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Open AccessCommentary

The Fundamental Equation in Tourism Finance

by Michael McAleer 1,2,3,4
1
Department of Quantitative Finance, National Tsing Hua University, Hsinchu 30013, Taiwan
2
Econometric Institute, Erasmus School of Economics, Erasmus University Rotterdam, Rotterdam 3000 DR, The Netherlands
3
Tinbergen Institute, Amsterdam and Rotterdam, The Netherlands
4
Department of Quantitative Economics, Complutense University of Madrid, Spain
J. Risk Financial Manag. 2015, 8(4), 369-374; https://doi.org/10.3390/jrfm8040369
Received: 15 December 2015 / Accepted: 21 December 2015 / Published: 22 December 2015
(This article belongs to the Collection Feature Papers of JRFM)
The purpose of the paper is to present the fundamental equation in tourism finance that connects tourism research to empirical finance and financial econometrics. The energy industry, which includes, oil, gas and bio-energy fuels, together with the tourism industry, are two of the most important industries in the world today in terms of employment and generating income. The primary purpose in attracting domestic and international tourists to a country, region or city is to maximize tourism expenditure. The paper will concentrate on daily tourism expenditure, regardless of whether such data might be readily available. If such data are not available, a practical method is presented to calculate the appropriate data. View Full-Text
Keywords: tourism research; tourism finance; growth in tourism; returns on tourism; volatility; fundamental equation; empirical finance; financial econometrics tourism research; tourism finance; growth in tourism; returns on tourism; volatility; fundamental equation; empirical finance; financial econometrics
MDPI and ACS Style

McAleer, M. The Fundamental Equation in Tourism Finance. J. Risk Financial Manag. 2015, 8, 369-374.

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