578 research outputs found
An Event Study of Chinese Tourists to Taiwan
The number of Chinese tourists visiting Taiwan has been closely related to the political relationship across the Taiwan Strait. The occurrence of political events and disasters or accidents have had, and will continue to have, a huge impact on the Taiwan tourism market. To date, there has been relatively little empirical research conducted on this issue.
In this paper, tourists are characterized as being involved in one of three types of tourism: group tourism (group-type), individual tourism (individual-type), and medical cosmetology (medical-type). We use McAleerâs (2015) fundamental equation in tourism finance to examine the correlation that exists between the rate of change in the number of tourists and the rate of return on tourism.
Second, we use the event study method to observe whether the numbers of tourists have changed abnormally before and after the occurrence of major events on both sides of the Strait. Three different types of conditional variance models, namely, GARCH (1,1), GJR (1,1) and EGARCH (1,1), are used to estimate the abnormal rate of change in the number of tourists. The empirical results concerning the major events affecting the changes in the numbers of tourists from China to Taiwan are economically significant, and confirm which types of tourists are most likely to be affected by such major events
Risk Spillovers in Returns for Chinese and International Tourists to Taiwan
Fluctuations in the numbers of visitors directly affect the rates of return on tourism
business activities. Therefore, maintaining a firm grasp of the relationship between the
changes in the numbers of Chinese tourists and international travellers visiting Taiwan
is conducive to the formulation of an effective and practical tourism strategy. Although
the topic of international visitors to Taiwan is important, existing research has discussed
the issue of the travel demand between Chinese tourists and international travellers
visiting Taiwan. This paper is the first to examine the spillover effects between the rate
of change in the numbers of Chinese tourist arrivals and the rate of change in the
numbers of international traveller arrivals. Using daily data for Chinese tourists and
international travellers visiting Taiwan over the period from 1 January 2014 to 31
October 2016, together with the Diagonal BEKK model, the paper analyses the covolatility
spillover effects between the rate of change in the numbers of international
travellers and the rate of change in the numbers of Chinese tourists visiting Taiwan. The
empirical results show that there is no dependency relationship between the rate of
change in the numbers of Chinese tourists and the rate of change in the numbers of
international travellers visiting Taiwan. However, there is a significant negative covolatility
spillover effect between the rate of change in the numbers of Chinese tourists
and the rate of change in the numbers of international travellers. The empirical findings
suggest that Taiwan should abandon its development strategy of focusing only on a
single market, namely China, and to be pro-active in encouraging visits by international
travellers to Taiwan for sightseeing purposes, thereby increasing the willingness of
international travellers to visit Taiwan. Moreover, with the reduction in the numbers of
Chinese tour groups visiting Taiwan, and increases in the numbers of individual
travellers, the Taiwan Government should change its previous travel policies of mainly
attracting Chinese tour group travellers and actively promoting in-depth tourism among
international tourists, by developing tourism that focuses on the special characteristics
of different localities. In this way, the government can enhance the quality of Taiwanâs
tourism, and also attract travellers with high spending power
Asymmetric Risk Impacts of Chinese Tourists to Taiwan
Since 2008, when Taiwanâs President Ma Ying-Jeou relaxed the Cross-Strait policy,
China has become Taiwanâs largest source of international tourism. In order to
understand the risk persistence of Chinese tourists, the paper investigates the short-run
and long-run persistence of shocks to the change rate of Chinese tourists to Taiwan. The
daily data used for the empirical analysis is from 1 January 2013 to 28 February 2018.
McAleerâs (2015) fundamental equation in tourism finance is used to link the change
rate of tourist arrivals and the change in tourist revenues. Three widely-used univariate
conditional volatility models, namely GARCH(1,1), GJR(1,1) and EGARCH(1,1), are
used to measure the short-run and long-run persistence of shocks, as well as symmetric,
asymmetric and leverage effects. Three different Heterogeneous AutoRegressive (HAR)
models, HAR(1), HAR(1,7) HAR(1,7,28), are considered as alternative mean equations
for capturing a variety of long memory effects. The mean equations associated with
GARCH(1,1), GJR(1,1) and EGARCH(1,1) are used to analyse the risk persistence of
the change in Chinese tourists.
