Loading...
Thumbnail Image
Journal

Journal of Hospitality Financial Management

ISSN
Publisher
Editor-in-Chief
Collections
Description
<!-- Add indexing information, quotes, etc. Use <h3> for headings --> ISSN 1091-3211 for print version<br> E-ISSN 2152-2790 for online version</h3> <p><I>The Journal of Hospitality Financial Management </I>a premier academic organization devoted to the study and promotion of knowledge about finance, financial economics and accounting in hospitality and tourism. Published twice a year, the journal is committed to featuring leading research in the area of finance, financial economics and accounting related to hospitality and tourism. The journal also features invited papers on special interest hospitality finance/accounting topics, viewpoints, research notes, book reviews and abstracts of papers presented at the Annual Symposium of the International Association of Hospitality Financial Management Educators (iAHFME). Research article submissions in this journal typically undergo a double blind review process. Some of the key criteria for evaluation include innovativeness of research ideas, rigor and quality of research, clarity, and relevance to the practice and/or education of financial management and accounting in hospitality and tourism.</p> <p>All correspondence relevant to business issues, such as membership in iAHFME, subscriptions, orders for single journal copies, advertising, and reprint permission, should be directed to the association secretary at the following address: <br><center>Dr. Raymond S. Schmidgall, <br>Hilton Hotels Professor of Hospitality Financial Management, <br>School of Hospitality Business, <br>Michigan State University,<br> 240 Eppley Center, <br>East Lansing, MI 48824-1121 <br>( Telephone 517 353 9211, Fax 517 432 1170, Email: schmidga@bus.msu.edu).</center> <br><center> All other enquiries related to the journal should be addressed to the editor at the following address: <br>Dr. Atul Sheel, <br>Department of Hospitality and Tourism Management, <br>Isenberg School of Management, 07 Flint Lab, <br>90 Campus Center Way, <br>University of Massachusetts, <br>Amherst, MA 01003<br>(Telephone 413 545 4036, Fax 413 545 1235, Email: sheel@isenberg.umass.edu).</center></p> <h3>Subscription Information</h3> <p><strong>Association of Hospitality Financial Management Educators (AHFME) Member Rate:</strong></p> <p>Regular Member: $US50 per year</p> <p>Student Member: $US15 per year</p> <p>Note: Journal of Hospitality Financial Management (JHFM) subscription is included with membership.</p> <p><strong>Individual Non-member Rate (Print or Electronic):</strong> $US 150 for a one-year subscription </p> <p><strong>Institutional Rate (Print or Electronic):</strong> $US298 for a one-year subscription </p> <p><strong>Institutional Rate (Print and Electronic):</strong> $US334 for a one-year subscription </p> <p>Back issues may be ordered at $50 per issue. International subscribers should add $15 to cover postage costs. To order a subscription <a href="mailto:schmidga@bus.msu.edu">click here</a>. To order a back issue please <a href="mailto:schmidga@bus.msu.edu">click here</a>.</p>
<p><I>The Journal of Hospitality Financial Management</I> (ISSN 1091-3211 for print version, E-ISSN 2152-2790 for online version) is devoted to publishing leading theoretical and empirical studies in the area of finance, financial economics and accounting related to hospitality and tourism; offering a forum for exchange of scholarly ideas and opinions relating to financial aspects of these sectors; and providing industry professionals with an opportunity to interact with the academic community by sharing ideas and commenting on research presented in the journal. Published twice a year, this journal is the official refereed publication of <I>the International Association of Hospitality Financial Management Educators</I> (iAHFME), a premier academic organization devoted to the study and promotion of knowledge about finance, financial economics and accounting in hospitality and tourism.</p>
<h2>Final Manuscript Preparation Guidelines for <em><macro publication.title></em></h2> <div id="styleguide"> <p>By submitting your paper to the Journal of Hospitality Financial Management you are agreeing to the originality of your manuscript and any necessary originality checks your paper may have to undergo during the peer review and production processes.</p> <p>The Journal of Hospitality Financial Management (ISSN 1091-3211 for print version, E-ISSN 2152-2790 for online version) is the official refereed publication of the International Association of Hospitality Financial Management Education (iAHFME), a premier academic organization devoted to the study and promotion of knowledge about finance, financial economics and accounting in hospitality and tourism. Published twice a year, the journal is committed to featuring leading research in the area of finance, financial economics and accounting related to hospitality and tourism; offering a forum for exchange of scholarly ideas and opinions relating to financial aspects of the hospitality industry; and providing industry professionals with an opportunity to interact with the academic community by sharing ideas and commenting on research presented in the journal. Copies of the journal are sent to all iAHFME members. The journal also features invited papers on special interest hospitality finance/accounting topics, viewpoints, research notes, book reviews and abstracts of papers presented at the Annual Symposium of the International Association of Hospitality Financial Management Education (iAHFME). Research article submissions in this journal typically undergo a double blind review process. Some of the key criteria for evaluation include innovativeness of research ideas, rigor and quality of research, clarity, and relevance to the practice and/or education of financial management and accounting in hospitality and tourism.