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Table 1 Basic statistics of Japan and US hotel stock prices and test of equality of means of market capitalization between Japan and US hotels

From: An impact assessment of the COVID-19 pandemic on Japanese and US hotel stocks

 

FJT

IMP

RYL

KYT

OL

SB

KRT

Mean

2202.723

1927.335

1441.844

665.536

14,864.080

1478.145

4140.329

Std. Dev.

542.943

114.232

237.174

79.436

1663.452

333.170

835.310

Skewness

− 0.105

− 2.499

0.307

0.074

− 0.261

0.138

− 0.047

Kurtosis

1.411

11.866

1.363

1.489

2.561

1.409

2.537

Market Cap.

30.14

107.04

12.27

7.40

6,806.46

450.26

187.08

 

CHH

H

HLT

IHG

MAR

WH

MGM

Mean

94.014

70.976

98.000

60.602

122.866

55.928

28.594

Std. Dev.

14.823

11.492

17.875

8.485

21.335

10.455

8.084

Skewness

0.098

− 0.631

0.119

− 1.022

− 0.728

− 0.128

− 0.089

Kurtosis

2.394

2.535

2.063

3.688

2.474

3.264

2.530

Market Cap.

6.87

9.09

38.55

11.21

51.69

6.93

14.31

Method

df

Value

Probability

    

t-test

12

− 0.903

0.384

    

Satterthwaite-Welch t-testa

11.319

− 0.903

0.385

    

Anova F-test

(1, 12)

0.815

0.384

    

Welch F-testa

(1, 11.320)

0.815

0.385

    
  1. Note that market capitalization (MC) for Japanese hotels is in Billion Yen, which is obtained from the website of the Nikkei as of May 2022 and that for the US hotels is in Billion USD, which is obtained from the website of Companiesmarketcap.com as of May 2022. Note also the exchange rate is 110 USD/yen for a test of equality of means of MC between Japan and US hotels. The test results confirm that there is no difference in the mean MC of Japanese and US hotel companies, not rejecting the null hypothesis of equal means
  2. aTest allows for unequal cell variances
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