The exponential smoothing process is used to adjust the
seasonality around the trend in Chinese tourists. The empirical results show asymmetric
impacts of positive and negative shocks on the volatility of the change in the number
of Group-type and Medical-type tourists, while Individual-type tourists display a
symmetric volatility pattern. Somewhat unusually, leverage effects are observed in
EGARCH for Medical-type tourists, which shows a negative correlation between
shocks in tourist numbers and the subsequent shocks to volatility. For both Group-type
and Medical-type tourists, the asymmetric impacts on volatility show that negative
shocks have larger effects than do positive shocks. The leverage effect in EGARCH for
Medical-type tourists implies that larger shocks would decrease volatility in the change
in the numbers of Medical-type tourists. These results suggest that Taiwan tourism
authorities should act to prevent the negative shocks for the Group-type and Medicaltype
Chinese tourists to dampen the shocks that arise from having fewer Chinese
tourists to Taiwan
An Event Study Analysis of Political Events, Disasters, and Accidents for Chinese Tourists to Taiwan
[[abstract]]The number of Chinese tourists visiting Taiwan has been closely related to the political relationship across the Taiwan Strait. The occurrence of political events and disasters or accidents have had, and will continue to have, a huge impact on the Taiwan tourism market. To date, there has been relatively little empirical research conducted on this issue. Tourists are characterized as being involved in one of three types of tourism: group tourism (group-type), individual tourism (individual-type), and medical cosmetology (medical-type). We use the fundamental equation in tourism finance to examine the correlation that exists between the rate of change in the number of tourists and the rate of return on tourism. Second, we use the event study method to observe whether the numbers of tourists have changed abnormally before and after the occurrence of major events on both sides of the Strait. Three different types of conditional variance models, namely, the Generalized Autoregressive Conditional Heteroscedasticity, GARCH (1,1), Glosten, Jagannathan and Runkle, GJR (1,1) and Exponential GARCH, EGARCH (1,1), are used to estimate the abnormal rate of change in the number of tourists. The empirical results concerning the major events affecting the changes in the numbers of tourists from China to Taiwan are economically significant, and confirm the types of tourists that are most likely to be affected by such major events.[[notice]]èŁæŁćź
An Event Study of Chinese Tourists to Taiwan
The number of Chinese tourists visiting Taiwan has been closely related to the political
relationship across the Taiwan Strait. The occurrence of political events and disasters or
accidents have had, and will continue to have, a huge impact on the Taiwan tourism
market. To date, there has been relatively little empirical research conducted on this issue.
In this paper, tourists are characterized as being involved in one of three types of tourism:
group tourism (group-type), individual tourism (individual-type), and medical
cosmetology (medical-type). We use McAleerâs (2015) fundamental equation in tourism
finance to examine the correlation that exists between the rate of change in the number
of tourists and the rate of return on tourism. Second, we use the event study method to
observe whether the numbers of tourists have changed abnormally before and after the
occurrence of major events on both sides of the Strait. Three different types of
conditional variance models, namely, GARCH (1,1), GJR (1,1) and EGARCH (1,1), are
used to estimate the abnormal rate of change in the number of tourists. The empirical
results concerning the major events affecting the changes in the numbers of tourists from
China to Taiwan are economically significant, and confirm which types of tourists are
most likely to be affected by such major events
Asymmetric Risk Impacts of Chinese Tourists to Taiwan
Since 2008, when Taiwanâs President Ma Ying-Jeou relaxed the Cross-Strait policy,
China has become Taiwanâs largest source of international tourism. In order to
understand the risk persistence of Chinese tourists, the paper investigates the short-run
and long-run persistence of shocks to the change rate of Chinese tourists to Taiwan.
The daily data used for the empirical analysis is from 1 January 2013 to 28 February
2018. McAleerâs (2015) fundamental equation in tourism finance is used to link the
change rate of tourist arrivals and the change in tourist revenues. Three widely-used
univariate conditional volatility models, namely GARCH(1,1), GJR(1,1) and
EGARCH(1,1), are used to measure the short-run and long-run persistence of shocks,
as well as symmetric, asymmetric and leverage effects. Three different Heterogeneous
AutoRegressive (HAR) models, HAR(1), HAR(1,7) HAR(1,7,28), are considered as
alternative mean equations for capturing a variety of long memory effects. The mean
equations associated with GARCH(1,1), GJR(1,1) and EGARCH(1,1) are used to
analyse the risk persistence of the change in Chinese tourists. The exponential
smoothing process is used to adjust the seasonality around the trend in Chinese
tourists. The empirical results show asymmetric impacts of positive and negative
shocks on the volatility of the change in the number of Group-type and Medical-type
tourists, while Individual-type tourists display a symmetric volatility pattern.
