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This paper investigates the effects of economic and political uncertainties on tourism demand using the ‘World Uncertainty Index’ (WUI). This index is more a sophisticated and reliable measure of global uncertainty than previous indices used by the literature. The findings show that uncertainty shocks affect travels for business, holidays, and visiting friends/relatives purposes negatively. It is statistically significant for duration of stay of 1 week to less than one month in Australia. This effect dissipates for longer stays. This study provides insightful information to destinations on how consumers adjust their behaviour during period of political and economic uncertainty.
Giray Gozgor; Neelu Seetaram; Chi Keung Marco Lau. Effect of global uncertainty on international arrivals by purpose of visits and length of stay. International Journal of Tourism Research 2021, 1 .
AMA StyleGiray Gozgor, Neelu Seetaram, Chi Keung Marco Lau. Effect of global uncertainty on international arrivals by purpose of visits and length of stay. International Journal of Tourism Research. 2021; ():1.
Chicago/Turabian StyleGiray Gozgor; Neelu Seetaram; Chi Keung Marco Lau. 2021. "Effect of global uncertainty on international arrivals by purpose of visits and length of stay." International Journal of Tourism Research , no. : 1.
Nicholas Apergis; Giray Gozgor; Chi Keung (Marco) Lau. Globalization and environmental problems in developing countries. Environmental Science and Pollution Research 2021, 1 -3.
AMA StyleNicholas Apergis, Giray Gozgor, Chi Keung (Marco) Lau. Globalization and environmental problems in developing countries. Environmental Science and Pollution Research. 2021; ():1-3.
Chicago/Turabian StyleNicholas Apergis; Giray Gozgor; Chi Keung (Marco) Lau. 2021. "Globalization and environmental problems in developing countries." Environmental Science and Pollution Research , no. : 1-3.
Motivated by the potential inferences from intraday price data in the controversial Bitcoin market, we apply functional data analysis techniques to study cumulative intraday return (CIDR) curves. First, we indicate that Bitcoin CIDR curves are stationary, non-normal, uncorrelated, but exhibit conditional heteroscedastic, although we find that the projection scores of CIDR curves could be serially correlated during some certain periods. Second, we show the possibility of predicting the CIDR curves of Bitcoins based on the projection scores and then assess the forecasting performance. Finally, we utilize the functional forecasting methods to explore the intraday trading opportunities of Bitcoins and the results provide evidence of profitable trading opportunities based on intraday trading strategies, which confronts the efficient market hypothesis.
Elie Bouri; Chi Keung Marco Lau; Tareq Saeed; Shixuan Wang; Yuqian Zhao. On the intraday return curves of Bitcoin: Predictability and trading opportunities. International Review of Financial Analysis 2021, 76, 101784 .
AMA StyleElie Bouri, Chi Keung Marco Lau, Tareq Saeed, Shixuan Wang, Yuqian Zhao. On the intraday return curves of Bitcoin: Predictability and trading opportunities. International Review of Financial Analysis. 2021; 76 ():101784.
Chicago/Turabian StyleElie Bouri; Chi Keung Marco Lau; Tareq Saeed; Shixuan Wang; Yuqian Zhao. 2021. "On the intraday return curves of Bitcoin: Predictability and trading opportunities." International Review of Financial Analysis 76, no. : 101784.
Using the Global Preferences Survey dataset, this paper examines the effects of six measures of preferences (altruism, negative reciprocity, patience, positive reciprocity, risk-taking, and trust) on the per capita international tourist arrivals and the per capita incoming tourist receipts. The data focus on 74 countries for the period from 1995 to 2019. The paper finds that citizens’ trust is positively related to tourism development, and its impact is statistically significant. This evidence indicates that a country with a higher level of trust in other nations’ people attracts more tourists and generates higher tourism receipts.
Zhou Lu; Haiwei Li; Chi Lau; Aliyu Isah. Preferences and Tourism Development under Uncertainty: An Empirical Study. Sustainability 2021, 13, 2534 .
