Refine your search
Collections
Co-Authors
A B C D E F G H I J K L M N O P Q R S T U V W X Y Z All
Kaur, Mandeep
- Growth and Development of Indian Tourism Industry
Abstract Views :307 |
PDF Views:0
Authors
Affiliations
1 Department of Commerce and Business Management, Guru Nanak Dev University, Amritsar, Punjab.
1 Department of Commerce and Business Management, Guru Nanak Dev University, Amritsar, Punjab.
Source
Journal of Hospitality Application and Research, Vol 7, No 2 (2012), Pagination: 14-24Abstract
The importance of tourism to economic development has been recognized widely due to its contribution to the balance of payments, GDP and employment. Since last few years, Indian tourism industry has been growing at a rapid pace and it has vast potential for generating employment and earning large amount of foreign exchange. So it is imperative to study the growth and development of Indian tourism industry. In the present paper the growth and development of Indian tourism industry has been studied. For this purpose, data has been collected from secondary sources such as Bureau of Immigration, Ministry of Tourism, Govt. of India and World Travel and Tourism Council. To analyze the collected data, Compound Annual Growth Rate (CAGR) has been calculated. Results showed that tourism is the largest service industry in India, with a contribution of US$34.008billion to the national GDP and 7.4 percent to the total employment in the year 2011. India witnessed more than 5 million annual foreign tourist arrivals and more than 740 million domestic tourist visits in the year 2011. Moreover, it is suggested that the central and state government should take initiatives to develop tourism in India.Keywords
Growth, Development, India, Tourism Industry
References
- Aliquah, K. M. and Al-rfou, A.M. (2010). Analytical Study for Tourism Sector and its ffects on Jordanian Economy during the Period (1970-1989). European Journal of conomics, Finance and Administrative Sciences, 18, 1-8.
- Bahmani-Oskooee, M. and Alse, J. (1993). Export Growth and Economic Growth: An pplication of Co integration and Error Correction Modeling. Journal of Developing reas, 2(4), 535–542.
- Balaguer, J. and Cantavella-Jorda, M. (2002). Tourism as a Long-Run Economic rowth Factor: The Spanish Case. Applied Economics, 34, 877-84.
- Dritsakis, N. (2004). Tourism as a Long-run Economic Growth Factor: An Empirical nvestigation for Greece. Tourism Economics, 10(3), 305-316.
- Eugenio-Martin, J. L., Morales, N.M. and Scarpa, R. (2004). Tourism and Economic Growth in Latin American Countries: A Panel Data Approach. Social Science Research, Network Electronic Paper. No.26, Retrieved fromC:downloads#hl=en&biw=1362&b ih=512&q=Tourism+and+Economic+Growth+in+Latin+American+Countrie+Data+Approach”,+&aq=&aqi=&aql=&oq=&fp=71e61a034e6361f.htm.
- Fayissa, B. and Tadasse, B. (2007). The Impact of Tourism on Economic Growth and Development in Africa. Middle Tennessee State University. Department of Economics and Finance. Working Paper Series, No. 16. Retrieved from http://frank.mtsu.edu/~berc/working/TourismAfricawp.pdf.
- Gunduz, L. and Hatemi-J, A. (2005). Is the Tourism-Led Growth Hypothesis Valid for Turkey?. Applied Economics Letters, 1(8), 499-504.
- Gupta, D. and Gupta, D.D. (2007). Adoption and Use of ICT in Indian Tourism: Interventions for the top tourist destination of India. Paper presented in Conference on tourism in India, IIMK, 15-17May., Retrieved from http://dspace.iimk.ac.in/bitstream/2259/538/1/65-74.pdf.
- Ivanov, S. and Webster, C. (2006). Measuring the impacts of Tourism on Economic Growth. Tourism Economics, 13(3), 379-388.
- Khalil S., Mehmood K.K., and Waliullah (2007). Role of Tourism in Economic Growth Empirical Evidence from Pakistan Economy. The Pakistan Development Review, 46(4), 985-995.
- Kreishan, F. M. (2010). Tourism and Economic Growth: The case of Jordan. European journal of social sciences, 15 (2), 1-6.
- Krishna, A.G. (1993). Case study on the Effects of Tourism on Culture and the Environment.Retrieved from http://unesdoc.unesco.org/images/0012/001216/121600eo.pdf.
- Kulendran, N. and Wilson, K. (2000). Is there a Relationship between International Trade and International Travel?. Applied Economics, 32 (8), 1001–1009.
