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The purpose of this thesis is to explore the lead-lag relationship between the Taiwan business cycles and the sales of four leisure industries, including the hotel industry, restaurant industry, beverage shop industry, and retail warehouse industry. This thesis uses the business cycle indicators compiled by the National Development Council, the weighted stock price index of the TEJ database. Applying the business cycle indicators, evidence shows that, first, the four industry sales during the peak periods all lag behind. Second, during the bottom period, the four industry sales all reached the bottom before the economy. Third, the proportional deviation of the four industry sales are all small. It follows that the four industry sales are slightly affected by the business cycles. Applying the weighted stock price index, fourth, the four industry sales during the market peak periods lag behind the market to reach their peaks. Fifth, the sales of the retail warehouse lead the market to reach the bottom. Sixth, the proportional deviation of the four industry sales are again small. It implies that the four industry sales are slightly affected by the market.
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