Ming, HsiangChen2017-08-172017-08-172014-04http://hdl.handle.net/10919/78713This study examines the effects of advertising expenditure on Taiwanese hotel sales (and profitability), risk and returns. It further tests whether the effects of advertising expenditure on hotel sales (and profitability) risk and returns rely on the business cycle condition.application/pdfenCreative Commons Attribution 4.0 InternationalAdvertisingHotel salesRiskReturnsBusiness cycleSummary