- Lee, C. and Chang, C. (2008). Tourism Development and Economic Growth: A Closer Look at Panels. Tourism Management, 29(1), 180-192.
- Oh, C. (2005). The Contribution of Tourism Development to Economic Growth in the Korean Economy. Tourism Management, 26(1), 39-44.
- Planning Commission Report, India. 2007.
- Tourism Satellite Account, World Tourism and Travel council, India. 2010.
- UNWTO Tourism Highlights. (2009). Retrieved from http://mkt.unwto.org/en/content/tourism-highlights.
- World Tourism Organization (2009), “News from the World Tourism Organization”, Retrieved from http://www.world-tourism.
- www.journeymart.com/de/india.aspx.
- www.tourism.gov.inwww.ibef.org.
- www.incredibleindia.org.
- www:en.wikipedia.org/wiki/Tourism.
- www.gdrc.org/uem/eco-tour/envi/index.html.
- www.//tourism.gov.in/statistics/statistics.htm.
- www.wttc.org/eng/Tourism_Research/.
- www.tourisminindia.com/.
- www.india-tourism.net/.
- www.unwto.org/facts/eng/highlights.htm.
- www.ibef.org.com.
- Hedging Effectiveness of Futures Contracts:A Study of Select Stocks in Indian Tourism and Hospitality Sector
Abstract Views :247 |
PDF Views:0
Authors
Mandeep Kaur
1,
Kapil Gupta
1
Affiliations
1 Department of Management, I. K. Gujral Punjab Technical University, Kapurthala, Punjab, IN
1 Department of Management, I. K. Gujral Punjab Technical University, Kapurthala, Punjab, IN
Source
Journal of Hospitality Application and Research, Vol 13, No 1 (2018), Pagination: 1-15Abstract
This paper investigates the hedge effectiveness of futures contracts of tourism and hospitality sector in India using four sample stocks namely, ADANIPORTS, APOLLOHOSP, CONCOR and JETAIRWAYS, traded at NSE, for which data has been collected from January 1, 2016 to December 31, 2017 for near month futures contracts. The optimal hedge ratio is estimated using five specifications: naive, ordinary least square, autoregressive moving average ordinary least squares, vector autoregression and vector error correction. The study finds that one-to-one naive model provides superior hedging effectiveness over all the other models, implying equal investment in both spot and futures market to achieve highest effectiveness. Overall, the study finds that tourism and hospitality sector provides an effective platform for hedging with futures contracts.Keywords
Tourism, Hospitality, Futures Contract, Hedging Effectiveness and Optimal Hedge Ratio.References
- îî Alexander, C., & Barbosa, A. (2007). Effectiveness of minimumvariance hedging. Journal of Portfolio Management, 33(2), 46.
- îî Bhaduri, S. N., & Sethu Durai, S. R. (2008). Optimal hedge ratio and hedging effectiveness of stock index futures: evidence from India. Macroeconomics and Finance in Emerging Market Economies, 1(1), 121-134.
- îî Bhargava, V., & Malhotra, D. K. (2007). Determining the optimal hedge ratio: Evidence from cotton and soybean markets. The Journal of Business and Economic Studies, 13(1), 38.
- îî Bonga-Bonga, L., & Umoetok, E. (2016). The effectiveness of index futures hedging in emerging markets during the crisis period of 2008-2010: Evidence from South Africa. Applied Economics, 48(42), 3999-4018.
- îî Castelino, M. G. (1992). Hedge effectiveness: Basis risk and minimum:Variance hedging. Journal of Futures Markets, 12(2), 187-201.
- îî Chou, W. L., Denis, K. F., & Lee, C. F. (1996). Hedging with the Nikkei index futures: The convential model versus the error correction model. The Quarterly Review of Economics and Finance, 36(4), 495-505.
- îî Choudhry, T. (2004). The hedging effectiveness of constant and time-varying hedge ratios using three Pacific Basin stock futures. International Review of Economics & Finance, 13(4), 371-385.
- îî Deaves, R. (1994). Naive versus conditional hedging strategies: The case of Canadian stock index futures. Canadian Journal of Administrative Sciences, 11(3), 264-270.
- îî Ederington, L. H. (1979). The hedging performance of the new futures markets. The Journal of Finance, 34(1), 157-170.
- îî Floros, C., & Vougas, D. V. (2004). Hedge ratios in Greek stock index futures market. Applied Financial Economics, 14(15), 1125-1136.
