1984 research outputs found
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Changing the Culture of Health Care: A Conversation with Todd Evans
No full textTodd Evans, director, PricewaterhouseCoopers LLP, addresses the need for changing the culture of healthcare by drawing from the strengths of the hospitality industry and making people feel like they are guests in the healthcare system
Economic Fundamentals, Capital Expenditures and Asset Dispositions
No full textResearch on the disposition effect in real assets to date ignores the active management component of these investments. Active management notably includes decisions about follow-up investment in the form of capital expenditures, as well as dispositions. Using a real option framework, we develop testable hypotheses and provide empirical evidence for the relationships between economic fundamentals, capital expenditures, property values, and the subsequent likelihood of sale. Our results shed new light on the evidence for the disposition effect
How Does Human Capital Matter? Evidence from Venture Capital
No full textWe investigate the effects of human capital mobility on venture capital (VC) investment and outcomes. To establish causality, we use a difference-in-differences approach that relies on plausibly exogenous variations generated by states\u27 staggered recognition of the inevitable disclosure doctrine (IDD). We _find that a reduction in human capital mobility reduces VCs\u27 investment propensity and successful exit. Further analysis shows that the effects are more pronounced in industries with more high-skilled workers, in industries with higher patenting intensity, and in earlier-stage VC investment. To mitigate the adverse effect of the IDD, VCs stage finance startups more and are more likely to syndicate with other VCs. Finally, we show that the IDD reduces the mobility of inventors, which contributes to a reduction in startups\u27 patenting and successful exit. Our paper sheds new light on the effects of an important but underexplored determinant of VC investment --the human capital of startups
A Forward-Looking Factor Model for Volatility: Estimation and Implications for Predicting Disasters
Full text linkWe show that any factor structure for stock returns can be naturally translated into a factor structure for return volatility. We use this structure to propose a methodology for estimating forward-looking variances and covariances of both factors and individual assets from option prices at a high frequency. We implement the model empirically and show that our forward-looking volatility estimates provide useful predictions of rare disasters for both factors and individual stocks
JD Power/SITE Foundation Incentive Travel Survey 2016
Full text linkIncentive travel is a multi-billion dollar segment of the travel industry that continues to grow. This white paper outlines the findings from the 2016 JD Power/SITE Foundation survey on incentive travel buyers and sellers, bringing particular focus to the considerations and concerns facing incentive travel professionals. Controlling program costs is a major focus as travel planners turn to less expensive destinations, accommodations and amenities while still seeking innovative and engaging experiences for participants. North American, Caribbean and European destinations are increasingly popular for incentive travel. Buyers and sellers of incentive travel services report growing concerns regarding economic volatility, regulatory changes that make travel more difficult for some populations, and safety issues such as local violence or terrorism. And while consolidation and disintermediation within the travel industry continue to influence planning decisions, incentive travel professionals maintain a largely optimistic outlook for growth in the near future
When Rules Are Made to Be Broken: The Case of Sexual Harassment Law
Full text linkJudicial holdings regarding sexual harassment actions have put judges who want to ensure what they view as a just outcome in the awkward position of having to choose between following precedent or “breaking the rules.” This article presents a theoretical assessment and empirical analysis of judicial rule-breaking with regard to two rules relating to sexual harassment. The first such rule, established in the Oncale decision, opened the door to the “equal-opportunity harasser” who treats everyone badly and thus escapes the prohibition on harassment “due to sex.” The other rule, set forth in the Ellerth and Faragher decisions, establishes a two-prong requirement for companies to demonstrate that they should not be held liable in the case of sexual harassment of an employee. The requirements for the so-called affirmative defense are, first, that the employer acted reasonably in relation to a complaint, and second that the employee acted unreasonably, usually indicated by a tardy complaint. Our analysis of 131 cases finds that the likelihood of rule-breaking increases when judges perceive that an employer that is otherwise meritorious (that is, responds effectively to the complaint) could be held liable (in the case of Ellerth and Faragher). On the other hand, courts have followed the rule when an unjust outcome has small repercussions (as in Oncale). Of interest in this context is how the courts will treat a new sexual harassment rule, as outlined in the Supreme Court’s Vance decision
Trading in the Presence of Short-Lived Private Information: Evidence from Analyst Recommendation Changes
No full textWe use a proprietary dataset to test the implications of several asymmetric information models on how short-lived private information affects trading strategies and liquidity provision. Our identification rests on information acquisition before analyst recommendations are publically announced. We provide the first empirical evidence supporting theoretical predictions that early-informed traders “sell the news” after “buying the rumor.” Further, we find distinct profit-taking patterns across different classes of institutions. Uninformed institutions, but not individuals, emerge as de-facto liquidity providers to better-informed institutions. Placebo tests confirm that these trading patterns are unique to situations in which some investors have a short-lived informational advantage
Entrepreneurs and Innovators in Hospitality and Health
No full textThree leading industry executives share their experiences about innovation in hospitality, health, and design-related industries: Karen Heidelberger SHA \u2794, partner, Deerfield Management Company LP; Meredith Johnson SHA \u2792, managing director, Boomerang Health powered by SickKids; and John Rudd, CEO, Cayuga Health System and partner in Island Health/Cayuga Wellness Center. Moderated by Rohit Verma and Mardelle Shepley, April 15, as part of the Entrepreneurship at Cornell Celebration 2016
Total Hotel Revenue Management: A Strategic Profit Perspective
Full text linkHospitality firms are expanding traditional revenue management (RM) practice to focus on customer value and strategic profit management. Participants in series of semi-structured interviews suggested that revenue management is moving away from a sole focus on top-line rooms revenue toward a bottom-line orientation focused on the customer. Thus, RM will expand to multiple revenue sources and encompass a multi-channel demand management approach. The interviews with sixteen senior hotel leaders, RM vendors, and solution providers highlighted the importance of profit, rather than just revenue, given rising distribution and variable costs. Despite the attraction of other revenue and profit sources, such as F&B, spas, and function space, the participants noted that expanding RM to those areas involves complexities not found in the rooms division. Ideally, hoteliers seek to assess the value of each customer’s patronage and develop a specific relationship with each customer. With changes envisioned by these hotel leaders, the practice of revenue management will evolve into the more accurate and expansive notion of strategic profit management
Entrepreneurship Is Global: Highlights from the 2016 Global Entrepreneurship Roundtable
No full textA group of nearly 30 industry leaders, entrepreneurs, faculty, staff, and students from around the world met in Ithaca in November 2016 for the Entrepreneurship is Global Roundtable hosted by the Leland C. and Mary M. Pillsbury Institute for Hospitality Entrepreneurship (PIHE) at Cornell University’s School of Hotel Administration. The event was held as part of Global Entrepreneurship Week, an initiative of the Global Entrepreneurship Network. Participants focused on identifying entrepreneurial talents, the benefits and challenges presented by the “Internet of Things,” entrepreneurship in China, and the growth of the craft beverage industry. Among the conclusions drawn from the wide-ranging discussion were that Gallup’s Entrepreneurial Profile 10, a psychometric assessment designed to identify the top ten talents consistently exhibited in successful entrepreneurs, can be an effective team development tool for a venture. The Internet of Things may provide valuable cost savings, decision-making capabilities, and productivity gains, participants said, but technology security remains an issue in a highly connected, sharing society. A discussion of China’s tourism and travel industry revealed that the industry could benefit from revenue management practices in addressing the lack of data and analysis in the market. The success of the craft beverage industry demonstrates the value of providing both products and experiences for consumers, participants noted, with collaboration a key element in creating popular destinations around the world