Journal of Hospitality Financial Management: Volume 12, Issue 1
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Recent Trends in the Hospitality Industry
(2004-01-01) Sheel, Atul
Ratio Analysis: Financial Benchmarks for the Club Industry
(2004-01-01) Schmidgall, Raymond S.; DeFranco, Agnes L.
General managers of clubs are often inundated with operations and membership issues and may not be able to spend quality time engaging in the analysis of the financial health of the club. With the aid of a handful of ratios, general managers and club controllers can assess the business trends and financial viability of their operations very easily. The top ratios used by club managers are: payroll cost percentage, cost of food sold percentage, cost of beverage sold percentage, current ratio, and debt-equity ratio. The results of several ratios focusing primarily on clubs' balance sheets are presented in this article.
Performance Measurement Through Cash Flow Ratios and Traditional Ratios: A Comparison of Commercial and Casino Hotel Companies
(2004-01-01) Ryu, Kisang; Jang, Shawn
This study examines the performance of commercial hotel and casino hotel companies by employing both cash flow ratios and traditional financial ratios over the past five years. Using thefinancial database from the hotel and motel section of the Mergent Online with SIC 701 1, independent sample t-tests were used for the analysis. The performance of the commercial hotel and casino hotel companies was measured using liquidity, solvency, and operational efficiency indicators. Results show that traditional ratios generated different results from cash flow ratios in liquidity. Casino hotel companies were found to have significantly higher liquidity ratios than commercial hotel companies, indicating a possibility that the difference may be caused by the type of hotel.
Initial Public Offerings In The Tourism Industry: An International Analysis of Taiwan
(2004-01-01) Chen, Dar-Hsin; Chen, Chun-Da
This study investigates the short-run and long-run price performances of tourism- related IPOs that listed on Taiwan's two stock exchanges between 1982 and 2002. Taiwan's tourism industry has seen an increasing number of firms going public in recent years. Results are consistent with other studies that IPOs are generally underpriced. The degree of underpricing is more severe when the stock is purchased at the initial offer price. However, it is still smaller than the overall IPO markets in Taiwan, as well as the tourism IPOs in the U.S. After removal of outliers, the island's tourism IPOs perform poorly one year after IPO relative to the market benchmark, while the overall IPO markets show no abnormal return one year after IPO. Moreover, both the magnitude of short-run underpricing and long-run underperformance exhibit wide variations among the sample firms.
An Initial Investigation of Firm Size and Debt Use by Small Restaurant Firms
(2004-01-01) Dalbor, Michael C.; Kim, Amy; Upneja, Arun
This study examines whether or not size affects the use of debt used by small restaurant firms. Owners often use debt as a mechanism to minimize agency costs in large firms. However, there is no consensus in the literature about how to measure firm size. This study uses different proxies for size and finds the significant measures to be total assets, total sales, number of owners, and number of employees. The study finds number of owners and total assets to be variables with maximum explanatory power.