Dynamic Copula-Based GARCH Model Analysis China Outbound Tourism Demand - Innovative Management in Information and Production - page 128

Tabl e 6 Goodness of fit tests for the copula model

Clayton
copula
Thailand and Singapore 0.5779 0.7308 0.0034 0.0574
Thailand and South Korea 0.1024 0.1154 0.1414 0.0634
Thailand and Japan 0.6658 0.6778 0.8237 0.2972
Singapore and South Korea 0.5609 0.6449 0.5160 0.6439
Singapore and Japan 0.0365 0.0324 0.0724 0.0045
Japan and South Korea 0.4830 0.6039 0.1743 0.5270
Note: We report the p -value from the goodness of fit tests. A p -value less than 0.05 indicates a
rejection of the null hypothesis that the model is well specified

Guassian
copula

Student-t
copula

Gumbel
copula

destination manager should take some measure, for example, providing a wide
range of competitive tour packages; reducing transportation cost and regulating real
exchange rates to attract Chinese tourists.

Acknowledgements This work is partially supported by the Graduate School and Faculty of
Economics, Chiang Mai University. The authors also gratefully acknowledge the helpful comments
and suggestions of the reviewers, which have improved the presentation.

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