Journal of Hospitality Financial Management

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<!-- 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
  • Publication
    Insider Trading Prior To Hospitality Acquisition Payment Type Announcements
    (2005-01-01) Oak, Seonghee; Andrew, William
    This study examines evidence of whether hospitality insiders use personal private information to maximize their private benefits prior to hospitality acquisition payment type announcements. The findings of this study, with few exceptions, do not support the hypothesis that hospitality insiders undertake abnormal insider trading using inside information about the true value of the acquiring firm when an acquisition payment type is announced. For hospitality acquiring firms using stock or cash financing to pay for the acquisition, the level of abnormal insider transactions in the four quarters prior to an acquisition payment announcement was not significant. However, for hospitality acquirers using mixed financing (cash and stock), abnormal insider sales were positive and significant in the four quarters prior to the announcement. The lack of significant results for the all cash or stock payment announcements may reflect legal constraint on insider trading, managerial control or compensation issues.
  • Publication
    AHFME Academic Member 2006 Total Annual Earnings Survey
    Schmidgall, Raymond S.
    This study was conducted to determine the 2006 annual earnings of hospitality financial management educators. Fifty percent of AHFME’s members affiliated with educational institutions responded. Annual base salaries ranged from $45,000 to $175,000. The lowest paid member is an instructor while the highest paid member is a full professor. Most respondents supplement their base salaries by both teaching during summer school and consulting. The total annual earnings of members ranged from $45,000 to $260,500. Hospitality financial management educators appear to be more highly compensated than the average college professors.
  • Publication
    Hotel Real Estate in a Property Investment Portfolio: Analysis of Results From 1992-2001
    (2004-01-01) Petersen, Gabriel A.; Singh, A. J.; Sheel, Atul
    This paper analyses the performance of five real estate sub-sectors (office, retail, industrial, apartment, and hotel) over a ten-year (historical) period, 1992 to 2001, in order to assess the impact the hotel sub-sector would have when constructing a multi-property investment portfolio. The research was built on the foundation of modern portfolio theory and data were analyzed using correlation analysis, Sharpe Ratio, and a portfolio simulation model. Research results suggest that at least during the period 1992 to 2001, the hotel sub-sector outperformed all other sub sectors in terms of total returns and also produced the second best risk-adjusted returns. The results also suggest that the inclusion of hotels in the real estate investment portfolio had a significant impact on the efficient frontier offering several "higher risk - higher return" target options for an investor. As such the significance of the hotel sub-sector within a multi-property real estate investment portfolio is better understood.
  • Publication
    Clubs' Adoption of Sarbanes-Oxley Measures
    (2011-01-01) schmidgall, Raymond S.; Damitio, James w.
    This paper attempted to determine the extent to which clubs have adopted some of the various measures of the Sarbanes-Oxley Act. In order to make this determination, a study was conducted that involved 179 club executives. The club executives reported the extent that their clubs were in compliance with various aspects of SOX. In addition, the demographic data collected were analyzed in relation to the responses to the SOX provisions. This analysis determined whether the size of clubs in revenues and based on number of members and profitability impacted the adoption of various measures of SOX.
  • Publication
    Differences in Financial Characteristics between Small and Large Firms: An Empirical Examination of the Casino Industry
    (2000-01-01) Upneja, Arun; Kim, Hyunjoon; Singh, Amrik
    This study examines the differences in financial characteristics between small and large firms in the rapidly expanding casino industry. Financial ratios from 50 casino firms from the fiscal year 1995 are examined to determine the differences between small and large firms. Firms are classified into small and large groups based on the median value of total asset size for sample firms. Wilcox Rank Sum Test, a non-parametric test, is used to test for differences in the financial characteristics of small and large firms. The main results are that smaller firms have higher liquidity and short-term debt ratios. Larger firms have a higher proportion of long term and total debt. Larger firms do not appear to enjoy economies of scale, as they have lower efficiency ratios. However, larger firms also are more profitable.
  • Publication
    Cash in Hotels and Clubs: 2020 and Beyond
    (2020-01-01) DeFranco, Agnes L.; Schmidgall, Raymond S.
    Cash is the lifeblood of any business. Even if a business has cash but is not properly managed, the operation will suffer. One hundred and sixty clubs and hotels shared their accounts receivable and accounts payable practices. In addition, for the users and usage of the statement of cash flows and cash budgets, how often such statements are prepared are documented as points of comparison. It is found that both clubs and hotels view the cash budget more favorably than the statement of cash flows, and hotels are more vigilant, employing more practices to collect their accounts receivable. Managing the cash conversion cycle and monitoring the depreciation/revenue ratios are two highlights suggested.
  • Publication
    Casino Stocks and Katrina: An Example of Market Over-Reaction?
    (2007-01-01) Flanegin, Frank R.; Rudd, Denis P.; Litzinger, Patrick J.; Mills, Richard
    How efficient was the market in anticipating the impact of Hurricane Katrina on the Gulf coast casino industry? This study uses the event study methodology to investigate the stock market’s reaction affecting equity prices of small casino companies with operations on the Gulf Coast centered on Biloxi, Mississippi. Cumulative Abnormal Returns (CARs) for 1 day, 3 day, and 6 day event windows are examined.. As such the impact of Katrina on stock prices of casino firms in the Gulf Coast is better understood.
  • Publication
    Improving Airline Bankruptcy Prediction
    (2018-01-01) Kroeze, Carla; Zemke, Dina Marie V.; Raab, Carola
    The airline industry plays an important role in the global economy but faces financial challenges. Numerous firms have filed for bankruptcy protection or have liquidated completely, each instance having a devastating effect on the company’s stakeholders. The objective of this study is to compare a traditional bankruptcy prediction model with a proposed alternative model, with the goal of identifying a means of predicting the combinations of characteristics that are present when an airline is likely to fail. The alternate model proved to be more accurate than the traditional model in predicting bankruptcy, providing improved forecasting up to four years prior to the bankruptcy filing date. Airlines can use this model to deploy corrective measures to alter the firm’s underlying problems, redefine strategies, and avoid bankruptcy, while investors can use this model to avoid or reduce investments in questionable firms that cannot be salvaged.