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Hotel Sustainability Benchmarking Index 2017: Energy, Water, and Carbon
No full textThis report presents the results of the fourth annual Cornell Hotel Sustainability Benchmarking (CHSB) study, an update to last year’s CHSB2016 study, which was undertaken as a collaborative effort of the Cornell University Center for Hospitality Research, hotel participants, Greenview, and an industry advisory group. This report with historical trends and its accompanying index are intended to advance the knowledge base and data sets for benchmarking activities relating to energy, water, and greenhouse gas emissions for the industry’s benefit. The data sets remain freely available for download from the Cornell Center for Hospitality Research. This fourth study builds on the framework, expands the data set’s geographical coverage, presents historical trends across three years of similar data, and provides enhanced benchmarks and metrics – including a pilot of measures from the Hotel Water Measurement Initiative and percentage of energy generated from renewable sources – with an 80% increase in the global data set and adding segmentation by asset class and number of stars in the accompanying index
Strategic Management Practices Help Hospitals Get the Most from Volunteers
No full textHospital administrators are facing twin challenges with regard to their volunteers—a generational change that may mean fewer volunteer hours in the future, and the need to set strategies to manage and recognize the value of current volunteers. This report, based on a survey conducted with a group of more than 100 hospital officials, identifies a specific set of 23 management practices to improve the volunteer experience, grouped into four categories: job design; recruitment and selection; orientation, training, and development; and performance management and supervision. The report also highlights the importance of making a complete accounting of the volunteer contribution, by calculating the equivalent financial value of volunteer services, as well as their contribution to patients’ health outcomes. The study findings indicate that the use of strategic volunteer management practices in hospitals leads to better performance by volunteer labor and, in turn, may improve the hospitals’ bottom line
Deferring for Justice: How Administrative Agencies Can Solve the Employment Dispute Quagmire by Endorsing an Improved Arbitration System
No full text[Excerpt] When it comes to the issue of pre-dispute mandatory arbitration, the concept of attaining justice for all parties in a vacuum instead of in comparison to the fall back—the litigation and agency adjudication processes. In this Article, we address each of the components of arbitration, but in context to the alternative and thus, conclude that a fixed arbitration system will provide the type of justice unavailable in the current system
The Future of the Healthcare and Senior Living Industries: A Conversation with Alice Katz
No full textAlice Katz, MBA ’76, president of The Vinca Group L.L.C., discusses the future of the healthcare and senior living industries. She also addresses current challenges such as transparency and retaining staff along with her vision for improved care
An Examination of LEED Certification’s Utility as Evidence for Superior On-Property Environmental Sustainability in Hotels
Get PDFThis study explores the potential misalignment between LEED certification\u27s prescriptive scorecard and hotel real estate\u27s operationally complex nature. This study revealed that LEED hotels generally outperform their non-LEED counterparts on a per square foot basis for carbon footprint, energy use, and water use metrics, but perform worse on a per occupied room basis. However, the large amount of variance in the data sample that is inherent in hotel industry data renders definitive conclusions about the utility of LEED as evidence for superior on-property environmental sustainability in hotels difficult to make. Any variance between LEED and non-LEED data groupings was generally not found to be statistically significant. These results demonstrate that further analysis is needed before LEED certification can be tied to levels of environmental sustainability between hotels in a meaningful way. Also, the true impact of hotel LEED certification is extremely difficult to find with any method besides direct comparison of hotel metrics before and after LEED certification
Politician’s Equity Holdings and Corporate Social Responsibility
Get PDFThis study examines the relationship between politician’s equity holdings and the corporate social responsibility (CSR) performance of companies. Politician equity holdings reflect not only the self-interested investment activity of firms, but also a potential source of benefit to the firm as politicians naturally pursue their self-interest through pro-firm legislative and regulatory activity. These investments come at the cost, however, of increased public scrutiny and political monitoring over the firm’s activities. Using politician equity holding data and CSR data for a sample of S&P 1500 firms, we find evidence that firms respond to politician equity holdings through both increased CSR strengths and concerns, suggesting that both social pressure and politician interventions are motivating firm CSR behavior. These findings are robust to the use of alternative models which account for potential endogeneity concerns
Financial Flexibility and Manager-Shareholder Confict: Evidence from REITs
No full textUsing equity REIT data, we 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 leverage outcomes. We then show that firm value is sensitive to leverage levels, where lower leverage is associated with higher firm value. In the presence of weak managerial governance, our results suggest that unsecured debt covenants function as a managerial commitment device that preserves the firm’s debt capacity to enhance financial flexibility
State Intervention to (Un)manage Growth
Get PDFThe classic dream of moving to a spacious, single-family home in the suburbs has led urban sprawl to become the standard pattern of American growth. Unfortunately, this type of growth—in the aggregate—has created a vast array of unintended consequences. From increased commuting times and traffic congestion to the degradation of ecosystems to the demise of the classic, American “Main Street,” sprawl has left its footprint on many facets of the environment and human life. Sprawl’s harms are often periodic and delayed, thus it is unlikely that the underlying issues causing and exacerbating the harms will ever be addressed. Further, as local governments predominantly regulate land use decisions, municipalities rarely, if at all, consider the statewide and regional harms their regulations may create in the aggregate
Letter from the Editors
Get PDFThe Editorial Board of the Cornell Real Estate Review is pleased to present Volume 15 (2017). The Review strives to be a forum to advance discussions regarding topics in real estate and showcase the talents of students from the spectrum of academic disciplines at Cornell that make up the diverse range of subjects in the Real Estate Industry
Multi-Click Attribution in Sponsored Search Advertising: An Empirical Study in Hospitality Industry
No full textSponsored search advertising has become a dominant form of advertising for many firms in the hospitality vertical, with Priceline and Expedia each spending in excess of US$2 billion in online advertising in 2015. Given the competition in online advertising, it has become essential for advertisers to know how effectively to allocate financial resources to keywords. Central to budget allocation for keywords is an attribution of revenue (from converted ads) to the keywords generating consumer interest. Conventional wisdom suggests several ways to attribute revenues in the sponsored search advertising domain (e.g., last-click, first & last-click, or evenly distributed approach). We develop a multi-click attribution methodology using a unique multi-advertiser data set, which includes full advertiser and consumer-level click and purchase information. We add to the literature by developing a two-stage multi-click attribution methodology with a specific focus on sponsored search advertising in the hospitality industry with which we develop a parametric approach to calculate the value function from each stage of the estimation process. Given our multi-advertiser data set, we are able to illustrate the inefficiency of single-click attribution approaches, which undervalue assist clicks while overvaluing converted clicks