Journal of Hospitality Financial Management: Volume 8, Issue 1

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A Survey of Capital Budgeting Methods Used by the Restaurant Industry
(2000-01-01) Ashley, Robert A.; Atkinson, Stanley M; LeBruto, Stephen M.
The purpose of this study was to determine what capital budgeting and cost of capital procedures are being used in the food service segment of the hospitality industry and to compare the responses, where possible, with those reported in the previous studies of capital budgeting techniques in the hospitality industry. The most popular primary capital budgeting techniques selected were the sophisticated or discounted cash flow methods, such as net present value and internal rate of return. The payback method was selected as a secondary technique.
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The Post-Merger Equity Value Performance of Acquiring Firms in the Hospitality Industry
(2000-01-01) Sheel, Atul; Nagpal, Amit
This paper investigates long run equity value performance of acquiring firms in the hospitality industry. The performance analysis has been done using the Jensen Measure Model and the Market Model. The study shows significantly negative equity value performance of the acquiring hospitality firms at least for the period 1980-2000. As such, the impact of mergers and acquisitions on equity value of acquiring firms in the hospitality industry is better understood.
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Hotel Management Contracts: Breach of Contract, Termination and Damages
(2000-01-01) Wilson, Robert H.
Recent court decisions have redefined the relationships and expectations of both owners and operators involved in hotel management contracts. What were once considered irrevocable contracts that a court would enforce with an order for specific performance are now likely to be contracts that can be revoked (but which may carry the risk of damage awards). This paper looks at contract law and examines several interesting hospitality court cases to determine the types of damages that would be available in the event a court determines that a management contract has been breached.
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An Examination of International Tourism Sales In China
(2000-01-01) Wei, Mao-Liang
This study uses regression analysis to examine the growth in China's international tourism sales for the 1980-1999 period. As such, the relationship between China's international tourism sales and China's inflow of foreign tourists is better understood
Publication
An Examination of Capital Structure in the Restaurant Industry
(2000-01-01) Upneja, Arun; Dalbor, Michael C.
The purpose of this paper is to examine the capital structure decisions of restaurant firms. The paper hypothesizes that these decisions are based upon a financial "pecking order" as well as the position of the firm in the financial growth cycle. Using ratios from publicly traded restaurant firms in the U.S. and ordinary least squares regression models, the results tend to support the notion that both the pecking order and the financial growth cycle influence financing decisions. However, the results also indicate that there may be separate factors affecting long-term and short-term debt decisions made by restaurant managers.
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