AMA StyleZhou Lu, Haiwei Li, Chi Lau, Aliyu Isah. Preferences and Tourism Development under Uncertainty: An Empirical Study. Sustainability. 2021; 13 (5):2534.
Chicago/Turabian StyleZhou Lu; Haiwei Li; Chi Lau; Aliyu Isah. 2021. "Preferences and Tourism Development under Uncertainty: An Empirical Study." Sustainability 13, no. 5: 2534.
The United Kingdom (UK) in terms of income inequality is ranked among the highest in Europe. Likewise, within the last four decades, UK is characterized with drastic increases in household debt. In this paper, we analyze time-varying predictability of growth in household debt for growth in income (and consumption) inequality based on a high-frequency (quarterly) data set over 1975:Q2 to 2016:Q1. Results indicate that the growth in household debt has a strong predictive power, both for within and out-of-samples, on growth rate of income (and consumption) inequality in the UK. Interestingly, the strength of the predictive power is found to have increased after 2008. Based on time-varying impulse response functions, we also find that higher growth rate in household debt corresponds with subsequent increases in income inequality.
Edmond Berisha; David Gabauer; Rangan Gupta; Chi Keung Marco Lau. Time-varying influence of household debt on inequality in United Kingdom. Empirical Economics 2020, 1 -17.
AMA StyleEdmond Berisha, David Gabauer, Rangan Gupta, Chi Keung Marco Lau. Time-varying influence of household debt on inequality in United Kingdom. Empirical Economics. 2020; ():1-17.
Chicago/Turabian StyleEdmond Berisha; David Gabauer; Rangan Gupta; Chi Keung Marco Lau. 2020. "Time-varying influence of household debt on inequality in United Kingdom." Empirical Economics , no. : 1-17.
This paper examines the asymmetric effect of Bitcoin on three altcoins, namely Ethereum (ETH), Ripple (XRP) and Litecoin (LTC) by using the Nonlinear Autoregressive Distributed Lag (NARDL) model for the period July 2015 to March 2019. We provide evidence on the asymmetric impact of Bitcoin on altcoins both in the short-run and in the long-run. In the short-run, a decrease in Bitcoin price has greater effect than an increase on the prices of altcoins. This asymmetry is more frequent after the 2017 cryptocurrency price crash.
Ender Demir; Serdar Simonyan; Conrado-Diego García-Gómez; Chi Keung Marco Lau. The asymmetric effect of bitcoin on altcoins: evidence from the nonlinear autoregressive distributed lag (NARDL) model. Finance Research Letters 2020, 40, 101754 .
AMA StyleEnder Demir, Serdar Simonyan, Conrado-Diego García-Gómez, Chi Keung Marco Lau. The asymmetric effect of bitcoin on altcoins: evidence from the nonlinear autoregressive distributed lag (NARDL) model. Finance Research Letters. 2020; 40 ():101754.
Chicago/Turabian StyleEnder Demir; Serdar Simonyan; Conrado-Diego García-Gómez; Chi Keung Marco Lau. 2020. "The asymmetric effect of bitcoin on altcoins: evidence from the nonlinear autoregressive distributed lag (NARDL) model." Finance Research Letters 40, no. : 101754.
This paper applies a nonlinear autoregressive distributed lag model to examine the effects of geopolitical risks (GPRs) on Turkey's tourist arrivals (TAs) from January 1990 to December 2018. The newly developed Geopolitical Risk Index (GPRI) is used to measure GPRs. Test results reveal interesting findings. While the effects of GPRs on TAs are expected, the effects are found to be asymmetric in the short run. Specifically, an increase in GPRI reduces TAs in Turkey, but a decrease in GPRI has no effect in the short run. Moreover, there is no evidence for such an asymmetry in the long run.
Ender Demir; Serdar Simonyan; Ming-Hsiang Chen; Chi Keung Marco Lau. Asymmetric effects of geopolitical risks on Turkey's tourist arrivals. Journal of Hospitality and Tourism Management 2020, 45, 23 -26.
