Table 9.

Test results of asymmetric impact of inbound tourism development on risk of hotel stock returns.

Dependent variable: Risk	Coefficient	t-Statistics [p-value]
Panel A
Constant	10.5589	18.65 [0.00]***
b61: GTA × Cycle	0.1058	1.34 [0.18]
b62: GTA × (1 − Cycle)	−0.0486	−2.21 [0.03] **
b62 − b61 = −0.1544* (z = −1.7605)
F-statistics [p-value] = 3.99 [0.00]***		${\overline{R}}^2=0.08$
Panel B
Constant	10.3681	17.09 [0.00] ***
b61: GTA × Cycle	0.1149	1.37 [0.17]
b62: GTA × (1 − Cycle)	−0.0472	−.11 [0.04] **
b62 − b61 = −0.1621* (z = −1.8702)
Dummy1	1.5857	0.42 [0.68]
Dummy2	2.4857	0.66 [0.51]
Dummy3	8.7422	1.64 [0.10] *
F-statistics [p-value] = 2.73 [0.01]***		${\overline{R}}^2=0.07$

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