Table 1.
Basic statistics of Japan and US hotel stock prices and test of equality of means of market capitalization between Japan and US hotels
| FJT | IMP | RYL | KYT | OL | SB | KRT | |
|---|---|---|---|---|---|---|---|
| Mean | 2202.723 | 1927.335 | 1441.844 | 665.536 | 14,864.080 | 1478.145 | 4140.329 |
| Std. Dev. | 542.943 | 114.232 | 237.174 | 79.436 | 1663.452 | 333.170 | 835.310 |
| Skewness | − 0.105 | − 2.499 | 0.307 | 0.074 | − 0.261 | 0.138 | − 0.047 |
| Kurtosis | 1.411 | 11.866 | 1.363 | 1.489 | 2.561 | 1.409 | 2.537 |
| Market Cap. | 30.14 | 107.04 | 12.27 | 7.40 | 6,806.46 | 450.26 | 187.08 |
| CHH | H | HLT | IHG | MAR | WH | MGM | |
|---|---|---|---|---|---|---|---|
| Mean | 94.014 | 70.976 | 98.000 | 60.602 | 122.866 | 55.928 | 28.594 |
| Std. Dev. | 14.823 | 11.492 | 17.875 | 8.485 | 21.335 | 10.455 | 8.084 |
| Skewness | 0.098 | − 0.631 | 0.119 | − 1.022 | − 0.728 | − 0.128 | − 0.089 |
| Kurtosis | 2.394 | 2.535 | 2.063 | 3.688 | 2.474 | 3.264 | 2.530 |
| Market Cap. | 6.87 | 9.09 | 38.55 | 11.21 | 51.69 | 6.93 | 14.31 |
| Method | df | Value | Probability | ||||
|---|---|---|---|---|---|---|---|
| t-test | 12 | − 0.903 | 0.384 | ||||
| Satterthwaite-Welch t-testa | 11.319 | − 0.903 | 0.385 | ||||
| Anova F-test | (1, 12) | 0.815 | 0.384 | ||||
| Welch F-testa | (1, 11.320) | 0.815 | 0.385 |
Note that market capitalization (MC) for Japanese hotels is in Billion Yen, which is obtained from the website of the Nikkei as of May 2022 and that for the US hotels is in Billion USD, which is obtained from the website of Companiesmarketcap.com as of May 2022. Note also the exchange rate is 110 USD/yen for a test of equality of means of MC between Japan and US hotels. The test results confirm that there is no difference in the mean MC of Japanese and US hotel companies, not rejecting the null hypothesis of equal means
aTest allows for unequal cell variances