1984 research outputs found
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How Co-Production and Authenticity Affect: Experience Design Management
Get PDFTwo keys to profitable operation are ensuring that customers have a memorable experience and developing a relationship that matches their needs. Meeting at the Cornell School of Hotel Administration, experts in experience management from industry and academe focused on ways to improve customers’ experience in a way that makes it memorable, with a goal of fostering a mutually beneficial lasting relationship. Focusing on the elements of the relationship between consumers and their favorite brands, participants in the experience management roundtable considered the most effective approaches to improve customer relationship management. One important tactic is to provide experiential clues that help customers to remember their experiences in a favorable light. This type of “sticky” recollection fends off the human tendency to invent negative details to fill gaps in memory. One useful way to view the nature of the relationship between customers and a brand is to gauge the levels of love and respect between the parties. In this framework, a brand needs to match customers’ desires for both of those relationship aspects. Customers who feel high levels of both love and respect for a brand are likely to be lucrative long-term patrons
2017 Real Estate Industry Leader Award
Get PDFCornell University and the Baker Program in Real Estate are pleased to announce the recipient of the 2017 Real Estate Industry Leader Award: Jonathan Rose, Founder and President of Jonathan Rose Companies. Rose’s visionary leadership in the areas of sustainability and affordable housing have made him an icon in the real estate industry, and it is our privilege to recognize him with this award
Financial Flexibility and Manager-Shareholder Conflict: Evidence from REITs
Get PDFWe show empirically that the use of unsecured debt, which contains standardized covenants that place limits on total leverage and the use of secured debt, is associated with lower and more stable leverage outcomes. We then show that firm value is sensitive to leverage levels and leverage stability, decreasing in the former and increasing in the latter. Our results suggest that unsecured debt covenants function as a managerial commitment device that preserves the firm’s debt capacity to enhance financial flexibility
Exploring Behavioral Differences Between New and Repeat Cruisers to a Cruise Brand
No full textThe modern leisure cruise industry is one of the most dynamic and profitable sectors of the global tourism industry. However, the cruise industry has entered a maturity stage in North America, the largest cruise market in the world, as growth of the new-to-cruise segment diminishes. Industry analysts emphasize that cruise lines need to not only attract new customers, but also to motivate existing ones to repurchase. Achieving these dual goals demands a better understanding of the differences between these market segments. This study used proprietary reservation data containing more than one million individual records of cruisers’ demographic and behavioral information. Analysis showed that compared with new cruisers, repeat cruisers to a cruise brand are less price sensitive, live closer to embarking ports, are more likely to choose longer cruises and better cabin types, and to book cruises further out from the sailing date; in addition, there are notable behavioral differences between first-time and multi-time repeat cruisers
The Consequences of REIT Index Membership for Return Patterns
Get PDFThe impact of stock market index membership on REIT stock returns is unclear. Returns may become more like those of other indexed stocks and less like those of their underlying properties. Taking advantage of the inclusion of REITs in major S&P indexes starting in 2001, we find that shared index membership significantly increases the correlation between REIT returns. However, index membership also enhances the link between REIT returns and the underlying real estate, consistent with improved pricing efficiency
Capital Expenditures, Asset Dispositions, and the Real Estate Cycle
Get PDFRecent empirical research provides evidence on the asset disposition choices of individual and institutional real estate investors that is consistent with the `disposition effect\u27. We propose a value-add investment strategy as an alternative rational explanation for the observed patterns in disposition choices. The main value-add mechanism in real estate investment is capital expenditures. However, capital expenditure investment is a real option whose exercise depends on its moneyness, which is a function of the economic environment. Therefore, we study the links between economic conditions, building-level capital expenditures, and subsequent transactions throughout the real estate cycle. We present empirical evidence consistent with our proposed rational explanation for the alleged disposition effect in real estate asset disposition decisions
Sex Trafficking: The Hospitality Industry’s Role and Responsibility
Get PDFThis research explores the issue of sex trafficking in hotels within the United States. Research was conducted regarding the prevalence of the issue, legal implications for hotels, resources available and current initiatives taken by companies. Surveys and interviews were conducted to identify the overall sentiments of hoteliers on the issue and potential solutions suggested by agencies that work against trafficking. The research identifies a strong need for training and increased awareness among hotels
The Role of Human Capital: Evidence From Patent Generation
Get PDFFirms exhibit persistence in innovation output. This paper focuses on the role played by individual inventors. Compared to firm organizational capital, human capital embedded in inventors explains a majority of the variation in innovation performance but much less in innovation style. Inventors contribute more when they are better networked, in firms with higher inventor mobility, and in industries in which innovation is more difficult. Additional tests suggest that our main findings are unlikely driven by inventors’ endogenous moving. This paper highlights the importance of human capital in enhancing firm innovation and sheds new light on the theory of the firm
Public Market Institutions in Venture Capital: Value Creation for Entrepreneurial Firms
No full textInstitutions that traditionally focus on the public equity market are making an increasing number of venture capital (VC) investments in the private market. Examining these investments, we find that an institution-backed entrepreneurial firm is more likely to have a successful exit, either through an IPO or through an acquisition. Meanwhile, these institution-backed entrepreneurial firms tend to be more mature, require higher amount of financing and attract more reputable VC investors. Our baseline results continue to hold in a propensity score matching analysis. Furthermore, there is a strong positive association between prior public equity market performance of an institution and successful exits of entrepreneurial firms backed by the institution. Finally, we show that the issuing firms with the presence of institutions have lower IPO underpricing and higher net proceed, which suggest that the presence of institutions certifies the value of entrepreneurial firms to the public
Categorizing Cruise Lines by Passenger Perceived Experience
No full textIn the travel and hospitality industries, categorization of products, brands, and experiences permit efficient comparison and evaluation that aids decision making—from consumer choice to organizational strategy. However, categories often involve self-categorization (e.g., marketer defined) that may not reflect the reality of dynamic markets and industries. In this study of the cruise industry, we derive a new categorization approach using consumer perceptions of their cruise experiences to challenge a long-standing industry typology. Results using a variety of statistical tests of J.D. Power data from more than 3,000 cruisers yield a new and more informative category structure and assignment of cruise lines to it. Analyses reveal differences between the new cruise categories in terms of determinants that influence customer choice. Discussion highlights benefits to travel practitioners of using dynamic and customer-based categories, as well as to researchers of applying advanced statistical techniques to expose unexpected and insightful patterns in secondary data