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A Meta-Analytical Integration of Over 40 Years of Research on Diversity Training Evaluation
No full textThis meta-analysis of 260 independent samples assessed the effects of diversity training on 4 training outcomes over time and across characteristics of training context, design, and participants. Models from the training literature and psychological theory on diversity were used to generate theory-driven predictions. The results revealed an overall effect size (Hedges g) of .38 with the largest effect being for reactions to training and cognitive learning; smaller effects were found for behavioral and attitudinal/affective learning. Whereas the effects of diversity training on reactions and attitudinal/affective learning decayed over time, training effects on cognitive learning remained stable and even increased in some cases. While many of the diversity training programs fell short in demonstrating effectiveness on some training characteristics, our analysis does reveal that successful diversity training occurs. The positive effects of diversity training were greater when training was complemented by other diversity initiatives, targeted to both awareness and skills development, and conducted over a significant period of time. The proportion of women in a training group was associated with more favorable reactions to diversity training. Implications for policy and directions for future research on diversity training are discussed
How Hotel Owner-Operator Goal Congruence and GM Autonomy Influence Hotel Performance
Get PDFA principal-agent relationship exists between hotel owners and the management companies which often operate their hotels. In addition, they both act as principals to a mutual agent, the hotel\u27s General Manager, who is tasked with trying to achieve each parties\u27 objectives. Extensive research on hotel management agreements which govern the owner-operator relationship has demonstrated that these objectives are often incongruent. However, the property-level managerial and performance implications of their goal incongruence has not been empirically examined. This study analyzes these issues using a matched sample of surveys from both owners and operators across 64 hotels operated under hotel management agreements. Using structural equations modeling, we demonstrate that owner-operator goal congruence positively impacts hotel performance and that this relationship is both mediated and moderated by the hotel General Manager\u27s autonomy
A Life-Cycle Perspective of Professionalism in Services
No full textWe explore one prolific type of service triad, the franchise triad, involving three primary stakeholders: the franchisor, the franchisee and the customer. In this triad, franchisees use their affiliation with the franchisor’s brand to attract customers to their local outlets. In exchange for the right of assuming the identity of the brand, the franchisee pays the franchisor royalties and retains residual profits. Applying Agency Theory, this paper examines the inherent conflict of interests between a principal (i.e., franchisor) that controls and manages brand equity as a shared resource and an agent (i.e., franchisee) that retains pricing right and profits from the identity of the brand by interacting directly with customers. We empirically isolate the effect of triad structure on outlet performance by matching two unique datasets. One set of data captures operational performance in the form of aggregated online review scores and the other financial performance including average daily hotel rate and revenue per available room. We find that franchisees charge higher prices than their corporate counterparts even when controlling for operational performance. Even though franchisees charge higher prices they maintain similar financial performance in terms of revenue per available room. These results suggest that the triad structure plays a significant role in franchisees\u27 ability to free-ride on shared brand equity and have important managerial implications for effective outsourcing, contract design and performance evaluation for a wide range of service industries
Real Estate Case Competitions
No full textReal Estate is by nature a hands-on business in which real-world experience and new challenges are the best teacher. With this in mind, graduate real estate education has embraced case competitions as a way to apply education-based learning to real world project simulation. In recent years, teams from Cornell have consistently stood out in these competitions, making impressions and forming relationships that they will carry with them over their careers. In this issue of the Review, we recognize a composite of previous winners of the four major real estate-focused case competitions, and look back on what was a very successful year for case competition teams at Cornell.
The case competitions draw students from all the constituent programs of Real Estate at Cornell, including the Baker Program, Johnson Graduate School of Management, City and Regional Planning, Architecture, and Landscape Architecture
Hotel Profit Implications from Rising Wages and Inflation in the U.S.
