial services firms: an analysis of Canadian banks," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 12(4-5), pages 419-440.
    2. Edward J. Kane, 2000. "Incentives for banking megamergers: what motives might regulators infer from event-study evidence?," Proceedings, Federal Reserve Bank of Cleveland, pages 671-705.
    3. Antony W. Dnes & Jonathan S. Seaton, 1999. "The Regulation of British Telecom: An Event Study," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 155(4), pages 610-610, December.
    4. Cybo-Ottone, Alberto & Murgia, Maurizio, 2000. "Mergers and shareholder wealth in European banking," Journal of Banking & Finance, Elsevier, vol. 24(6), pages 831-859, June.
    5. Engle, Robert F, 1982. "Autoregressive Conditional Heteroscedasticity with Estimates of the Variance of United Kingdom Inflation," Econometrica, Econometric Society, vol. 50(4), pages 987-1007, July.
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    Cited by:

    1. Nicolau, Juan Luis & Sharma, Abhinav, 2022. "A review of research into drivers of firm value through event studies in tourism and hospitality: Launching the Annals of Tourism Research curated collection on drivers of firm value through event stu," Annals of Tourism Research, Elsevier, vol. 95(C).

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