AMA StyleEnder Demir, Serdar Simonyan, Ming-Hsiang Chen, Chi Keung Marco Lau. Asymmetric effects of geopolitical risks on Turkey's tourist arrivals. Journal of Hospitality and Tourism Management. 2020; 45 ():23-26.
Chicago/Turabian StyleEnder Demir; Serdar Simonyan; Ming-Hsiang Chen; Chi Keung Marco Lau. 2020. "Asymmetric effects of geopolitical risks on Turkey's tourist arrivals." Journal of Hospitality and Tourism Management 45, no. : 23-26.
We study the tails’ behavior of four major Cryptocurrencies (Bitcoin, Litecoin, Ethereum and Ripple) by employing the Autoregressive Fr´echet model for conditional maxima. Using five-minute-high-frequency data, we report time-evolving tails as well as provide a straightforward measure of tails asymmetry for positive and negative intra-day returns. We find that only Bitcoin has a notable more massive tail for positive returns asymmetry while the remaining three Cryptocurrencies have a general tendency towards more massive negative intra-day tails. All considered Cryptocurrencies depict lighter tails as the market matures.
Chun Kwong Koo; Artur Semeyutin; Chi Keung Marco Lau; Jian Fu. An Application of Autoregressive Extreme Value Theory to Cryptocurrencies. The Singapore Economic Review 2020, 1 -8.
AMA StyleChun Kwong Koo, Artur Semeyutin, Chi Keung Marco Lau, Jian Fu. An Application of Autoregressive Extreme Value Theory to Cryptocurrencies. The Singapore Economic Review. 2020; ():1-8.
Chicago/Turabian StyleChun Kwong Koo; Artur Semeyutin; Chi Keung Marco Lau; Jian Fu. 2020. "An Application of Autoregressive Extreme Value Theory to Cryptocurrencies." The Singapore Economic Review , no. : 1-8.
In this study, regular vine copula was used to investigate the dependence structure of electricity prices at the state level in the Australian National Electricity Market (NEM), during three periods related to the adoption and abolition of the carbon tax. In the pre-carbon period, we found evidence of tail dependence separately in the northern and southern NEM, but not across them. During the carbon period, the joint spike in the northern NEM disappeared, and the tail dependence in the southern NEM decreased. In the post-carbon period, the best dependence structure turned out to be a flexible structure of the regular vine, which exactly matches the geographical infrastructure connectedness of transmission wires. Besides, both upper and lower tail dependences were found in all adjacent states after the abolition of the carbon tax, suggesting a more integrated market regarding tail dependence. Our findings have substantial implications for risk management in the NEM, especially for those participants exposed to multiple states.
Nicholas Apergis; Giray Gozgor; Chi Keung Marco Lau; Shixuan Wang. Dependence structure in the Australian electricity markets: New evidence from regular vine copulae. Energy Economics 2020, 90, 104834 .
AMA StyleNicholas Apergis, Giray Gozgor, Chi Keung Marco Lau, Shixuan Wang. Dependence structure in the Australian electricity markets: New evidence from regular vine copulae. Energy Economics. 2020; 90 ():104834.
Chicago/Turabian StyleNicholas Apergis; Giray Gozgor; Chi Keung Marco Lau; Shixuan Wang. 2020. "Dependence structure in the Australian electricity markets: New evidence from regular vine copulae." Energy Economics 90, no. : 104834.
