Effects of Multiple Financial News Shocks on Tourism Demand Volatility Modelling and Forecasting

Even though both symmetric and asymmetric conceptions of news impacts are well-established in the disciplines economics financial markets, effects combining multiple shocks on volatility tourism demand have not yet been delved into or gauged any tourist destination. This work hypothesises verifies that impact curve (NIC), conditional heteroscedastic models, suitable for forecasting Malaysian industry. Among them, three primarily models (GARCH, EGARCH, GJRGARCH) used conjunction with five (FFNSs), namely Kuala Lumpur Composite Index (KLCI), United States Dollar (DXY), stock performance 500 large companies listed exchanges (S&P500), Crude Oil (CO), Gold Price (GP). most significant findings this study demonstration monthly seasonality using mean equations, asymmetry EGARCH-FFNSs, GJRGARCH-FFNSs variance equations 50 NICs, GARCH-FFNSs model’s evaluation persistence influence visitor arrivals Malaysia. The model is best accuracy. Furthermore, KLCI substantial number tourists to In addition, it should be emphasised methodological framework utilised can a useful tool creating symmetry volatility.