Journal Issue:
Journal of Hospitality Financial Management: Volume 23, Issue 1

Loading...
Thumbnail Image
Volume
Number
Issue Date
2015-11-06
Journal Title
Journal ISSN
Articles
Publication
2015– A PERFORMANCE REVIEW FOR RESTAURANT FIRMS
(2015-06-11) Sheel, Atul
Publication
A COMPARATIVE ANALYSIS OF THE PERFORMANCE OF HOTELS AS AGAINST TRADITIONAL COMMERCIAL PROPERTY IN A MIXED-REAL ESTATE PORTFOLIO
(2015-06-11) Worsley, Nicholas
This article considers the role of hotels in a mixed-real estate portfolio. Using hitherto unexamined IPD data for leased hotels in the U.S. and the U.K. between 2001 and 2013, it investigates whether hotels provide diversification benefits and seeks to critically reassess the view that hotels are uniformly high-risk assets. The study finds, by comparison to more “traditional” property types, that hotels have received little attention from property researchers and tend to be overlooked in the asset allocation process. This might be a result of the commonly held perception that hotels are “alternative” and “high-risk.” Based on results from a portfolio optimization analysis, it was found that hotels in the U.S. are more volatile than traditional property types but do not contribute to the efficient frontier for the time period reviewed. By contrast, the empirical results for the U.K. indicated that hotels are much less risky than expected and contribute to the efficient frontier at lower-risk levels. This was confirmed by the de-smoothed results using the individual correlation coefficient for each property type. Consequently, it was concluded that hotels are an attractive real estate subsector offering credible diversification benefits. Furthermore, it is suggested that hotels are not necessarily deserving of their reputation as uniformly high-risk. This has important practical implications for institutional investors seeking to diversify their portfolios.
Publication
INTERNET GAMING REGULATION: VALUATION CONCERNS FOR THE INDUSTRY
(2015-06-11) Johnson, Mark S.; Singh, A. J.; Zhou, Yifan
On October 13, 2006, President George W. Bush signed the Unlawful Internet Gambling EnforcementAct (UIGEA) of 2006 as anattachment to the Security andAccountability for Every Port Act of 2006. UIGEA is the first federal regulation specific to the online gaming industry. In this article, we examine the impact of UIGEA and its subsequent interpretation (through administrative rulemaking andDepartment of Justice actions) on the value of U.S. publicly traded firms in the gaming industry. We find that UIGEA is associated with an average increase in firm values in the gaming industry of approximately 2.86%. We also find that firms with a greater percentage of revenue from retail gaming gainedmore fromUIGEA. Finally,we document that the JusticeDepartment’s ruling onDecember 23, 2011, that not all gaming on the Internet is illegal, is associated with a positive 3.55% return.We conclude that allowed, regulated, controlled growth of Internet gaming is likely to provide significant value to the U.S. gaming industry.
Publication
THE EXCHANGE RATE RISK OF TURKISH TOURISM FIRMS
(2015-06-11) Kandir, Serkan Yilmaz; Karadeniz, Erdinc; Erismis, Ahmet
In this study, exchange rate exposures of tourism firms, whose shares are traded in Borsa I˙stanbul (BIST), were investigated. In this manner, the data pertaining to eight tourism firms, whose shares are traded in BIST, were included in analyses for July 2002–June 2010. A regression model, which was developed by adding the exchange rate factor to the Fama- French three-factor model, was used in the study. Analysis results revealed that exchange rate risk is a crucial risk factor for three tourism firms. However, it was determined that the three tourism firms that are negatively affected by exchange rate risk have considerably larger open foreign currency positions than other tourism firms.
Publication
EXPLORING THE ROLE OF HUMAN JUDGMENT IN MAKING DISCOUNT DECISIONS IN THE LODGING INDUSTRY
(2015-06-11) Lee, Seung Hyun; Croes, Robertico; Rivera, Manuel
This study assesses the process of making pricing decisions, specifically discounts, in the lodging industry. The study applied a qualitative technique employing structured interviews of hotel managers in the United States. The assessments included the narration of events, stages, and cycles of choices made by hotel managers. The findings of the study enhanced the understanding of how management’s discount choice was constructed. In addition, this study identified the habitual management practices in the lodging industry such as “less-than-35 rule,” “trial and error,” and “follow suit.” To confirm the findings from the interviews, a follow-up study was conducted. The survey was designed to learn what kinds of information managers rank highly when considering price adjustments in their operations. Different rankings on information attributes among departments were investigated; results show that managers from different departments rank some information elements differently. Learning the process of a discount choice provided new insights on managerial resources and capabilities required to set and change prices in the lodging industry.
Description
Keywords