The aim of this study is to examine the existence of herding behavior in the cryptocurrency market under uncertainty by employing cross-sectional absolute deviation (CSAD) of returns, ordinary least squares (OLS), generalized autoregressive conditional heteroscedasticity (GARCH) methods and Time-Varying Markov-Switching (TV-MS) model for both overall sample and sub-periods which was determined based on the results of Quandt-Andrews and Bai-Perron breakpoint tests. We utilized the daily data of the 14 leading cryptocurrencies in terms of closing price, market cap and transaction volume. We also used dummy variables to analyze whether or not an asymmetric behavior occurred during the "up and down" market periods. Our results for the overall sample refer to an anti-herding behavior in each model. However, the results of the TV-MS model for the 3rd sub-period (2/28/2017−1/16/2018) imply the existence of a herding behavior in the low volatility regime, an anti-herding behavior occurred during the high volatility regime and the effect of uncertainty was significant on the anti-herding behavior. Finally, our results suggest that there was no significant asymmetric behavior during the "up and down" market periods.
Esra Alp Coskun; Chi Keung Marco Lau; Hakan Kahyaoglu. Uncertainty and herding behavior: evidence from cryptocurrencies. Research in International Business and Finance 2020, 54, 101284 .
AMA StyleEsra Alp Coskun, Chi Keung Marco Lau, Hakan Kahyaoglu. Uncertainty and herding behavior: evidence from cryptocurrencies. Research in International Business and Finance. 2020; 54 ():101284.
Chicago/Turabian StyleEsra Alp Coskun; Chi Keung Marco Lau; Hakan Kahyaoglu. 2020. "Uncertainty and herding behavior: evidence from cryptocurrencies." Research in International Business and Finance 54, no. : 101284.
Since the financial crisis, risk management has been of growing interest to investors and the approach of Value-at-Risk has gained wide acceptance. Investing in Cryptocurrencies brings not only huge rewards but also huge risks. For this purpose, this paper investigates whether Cryptocurrencies investors’ decisions can rely on the pragmatic and parsimonious approaches for Value-at-Risk forecasting. Specifically, we suggest a parsimonious reflected gamma specification under the GAS framework, consider other GAS special cases and the Exponential Weights driven nonparametric methods, which fall into the same modelling category as the well-known and widely recognised original RiskMetrics™ approach. We focus on the returns for BTC, LTC and ETH and find that progress upon RiskMetricks™ may provide valuable gains in exposure modelling of Cryptocurrencies under the rough and primary backtesting conditions, though not all of the considered approaches demonstrate consistency at the selected risk confidence levels. In our setting, Laplace GAS specification, which controls for time-variation both in scale (volatility) and skewness (asymmetric responses to positive and negative volatility) parameters, performs the best at the most of the levels. We also find that controlling for time-variation in the degrees of freedom (tails) of the Student's t may be a worthwhile consideration, though such approach may still yield more conservative investors’ strategies than its Laplace asymmetric alternative. Reflected gamma and Extreme Value Theory linked Double Pareto specifications also demonstrate a modest performance, but likely suffer from the lack of asymmetry in their parameters, as our Reflected Gamma parametrisation accounts for time-variation in the tails, unlike Pareto specifications and does not outperform asymmetric Laplace specification. Data- driven nonparametric methods seem to struggle the most in approximating downside tail risks due to the sharp corrections in Cryptocurrencies’ value.
Wei Liu; Artur Semeyutin; Chi Keung Marco Lau; Giray Gozgor. Forecasting Value-at-Risk of Cryptocurrencies with RiskMetrics type models. Research in International Business and Finance 2020, 54, 101259 .
AMA StyleWei Liu, Artur Semeyutin, Chi Keung Marco Lau, Giray Gozgor. Forecasting Value-at-Risk of Cryptocurrencies with RiskMetrics type models. Research in International Business and Finance. 2020; 54 ():101259.
Chicago/Turabian StyleWei Liu; Artur Semeyutin; Chi Keung Marco Lau; Giray Gozgor. 2020. "Forecasting Value-at-Risk of Cryptocurrencies with RiskMetrics type models." Research in International Business and Finance 54, no. : 101259.
