Do Smoking Bans Always Hurt the Gaming Industry? Differentiated Impacts on the Market Value of Casino Firms in Macao

Do Smoking Bans Always Hurt the Gaming Industry? Differentiated Impacts on the Market Value of Casino Firms in Macao

Zhang, Jing Hua; Tam, Kwo Ping; Zhou, Nan

2016

英文

經濟/商業

Economics - The Open-Access, Open Assessment E-Journal: 2016, Vol. 10, No. 28, pp. 1-31

p000033

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摘要

This paper analyses the abnormal returns of casino stocks in response to the three unexpected smoking ban announcements between 2011 and 2015 in Macao. One of the findings is that low air quality in gaming venues and high dependence on gaming revenues are associated with abnormal losses, while positive management initiatives are significantly correlated with positive abnormal returns.

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