- îî Floros, C., & Vougas, D. (2006). Hedging effectiveness in Greek stock index futures market, 1999-2001. International Research Journal of Finance and Economics, 5, 7-18.
- îî Ghosh, A. (1993). Hedging with stock index futures: Estimation and forecasting with error correction model. Journal of Futures Markets, 13(7), 743-752.
- îî Gupta, K., & Singh, B. (2009). Estimating the optimal hedge ratio in the Indian Equity Futures market. IUP Journal of Financial Risk Management, 6(3/4), 38.
- îî Holmes, P. (1995). Ex ante hedge ratios and the hedging effectiveness of the FTSE-100 stock index futures contract. Applied Economics Letters, 2(3), 56-59.
- îî Hou, Y., & Li, S. (2013). Hedging performance of Chinese stock index futures: An empirical analysis using wavelet analysis and flexible bivariate GARCH approaches. Pacific-Basin Finance Journal, 24, 109-131.
- îî Johnson, L. L. (1960). The theory of hedging and speculation in commodity futures. The Review of Economic Studies, 27(3), 139-151.
- îî Lee, H. C., & Chien, C. Y. (2010). Hedging performance and stock market liquidity: Evidence from the Taiwan futures market. Asia-Pacific Journal of Financial Studies, 39(3), 396-415.
- îî Lien, D. (2004). Cointegration and the optimal hedge ratio: The general case. The Quarterly Review of Economics and Finance, 44(5), 654-658.
- îî Lien, D. (2005). The use and abuse of the hedging effectiveness measure. International Review of Financial Analysis, 14(2), 277-282.
- îî Lien, D., Tse, Y. K., & Tsui, A. K. (2002). Evaluating the hedging performance of the constant-correlation GARCH model. Applied Financial Economics, 12(11), 791-798.
- îî Lim, K. G. (1996). Portfolio hedging and basis risks. Applied Financial Economics, 6(6), 543-549.
- îî Lypny, G., & Powalla, M. (1998). The hedging effectiveness of DAX futures. The European Journal of Finance, 4(4), 345-355.
- îî Malliaris, A. G., & Urrutia, J. L. (1991). The impact of the lengths of estimation periods and hedging horizons on the effectiveness of a hedge: Evidence from foreign currency futures. Journal of Futures Markets, 11(3), 271-289.
- îî Mandal, A. (2011). Hedging effectiveness of stock index futures contracts in the Indian derivative markets. International Journal of Financial Management, 1(2), 1.
- îî Men, X., & Men, X. (2009). Hedging effectiveness of Hong Kong stock index futures contracts. International Journal of Business and Management, 3(8), 98.
- îî Moon, G. H., Yu, W. C., & Hong, C. H. (2009). Dynamic hedging performance with the evaluation of multivariate GARCH models: Evidence from KOSTAR index futures. Applied Economics Letters, 16(9), 913-919.
- îî Park, T. H., & Switzer, L. N. (1995). Bivariate GARCH estimation of the optimal hedge ratios for stock index futures: A note. Journal of Futures Markets, 15(1), 61-67.
- îî Pradhan, K. (2011). The hedging effectiveness of stock index futures: Evidence for the S&P CNX nifty index traded in India. South East European Journal of Economics and Business, 6(1), 111-123.
- îî Rao, S. N., & Thakur, S. K. (2008). Optimal hedge ratio and hedge efficiency: An empirical investigation of hedging in Indian derivatives market. Society of Actuaries, Monograph Publication, 1-27.
- îî Stein, J. L. (1961). The simultaneous determination of spot and futures prices. The American Economic Review, 51(5), 1012-1025.
- îî Stoll, H. R., & Whaley, R. E. (1990). The dynamics of stock index and stock index futures returns. Journal of financial and quantitative analysis, 25(4), 441-468.
- îî Wang, Y., Wu, C., & Yang, L. (2015). Hedging with futures: Does anything beat the naïve hedging strategy?. Management Science, 61(12), 2870-2889.
- îî Working, H. (1953). Hedging reconsidered. Journal of Farm Economics, 35(4), 544-561.
- îî Yaganti, C. H., & Kamaiah, B. (2012). Hedging efficiency of commodity futures markets in India. IUP Journal of Financial Risk Management, 9(2), 40.
- îî Yang, W., & Allen, D. E. (2004). Multivariate GARCH hedge ratios and hedging effectiveness in Australian futures markets. Accounting & Finance, 45(2), 301-321.