Are tourism sub-sectors financially homogeneous? Global market stress, tail-risk transmission, and sectoral vulnerability
ASIA PACIFIC JOURNAL OF TOURISM RESEARCH, cilt.0, sa.0, ss.1-28, 2026 (SSCI, Scopus)
- Yayın Türü: Makale / Tam Makale
- Cilt numarası: 0 Sayı: 0
- Basım Tarihi: 2026
- Dergi Adı: ASIA PACIFIC JOURNAL OF TOURISM RESEARCH
- Derginin Tarandığı İndeksler: Scopus, Social Sciences Citation Index (SSCI), ABI/INFORM, Geobase, Hospitality & Tourism Complete, Hospitality & Tourism Index
- Sayfa Sayıları: ss.1-28
- Bilecik Şeyh Edebali Üniversitesi Adresli: Evet
Özet
This study examines whether tourism-related financial vulnerability is homogeneous across sub-sectors under global market stress. Using daily data from 2015 to 2024, the analysis covers travel and leisure, hospitality, cruise tourism, and online booking assets alongside oil, gold, Bitcoin, and clean-energy markets. The empirical framework combines quantile connectedness, time–frequency decomposition, network analysis, and portfolio evaluation. Results show that cross-market connectedness is strongly state-dependent, intensifying under lower- and upper-tail conditions, while downside stress generates more persistent medium- and long-run transmission. Tourism sub-sectors do not form a homogeneous financial block, as their transmitter–receiver roles vary across market states and investment horizons. Portfolio evidence further indicates that correlation- and connectedness-based strategies deliver stronger realised cumulative performance than minimum-variance allocation over most of the sample, although hedging effectiveness varies across assets and strategies.