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. 2010 Jul 31;30(1):200–212. doi: 10.1016/j.ijhm.2010.06.005

Table 5.

Test results of the response of hotel stock return and risk to inbound tourism development.

Coefficient t-Statistics [p-value]
Dependent variable: HSR
 Panel A
Constant 2.8851 3.27 [0.00]***
GTA 0.0284 0.86 [0.39]
F-statistics [p-value] = 0.73 [0.39] R¯2=0.00



 Panel B
Constant 3.1630 3.49 [0.00]***
GTA 0.0750 1.46 [0.15]
Dummy1 −14.6590 −2.59 [0.01]***
Dummy2 −14.8865 −2.62 [0.01]***
Dummy3 −14.9832 −1.73 [0.08]*
F-statistics [p-value] = 2.45 [0.05]** R¯2=0.06



Dependent variable: Risk
 Panel C
Constant 10.5287 17.93 [0.00]***
GTA −0.0127 −0.39 [0.39]
F-statistics [p-value] = 0.73 [0.39] R¯2=0.05



 Panel D
Constant 10.3968 9.42 [0.00] ***
GTA −0.0096 −0.29 [0.77]
Dummy1 0.8567 0.23 [0.82]
Dummy2 2.5389 0.66 [0.51]
Dummy3 9.5647 1.65 [0.10]*
F-statistics [p-value] = 2.35 [0.02]** R¯2=0.06

Note: *Significance at the 10% level. **Significance at the 5% level. ***Significance at the 1% level.