</p> <p><strong>Manuscript Submission Guidelines:</strong></p> <ol><li>JHFM solicits theoretical and empirical studies in the area of finance, financial economics and accounting related to hospitality and tourism.</li> <li>Submitted articles cannot have been previously published, nor be forthcoming in an archival journal or book (print or electronic). Please note: "publication" in a working-paper series does not constitute prior publication. In addition, by submitting to Journal of Hospitality Financial Management, the author is stipulating that the material is not currenlty under review at another journal (electronic or print) and that he or she will not submit the material to another journal (electronic or print) until the completion of the editorial decision process at Journal of Hospitality Financial Management.</li> <li>Manuscript submissions should be emailed directly to Murat Kizildag (<a href="mailto:murat.kizildag@ucf.edu">murat.kizildag@ucf.edu</a>) or to Mats Carlbäck (<a href="mailto:mats.carlback@oru.se">mats.carlback@oru.se</a>). Manuscripts should be original contributions and should not be under consideration for any other publication at the same time.</li> <li>Manuscripts should normally not exceed 7,000 words. Articles submitted as Viewpoints, Commentaries, Book Reviews and Research Notes should not exceed 3,000 words.</li> <li>Manuscripts must be written in English, typed, double-spaced and must conform to the Publication Manual of the American Psychological Association (APA).</li> <li>Pages and Body:<ul> <li>First Page. The first page should feature the name of author(s) and title; author(s) note, including present position, complete address, telephone/fax numbers, e-mail address, and any acknowledgement of financial or technical assistance.</li> <li>Second Page. The second page should include the title of paper (without author’s name to maintain anonymity in the review process), a list of no more than five keywords that define the subject matter, and a brief abstract of no more than 150 words summarizing the article.</li> <li>Body. The body of the text should be left-justified, with major headings centered and subheadings flush with the left margin. All headings should use both uppercase and lowercase letters.</li></ul> <li><strong>Tables and Figures.</strong>. All tables and figures should be referred to in-text in chronological order (i.e., Table 1, Table 2.) Each table should be typed on a separate page and be placed after the references section. Number each table consecutively with single Arabic numerals; briefly and descriptively title each and refer to it in the text. Table footnotes should be keyed by superscript lower-case letters. Tables must be self-contained so readers are able to understand them without going back to the text of the paper. Each table must have a title followed by a descriptive legend. Authors must check tables to be sure that the title, column headings, captions, etc., are clear and to the point. Figures must be self-contained. Each figure must have a title followed by a descriptive legend. Figures must be clean, crisp, black-and-white, camera-ready copies. Please avoid the use of gray-scale shading; use hatch marks, dots, or lines instead.</li> <li><strong>Equations.</strong> All but very short mathematical expressions should be displayed on a separate line and centered. Equations must be numbered consecutively on the right margin, using Arabic numerals in parentheses. Use Greek letters only when necessary. Do not use a dot over a variable to denote time derivative; only D operator notations are acceptable.</li> <li><strong>References.</strong>References should appear in the APA style, typed and double spaced. List references alphabetically, principal author’s surname first, followed by publication date in parentheses. The complete list of references should be as follows:<ul> <li><strong>Monographs</strong> Fama, E.F., & Miller, M.H. (1972). The Theory of Finance. Hinsdale, IL: Dryden Press.</li> <li><strong>Contributions to collective works</strong>Grossman, S.J., & Hart, O.D. (1982). Corporate financial structure and managerial incentives, In John J. McCall (Ed.): The Economics of Information and Uncertainty. University of Chicago Press.</li> <li><strong>Periodicals</strong> Arditti, F. (1967). Risk and the required return on equity. <em>The Journal of Finance</em>, 22(1), 19-36.<br/> Jensen, M. C., & Meckling, W.H. (1976). Theory of the firm: Managerial behavior, agency costs and ownership structure, <em>Journal of Financial Economics</em>, 3, 305–360.</li></ul> <li>Some of the key criteria for evaluation include innovativeness of research ideas, rigor and research quality, technical competence, quality of the methodology, clarity, and relevance to the practice and/or education of financial management and accounting in hospitality and tourism.</li> <li>Authors are strongly advised to study two or three back issues of the Journal of Hospitality Financial Management before submitting their work.</li></ol> <p><strong>Color Reproduction</strong>: Color art will be reproduced in the online production at no additional cost to the author. Color illustrations will also be considered for the print publication; however, the author will bear the full cost involved in color art reproduction. Please note that color reprints can only be ordered if the print reproduction costs are paid. Print Rates: $900 for the first page of color; $450 for the next 3 pages of color. A custom quote will be provided for authors with more than 4 pages of color. Art not supplied at a minimum of 300 dpi will not be considered for print.</p> <p><strong>Reprints</strong>: All authors from whom we receive a valid email address will be given an opportunity to purchase reprints of individual articles, or copies of the complete print issue.</p> <p>All questions regarding submission guidelines, editorial issues , and business matters including subscriptions and reprints should be directed to Murat Kizildag (<a href="mailto:murat.kizildag@ucf.edu">murat.kizildag@ucf.edu</a>) or to Mats Carlbäck (<a href="mailto:mats.carlback@oru.se">mats.carlback@oru.se</a>).</p> </p> </div>