Somewhat unusually, leverage effects are observed in EGARCH for Medical-type
tourists, which shows a negative correlation between shocks in tourist numbers and
the subsequent shocks to volatility. For both Group-type and Medical-type tourists,
the asymmetric impacts on volatility show that negative shocks have larger effects
than do positive shocks. The leverage effect in EGARCH for Medical-type tourists
implies that larger shocks would decrease volatility in the change in the numbers of
Medical-type tourists. These results suggest that Taiwan tourism authorities should act
to prevent the negative shocks for the Group-type and Medical-type Chinese tourists
to dampen the shocks that arise from having fewer Chinese tourists to Taiwan
Guidelines for the use and interpretation of assays for monitoring autophagy (3rd edition)
In 2008 we published the first set of guidelines for standardizing research in autophagy. Since then, research on this topic has continued to accelerate, and many new scientists have entered the field. Our knowledge base and relevant new technologies have also been expanding. Accordingly, it is important to update these guidelines for monitoring autophagy in different organisms. Various reviews have described the range of assays that have been used for this purpose. Nevertheless, there continues to be confusion regarding acceptable methods to measure autophagy, especially in multicellular eukaryotes. For example, a key point that needs to be emphasized is that there is a difference between measurements that monitor the numbers or volume of autophagic elements (e.g., autophagosomes or autolysosomes) at any stage of the autophagic process versus those that measure fl ux through the autophagy pathway (i.e., the complete process including the amount and rate of cargo sequestered and degraded). In particular, a block in macroautophagy that results in autophagosome accumulation must be differentiated from stimuli that increase autophagic activity, defi ned as increased autophagy induction coupled with increased delivery to, and degradation within, lysosomes (inmost higher eukaryotes and some protists such as Dictyostelium ) or the vacuole (in plants and fungi). In other words, it is especially important that investigators new to the fi eld understand that the appearance of more autophagosomes does not necessarily equate with more autophagy. In fact, in many cases, autophagosomes accumulate because of a block in trafficking to lysosomes without a concomitant change in autophagosome biogenesis, whereas an increase in autolysosomes may reflect a reduction in degradative activity. It is worth emphasizing here that lysosomal digestion is a stage of autophagy and evaluating its competence is a crucial part of the evaluation of autophagic flux, or complete autophagy. Here, we present a set of guidelines for the selection and interpretation of methods for use by investigators who aim to examine macroautophagy and related processes, as well as for reviewers who need to provide realistic and reasonable critiques of papers that are focused on these processes. These guidelines are not meant to be a formulaic set of rules, because the appropriate assays depend in part on the question being asked and the system being used. In addition, we emphasize that no individual assay is guaranteed to be the most appropriate one in every situation, and we strongly recommend the use of multiple assays to monitor autophagy. Along these lines, because of the potential for pleiotropic effects due to blocking autophagy through genetic manipulation it is imperative to delete or knock down more than one autophagy-related gene. In addition, some individual Atg proteins, or groups of proteins, are involved in other cellular pathways so not all Atg proteins can be used as a specific marker for an autophagic process. In these guidelines, we consider these various methods of assessing autophagy and what information can, or cannot, be obtained from them. Finally, by discussing the merits and limits of particular autophagy assays, we hope to encourage technical innovation in the field
Guidelines for the use and interpretation of assays for monitoring autophagy (4th edition)1.
In 2008, we published the first set of guidelines for standardizing research in autophagy. Since then, this topic has received increasing attention, and many scientists have entered the field. Our knowledge base and relevant new technologies have also been expanding. Thus, it is important to formulate on a regular basis updated guidelines for monitoring autophagy in different organisms. Despite numerous reviews, there continues to be confusion regarding acceptable methods to evaluate autophagy, especially in multicellular eukaryotes. Here, we present a set of guidelines for investigators to select and interpret methods to examine autophagy and related processes, and for reviewers to provide realistic and reasonable critiques of reports that are focused on these processes. These guidelines are not meant to be a dogmatic set of rules, because the appropriateness of any assay largely depends on the question being asked and the system being used. Moreover, no individual assay is perfect for every situation, calling for the use of multiple techniques to properly monitor autophagy in each experimental setting. Finally, several core components of the autophagy machinery have been implicated in distinct autophagic processes (canonical and noncanonical autophagy), implying that genetic approaches to block autophagy should rely on targeting two or more autophagy-related genes that ideally participate in distinct steps of the pathway. Along similar lines, because multiple proteins involved in autophagy also regulate other cellular pathways including apoptosis, not all of them can be used as a specific marker for bona fide autophagic responses. Here, we critically discuss current methods of assessing autophagy and the information they can, or cannot, provide. Our ultimate goal is to encourage intellectual and technical innovation in the field
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