© 2016 The main objective of this work is to study the connection between the systematic equity risk of European Hospitality Industry and a set of information from inside of the company and the market. Analyse the influence of the financial crisis upon the factors determining risk. Our research estimates the beta of the shares of the companies making up our sample, according to the CAPM, and asks which factors (empirical research is factor analysis), configured with accounting information, and what macroeconomic information determine this beta and, accordingly, a share's risk, which, in turn, determines the cost of capital. The results show that the factors determining risk are different before and after 2008. The study of the 2003–2007 period does not show any significant results, whilst that of the 2008–2013 period points to the information explaining risk being growth, business productivity (measured in different ways), liquidity and the size of the business. The results of the empirical analysis performed herein are of great utility for business management, as they provide information of use in assessing shares’ risk.
- Assets pricing
- Corporate finance
- Financial accounting
- Financial crisis
Mar-Molinero, C., Menéndez-Plans, C., & Orgaz-Guerrero, N. (2017). Has the 2008 financial crisis changed the factors determining the systematic risk of shares in the “European Hospitality Industry”?(2003–2013). Journal of Hospitality and Tourism Management, 31, 59-69. https://doi.org/10.1016/j.jhtm.2016.10.002