Search Results

Now showing 1 - 10 of 386
  • PublicationOpen Access
    An Examination of Financial Leverage Trends in the Lodging Industry
    (2007-01-01) Lee, Seoki
    This study examines financial leverage trends of firms in the US lodging industry for the period 1980 to 2005. It compares mean and median leverage ratio estimates of lodging firms to find which works better as an industry norm during the entire sample period, as well as during economic expansion and recession periods. Research results suggest that the industry median leverage ratio is more valid than the mean industry ratio as a proxy for the lodging industry. Results also suggest that the industry median leverage ratio is valid during the recession periods, but not during the expansion periods.
  • PublicationOpen Access
    CORPORATE GOVERNANCE, OWNERSHIP STRUCTURE, AND CREDIT RATINGS OF HOSPITALITY FIRMS
    (2016-05-23) Altin, Mehmet; Kizildag, Murat; Ozdemir, Ozgur
    This study examines interrelated connections of corporate governance, ownership structure, and credit ratings. From the agency relationship perspective, the study analyzes this multiple association by accounting for firm-specific and ownership characteristics for the period between 1990 and 2007. In this context, logistic functions are used in regression models to predict the probable outcomes of these multiple relationships. Primary findings of this study revealed that hospitality firms with higher anti-takeover provisions (less shareholder power) enjoy higher credit ratings. Findings also revealed high coefficients of Gompers, Ishii, and Metrick (2003) index (the GIM index), suggesting that hospitality firms have strong governance provisions, reduced agency conflicts, and higher chances of getting better credit ratings.
  • PublicationOpen Access
    Performance of Exchange-listed Lodging Firms During the Great Lodging Depression of the 1980s and Early 1990s
    (1998) Upneja, Arun
    Extensive evidence indicates that the lodging depression of the 1980s spanned the years 1980 to 1992 and that the entire industry was losing money for most of that period. For example, Hanson (1994) claims that "after operating at a loss in every year since 1982, the U.S. lodging industry will again be profitable in 1993." However, there are many reasons to believe that exchange-listed lodging firms may have had a different picture than the industry as a whole. This paper discusses some of those reasons and focuses on the profitability of lodging firms listed on the major stock exchanges. The results presented show that the exchange-listed lodging firms were generally profitable during the depression years and the percentage of lodging firms reporting losses during this period is not very different from overall percentage of all listed firms reporting losses.
  • PublicationOpen Access
    AHFME Member 1997 Total Annual Earnings Survey
    (1999) Schmidgall, Raymond S.
    This study was conducted to determine the 1997 annual earnings of hospitality financial management educators. Just over fifty percent of AHFMEfs members affiliated with educational institutions responded. Annual base salaries ranged from $25,000 to $110,000. The lowest-paid member is an assistant professor while the highest-paid member is a full professor. Most respondents supplement their base salaries by teaching during summer school and doing consulting work. The total annual earnings of members ranged from $29,000 to $180,000. Hospitality financial management educators appear to be more highly compensated than hospitality industry financial executives.
  • PublicationOpen Access
    Hotel Real Estate Investment Trusts (REITs): An Investication Of Market Performance Risk Features, And Risk Determinants
    (2001-01-01) Kim, Hyunjoon
    This empirical study investigates the long-term (1993-1999) performance of hotel REITs and compares it with five other REITs groups: office/industrial, residential, health care, retail, and diversified REITs. In addition, the study is designed to investigate the risk features of hotel REIT stocks as well as their determinants of systematic risk. Jenson's abnormal performance index is adapted to investigate the performance of six property sectors of REITs relative to that of the market portfolio. A t-test is used to evaluate whether the difference in performance between the REIT sectors and the market portfolio is statistically significant. In addition, one-way ANOVA is employed to test the equality of the group means of risk-adjusted returns. To analyze the risk features of hotel REIT stocks, the overall risk of hotel REIT stocks, as measured by variance of monthly rate of return over 1993-1999, is decomposed into systematic risk and unsystematic risk. The cross-firm multiple regression statistical technique is employed for examining the effects of liquidity, financial leverage, profitability, operating efficiency, dividend payout, firm size, and growth on systematic risk for the hotel REITs industry.
