The effects of business and finance conditions on the tourism stock markets: An empirical investigation from Turkey
研究了土耳其旅游企业股票表现与商业和金融状况之间的长期关系，发现旅游股票价格对宏观经济、金融、汇率和通胀等因素高度敏感。
Abstract This study investigates interactions between the stock performance of tourism firms and business and finance conditions in a vast tourist destination country, Turkey. Results of the study confirm the long‐term significant effects of the business and finance environment on the stock performance of Turkish tourism firms using a stock valuation model. Furthermore, the study shows that the tourism stock markets are highly sensitive to aggregate macroeconomic and industrial activity, financial markets, tourism climate, exchange rate markets and country's inflation levels since these aggregates exert highly elastic effects on the tourism stock prices.