In this paper, we use intraday futures market data on gold and oil to compute returns, realized volatility, volatility jumps, realized skewness and realized kurtosis. Using these daily metrics associated with two markets over the period of December 2, 1997 to May 26, 2017, we conduct linear, nonparametric, and time-varying (rolling) tests of causality, with the latter two approaches motivated due to the existence of nonlinearity and structural breaks. While, there is hardly any evidence of spillovers between the returns of these two markets, strong evidence of bidirectional causality is detected for realized volatility, which seems to be resulting from volatility jumps. Evidence of spillovers are also detected for the crash risk variables, i.e., realized skewness, and for realized kurtosis as well, with the effect on the latter being relatively stronger. Based on a moments-based test of causality, evidence of co-volatility is deduced, whereby we find that extreme positive and negative returns of gold and oil tend to drive the volatilities in these markets. In our robustness check, we identify a causal chain in the realized volatility from oil to gold via the financial stress. Our results have important implications for not only investors, but also policymakers.
Matteo Bonato; Rangan Gupta; Chi Keung Marco Lau; Shixuan Wang. Moments-based spillovers across gold and oil markets. Energy Economics 2020, 89, 104799 .
AMA StyleMatteo Bonato, Rangan Gupta, Chi Keung Marco Lau, Shixuan Wang. Moments-based spillovers across gold and oil markets. Energy Economics. 2020; 89 ():104799.
Chicago/Turabian StyleMatteo Bonato; Rangan Gupta; Chi Keung Marco Lau; Shixuan Wang. 2020. "Moments-based spillovers across gold and oil markets." Energy Economics 89, no. : 104799.
The scientific periodical journal (indexed on Web of Science) published by the Tomas Bata University in Zlin offers results of basic and applied economic research in the English language.
Zhou Lu; Tianjin University of Commerce; Giray Gozgor; Mai Huang; Marco Chi Keung Lau; Istanbul Medeniyet University; Chongqing Technolog y and Business University; The University of Huddersfield. The Impact of Geopolitical Risks on Financial Development: Evidence from Emerging Markets. Journal of Competitiveness 2020, 12, 93 -107.
AMA StyleZhou Lu, Tianjin University of Commerce, Giray Gozgor, Mai Huang, Marco Chi Keung Lau, Istanbul Medeniyet University, Chongqing Technolog y and Business University, The University of Huddersfield. The Impact of Geopolitical Risks on Financial Development: Evidence from Emerging Markets. Journal of Competitiveness. 2020; 12 (1):93-107.
Chicago/Turabian StyleZhou Lu; Tianjin University of Commerce; Giray Gozgor; Mai Huang; Marco Chi Keung Lau; Istanbul Medeniyet University; Chongqing Technolog y and Business University; The University of Huddersfield. 2020. "The Impact of Geopolitical Risks on Financial Development: Evidence from Emerging Markets." Journal of Competitiveness 12, no. 1: 93-107.
We analyze Australian electricity price returns and find that they exhibit volatility clustering, long memory, structural breaks, and multifractality. Consequently, we let the return mean equation follow two alternative specifications, namely (i) a smooth transition autoregressive fractionally integrated moving average (STARFIMA) process, and (ii) a Markov-switching autoregressive fractionally integrated moving average (MSARFIMA) process. We specify volatility dynamics via a set of (i) short- and long-memory GARCH-type processes, (ii) Markov-switching (MS) GARCH-type processes, and (iii) a Markov-switching multifractal (MSM) process. Based on equal and superior predictive ability tests (using MSE and MAE loss functions), we compare the out-of-sample relative forecasting performance of the models. We find that the (multifractal) MSM volatility model keeps up with the conventional GARCH- and MSGARCH-type specifications. In particular, the MSM model outperforms the alternative specifications, when using the daily squared return as a proxy for latent volatility.
Mawuli Segnon; Chi Keung Lau; Bernd Wilfling; Rangan Gupta. Are multifractal processes suited to forecasting electricity price volatility? Evidence from Australian intraday data. Studies in Nonlinear Dynamics & Econometrics 2020, -1, 1 .
