In this article, we analyse the extent of the spillover from international tourism demand on tourism sector equity indices and find that the magnitude of the spillovers are quite dispersed across different markets, which is in line with previous studies. Novel to the literature, we examine the impact of solvency and profitability positions of the firms in the tourism equity indices on evaluating the magnitude of the spillovers from tourism demand to sector equity indices. Firms that have better solvency ratios and operated in deeper financial markets find their stock returns are affected less from the fluctuations in tourism demand. Profitability positions of the firms, however, do not have significant impact on explaining the spillovers.

在本文中，我们分析了国际旅游需求对旅游业股票指数的溢出程度，发现溢出的大小在不同市场上相当分散，这与之前的研究一致。文献新颖，我们研究了旅游股票指数中公司的偿付能力和盈利能力状况对评估从旅游需求到行业股票指数的溢出程度的影响。偿付能力比率较高并在更深层次的金融市场经营的公司发现其股票回报受旅游需求波动的影响较小。然而，公司的盈利状况对解释溢出没有显着影响。