  • PublicationOpen Access
    LOCALIZED REVENUE IMPLICATIONS OF SEVERE TORNADO OUTBREAKS ON THE LODGING INDUSTRY
    (2013-10-07) Hein, Stephanie G.
    In 2011, significant tornado outbreaks occurred throughout the United States. The property damage from these tornadoes was record breaking at over $28 billion. The impact of these tornadic events on the lodging industry, however, was not as extreme and in some instances was financially beneficial. This study evaluated the revenue implications of severe tornado events on the lodging industry. Using data provided by the National Oceanic and Atmospheric Administration (NOAA) and Smith Travel Research (STR), the lodging industries of 17 counties impacted by either EF4 or EF5 (enhanced Fujita scale) tornadoes were analyzed. Results indicated that the lodging operations in all 17 counties experienced an occupancy percentage increase for multiple days after tornado events. Only five counties experienced significant increases in average daily rate (ADR) for seven days following tornado events. All but one county experienced increases in revenue per available room (RevPAR) following tornado events. This suggests that gains in RevPAR were influenced more by increased occupancy opposed to inflated room rates.
  • PublicationOpen Access
    The Impact of Franchising on Outperformance in the Restaurant Industry: A Long Term Perspective
    (2012-07-01) Hua, Nan; Oak, Seonghee; Dalbor, Michael C.
  • PublicationOpen Access
    Information Asymmetry Around Hospitality Merger Announcements
    (2003-01-01) Oak, Seonghee; Andrew, William P.
    The purpose of this study is to examine the effect of information asymmetry on insider trading activities in hospitality firms. In particular, this study will use a market microstructure approach to detect insider trading activities of hospitality firms prior to merger announcements. Since the payment type of a merger is determined by private managerial information, it can act as a proxy of information asymmetry. Depending on the payment type of a merger, insiders may make different transactions with their private share holdings before the merger announcement. Insider selling (buying) activities may forecast their firm's negative (positive) abnormal performance after mergers. In general, the management of a hospitality corporation is separated from the ownership of the firm. Thus, managers as well as shareholders and other outsiders may all have different information about the value of the firm's real or financial assets and it may be many years before all the information is revealed. This information asymmetry implies that a hospitality firm's managers may have private information about their firm's true valuation and use the information to make managerial decisions related to the type of payment offer in a merger. There have been no studies of hospitality mergers that have looked at the process through which insider information becomes reflected in security prices. This study will contribute to provide evidence against the strong-form market efficiency, which private information immediately impacts on the stock prices.
  • PublicationOpen Access
    Ratio Analysis for the Hospitality Industry: A cross Sector Comparison of Financial Trends in the Lodging, Restaurant, Airline and Amusement Sectors
    (2005-01-01) Kim, Woo Gon; Ayoun, Baker
    This study uses ratio analysis to examine salient financial trends within four major sectors of the hospitality industry for the 1997-2001 period – namely lodging, restaurants, airlines and the amusement sectors. Cross-sectional analysis results indicate that at least for the test period, eight out of thirteen financial ratios were statistically different across the four hospitality segments. As such, financial trends and cross sectional anomalies within the examined hospitality industry segments are better understood.
  • PublicationOpen Access
    CONDITIONS ASSOCIATED WITH INCREASED RISK OF FRAUD: A MODEL FOR PUBLICLY TRADED RESTAURANT COMPANIES
    (2016-11-14) Yost, Elizabeth; Croes, Robertico
    Many restaurant industry examples provide evidence that as a firm’s internal control structure weakens and deficiencies are found, the opportunity for fraud increases significantly. Thus, the central focus of this study is to understand the factors that contribute to increased risk of fraud to determine which conditions promote an increased risk of fraud for publicly traded restaurant companies. The main premise of the study tests the application of the fraud triangle framework constructs to publicly traded restaurant companies during the time period of 2002–2014, using proxy variables defined through literature. The proxy variables selected were company size, amount of debt, employee turnover, organizational structure, the Recession, inflation rate, interest rate, executive stock compensation, return on assets, and international sales growth. The study used a probit model, using the incidence of a reported internal control deficiency as the measurable dichotomous dependent variable.