AMA StyleMawuli Segnon, Chi Keung Lau, Bernd Wilfling, Rangan Gupta. Are multifractal processes suited to forecasting electricity price volatility? Evidence from Australian intraday data. Studies in Nonlinear Dynamics & Econometrics. 2020; -1 (ahead-of-p):1.
Chicago/Turabian StyleMawuli Segnon; Chi Keung Lau; Bernd Wilfling; Rangan Gupta. 2020. "Are multifractal processes suited to forecasting electricity price volatility? Evidence from Australian intraday data." Studies in Nonlinear Dynamics & Econometrics -1, no. ahead-of-p: 1.
We study the transmission mechanism of time-varying macroeconomic uncertainty across the US states. We analyse the contemporaneous and temporal causal relationships of uncertainty at the state level by utilising the Bayesian graphical VAR (BGVAR) model. Our results show that the current uncertainty of each state strongly depends on the previous level of uncertainty in its own state. We find evidence of strong contemporaneous and lagged dependence among US states. The analysis of this paper has important policy implications.
Rangan Gupta; Chi-Keung (Marco) Lau; Xin Sheng. Graph theory-based network analysis of regional uncertainties of the US Economy. Physica A: Statistical Mechanics and its Applications 2019, 540, 123064 .
AMA StyleRangan Gupta, Chi-Keung (Marco) Lau, Xin Sheng. Graph theory-based network analysis of regional uncertainties of the US Economy. Physica A: Statistical Mechanics and its Applications. 2019; 540 ():123064.
Chicago/Turabian StyleRangan Gupta; Chi-Keung (Marco) Lau; Xin Sheng. 2019. "Graph theory-based network analysis of regional uncertainties of the US Economy." Physica A: Statistical Mechanics and its Applications 540, no. : 123064.
This study examines the degree of integration of the Turkish economy and European markets as well as the nature of price convergences across major cities for common categories of goods. A series of unit root tests are performed to assess these price convergences by considering non-linearity, cross-sectional correlations, and structural breaks. We find that the Turkish and European markets are well-integrated. Moreover, Turkey’s highest rate of convergence occurs in the fresh fruits and vegetables (supermarkets) and canned goods (mid-priced stores) categories, suggesting arbitrage activities exist across common categories of goods.
Nicholas Apergis; Chi Keung Marco Lau; Fatma Öğücü Şen; Shixuan Wang. Market Integration between Turkey and Eurozone Countries. Emerging Markets Finance and Trade 2019, 57, 2674 -2686.
AMA StyleNicholas Apergis, Chi Keung Marco Lau, Fatma Öğücü Şen, Shixuan Wang. Market Integration between Turkey and Eurozone Countries. Emerging Markets Finance and Trade. 2019; 57 (9):2674-2686.
Chicago/Turabian StyleNicholas Apergis; Chi Keung Marco Lau; Fatma Öğücü Şen; Shixuan Wang. 2019. "Market Integration between Turkey and Eurozone Countries." Emerging Markets Finance and Trade 57, no. 9: 2674-2686.
By utilizing Bayesian Graphical Structural Vector Autoregression model, we show that changes in geopolitical risks and the U.S. real effective exchange rate significantly affect Gold returns. These results are consistent across different frequency bands in short, medium, and long terms.
Giray Gozgor; Chi Keung Marco Lau; Xin Sheng; Larisa Yarovaya. The role of uncertainty measures on the returns of gold. Economics Letters 2019, 185, 108680 .
AMA StyleGiray Gozgor, Chi Keung Marco Lau, Xin Sheng, Larisa Yarovaya. The role of uncertainty measures on the returns of gold. Economics Letters. 2019; 185 ():108680.
Chicago/Turabian StyleGiray Gozgor; Chi Keung Marco Lau; Xin Sheng; Larisa Yarovaya. 2019. "The role of uncertainty measures on the returns of gold." Economics Letters 185, no. : 108680.
