The Impact of Smoking Bans on the Hospitality Industry: New Evidence from Stock Market Returns
The Impact of Smoking Bans on the Hospitality Industry: New Evidence from Stock Market Returns
复制标题
禁烟令对酒店业的影响：股市回报的新证据
DOI：
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发表时间：
2008
期刊：
影响因子：
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通讯作者：
Jonathan T. Tomlin
中科院分区：
文献类型：
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作者：
Jonathan T. Tomlin
150多项研究中的大多数得出结论，禁烟不会对酒店业公司的收入、利润或就业产生不利影响。然而，最近提出了一些重要的批评，这些批评对许多先前的结果提出了质疑。我研究的市场价值的影响，拟议的禁烟使用的样本和方法不受先前的研究中所感知的缺点，印度酒店业的事件研究。相反，在大多数以前的研究结果，我发现负异常的股票回报率的酒店业公司的投资组合检查后，宣布拟议禁烟。这些结果支持了禁烟令降低了这些公司的总市值的结论。
Abstract The majority of over 150 studies conclude that smoking bans do not have adverse effects on the revenues, profits, or employment of hospitality industry firms. However, several important criticisms have recently been raised which call into question many of the prior results. I examine the market value impact of a proposed smoking ban using a sample and methodology not subject to the perceived shortcomings in prior studies an event study on the Indian hospitality industry. Contrary to the results in most prior studies, I find negative abnormal stock returns to portfolios of the hospitality industry firms examined upon the announcement of a proposed smoking ban. These results support the conclusion that a smoking ban lowered the aggregate market value of these firms.