Table 3.

Multiple regression results of the hotel stock returns on macro variables

Variable	$\mathrm{\Delta }\mathit{IP}$	$\mathrm{\Delta }\mathit{IM}$	$\mathrm{\Delta }\mathit{DR}$	$\mathrm{\Delta }\mathit{SPD}$	INF	$\mathrm{\Delta }\mathit{TA}$	${\overline{R}}^2$
Regression I	0.66	−0.32	−4.75	−5.12	−0.74	1.22	0.0719
	(1.81)*	(−2.56)***	(−2.75)***	(−2.74)***	(−0.58)	(0.29)
Regression II	0.74	−0.24	−5.52	−4.09	–	–	0.0724
	(2.53)***	(−2.35)**	(−3.30)***	(−2.17)**
Regression III	0.65	−0.23	–	−7.10	–	–	0.0747
	(2.18)**	(−2.26)**		(−3.36)***
Regression IV	0.77	−0.24	−7.30	–	–	–	0.0800
	(2.61)***	(−2.34)**	(−2.83)***

Note: Numbers in parentheses are t-statistics. The symbols (^*), (^**) and (^***) indicate statistical significance at the 10%, 5% and 1% level, respectively.