The current paper contributes to the empirical literature on bank profitability by testing the joint-impact of different types of risk, competition in different banking markets and different types of efficiency on bank profitability using a sample of Chinese commercial banks over the period 2003–2017. In particular, we fill in the gap of the empirical studies by examining the impact of efficiency on profitability when banks undertake different levels of risk-taking behaviour and face different degrees of competition. The results show that competition in the Chinese banking markets (deposit market, loan market and non-interest income market) is stronger over the period 2003–2005 and also 2014–2017. In addition, it is found that bank size, cost efficiency, profit efficiency and inflation are significantly related to bank profitability. Finally, we find that the positive impact of cost efficiency on profitability is stronger when banks undertake higher levels of risk and face more competition.
Jianchun Fang; Chi-Keung Marco Lau; Zhou Lu; Yong Tan; Hua Zhang. Bank performance in China: A Perspective from Bank efficiency, risk-taking and market competition. Pacific-Basin Finance Journal 2019, 56, 290 -309.
AMA StyleJianchun Fang, Chi-Keung Marco Lau, Zhou Lu, Yong Tan, Hua Zhang. Bank performance in China: A Perspective from Bank efficiency, risk-taking and market competition. Pacific-Basin Finance Journal. 2019; 56 ():290-309.
Chicago/Turabian StyleJianchun Fang; Chi-Keung Marco Lau; Zhou Lu; Yong Tan; Hua Zhang. 2019. "Bank performance in China: A Perspective from Bank efficiency, risk-taking and market competition." Pacific-Basin Finance Journal 56, no. : 290-309.
This study evaluated volatility spillovers among oil price, volatility index and a pool of the credit default swaps for emerging market economies. A special role was ascribed to the time-varying interdependencies and connectedness from the perspectives of Kazakhstan, an oil exporting country. The result shows that Kazakhstan may be more resistant to the volatility, which originated from the other emerging countries. However, Kazakhstan is more sensitive to the global “fear index barometer” of volatility index and oil price volatility. The results might be appealing for portfolio diversification strategies because Kazakhstan's credit default swaps are in the low oil dependency regime.
Haiping Li; Artur Semeyutin; Chi Keung Marco Lau; Giray Gozgor. The relationship between oil and financial markets in emerging economies: The significant role of Kazakhstan as the oil exporting country. Finance Research Letters 2019, 32, 101171 .
AMA StyleHaiping Li, Artur Semeyutin, Chi Keung Marco Lau, Giray Gozgor. The relationship between oil and financial markets in emerging economies: The significant role of Kazakhstan as the oil exporting country. Finance Research Letters. 2019; 32 ():101171.
Chicago/Turabian StyleHaiping Li; Artur Semeyutin; Chi Keung Marco Lau; Giray Gozgor. 2019. "The relationship between oil and financial markets in emerging economies: The significant role of Kazakhstan as the oil exporting country." Finance Research Letters 32, no. : 101171.
This paper investigates the impacts of the effectiveness of the legal system and protection of the property rights on tourism development using a panel data of 152 countries over the period 1995–2015. The paper considers the fixed-effects, Hausman–Taylor (HT), and system generalized method of moments (GMM) estimations and the results demonstrate that a higher level of legal system quality and better protection of property rights promote inbound tourism. Specifically, the results show that higher judicial independence and better enforcement of contracts enhance the development of tourism. The benchmark results are robust to focus on the different groups of countries and measures for tourism development as well as to exclude the outlier observations.
Giray Gozgor; Chi Keung Marco Lau; Yan Zeng; Zhibin Lin. The effectiveness of the legal system and inbound tourism. Annals of Tourism Research 2019, 76, 24 -35.
AMA StyleGiray Gozgor, Chi Keung Marco Lau, Yan Zeng, Zhibin Lin. The effectiveness of the legal system and inbound tourism. Annals of Tourism Research. 2019; 76 ():24-35.
Chicago/Turabian StyleGiray Gozgor; Chi Keung Marco Lau; Yan Zeng; Zhibin Lin. 2019. "The effectiveness of the legal system and inbound tourism." Annals of Tourism Research 76, no. : 24-35.