No full textMacroeconomic models based on the Phillips Curve predict that as the unemployment rate declines toward the long-run, natural rate, the pace of wage and price growth accelerates and inflation rises.1 In this paper I analyze the profitability prospects for the U.S. hotel industry in today’s relatively volatile economic environment, keeping in mind the Phillips Curve’s general principle that inflation and employment have an inverse, but relatively stable short-term relationship. Although employment and economic growth in the U.S. have been uneven in recent months, the unemployment rate has declined to less than 5 percent, which many economists believe is close to the natural rate. Growth in wages and salaries, as measured by the Employment Cost Index, has concurrently been moving upward between 2.5 and 3.0 percent during the past 12 months. At the same time, general inflation remains below levels that might typically be expected this late in the cycle, although core inflation is bumping up against the Federal Reserve’s 2-percent target. If the inflation rate continues to move upward as predicted by Phillips Curve models (and encouraged by the Federal Reserve), rising labor costs and other expenses will exert downward pressure on U.S. business profits. Backward movement up the Phillips Curve (with greater inflation) coincides with an expanding economy. In that scenario, prices of goods and services also will rise in real terms if their supply cannot keep up with demand, and producers have the ability to raise prices (absent fixed-price contracts such as leases)
The Impact of Publicly Owned Hotels on Competing Properties
Get PDFSubstantial public subsidies, and even outright public ownership, of hotels have become common in the United States as communities target tourism as an integral economic development tool. A critical question that is increasingly being raised about the public sector entering the hotel business is, are these government-funded facilities unfair competition to properties developed by the private sector? The common reply to these concerns is that the publicly owned hotel is critical to growing demand for lodging accommodation and that once it opens, the new hotel will attract enough new business that all hotels will benefit. We use an event study to test this hypothesis across all of the 100% publicly developed hotels for which there are sufficient data to conduct the analysis. In looking at these 21 hotels, we found strong evidence that the performance of neighboring hotels worsens after the introduction of a publicly owned hotel
The Performance of Short-term Institutional Trades
No full textUsing a database of daily institutional trades, we document that a majority of short-term institutional trades lose money. In aggregate, over 23% of round-trip trades are held for less than three months, and the returns on these trades average -3.91% (non-annualized). These losses are pervasive across all types of stocks, with the lowest returns occurring in small stocks, value stocks, and low-momentum stocks. Short-term trades lose more in more volatile markets. Across funds, the worst short-term returns accrue to funds that do the most trading, and there is no evidence of persistent skill or disposition effect in short-term institutional trades
The Role of Social Media and Brand Equity During a Product Recall Crisis: A Shareholder Value Perspective
No full textUtilizing an event study methodology of 185 product recall announcements, this study examines to what extent social media hurts a company’s shareholder value in the event of a product recall. In addition, we explore whether a company’s brand equity and engagement in online chatter potentially mitigate the negative effects of social media surrounding the recall. We operationalize four metrics of online word-of-mouth (WOM) that may moderate negative product recall effects: volume, valence, growth rate, and breadth. The findings suggest that product recalls result in significantly negative abnormal returns for firms. Furthermore, the volume, valence and growth rate of online WOM exacerbate this negative effect of a product recall on firm value. Most importantly, we find negative effects of the volume and the valence of online WOM on firm value are lower for brands with strong brand equity. Surprisingly, we find no effect of company involvement in mitigating the potential negative effects of social media during a product recall. Our findings highlight the threats of product recalls and demonstrate that building brand equity may help protect a company in the social media environment
Why Are We More Likely to Tip Some Service Occupations than Others? Theory, Evidence, and Implications
No full textIdeas about why consumers tip some service occupations more often than others are tested using occupation scores derived from online ratings of 122 service occupations. Results indicate that U.S. consumers are more likely to tip occupations for which (i) workers’ performances can be more easily evaluated by consumers than by managers, (ii) workers provide customized service, (iii) workers’ income, skill and needed judgment are low, and (iv) workers are less happy than customers during the service encounter. Occupations with greater frequency of customer patronage and/or greater likelihood of encountering the same service provider on multiple service occasions are not more likely than other occupations to be tipped. These findings support some and disconfirm other expectations derived from a theory that occupational differences in tipping are attributable to occupation characteristics that more strongly/consistently evoke motives for tipping. They also identify types of services for which counter-normative tipping policies are more or less likely to be successful and suggest sources of resistance that must be overcome if those policies are to succeed
Letter from the Editors
Get PDF[Excerpt] The Editorial Team is proud to release this 2016 14th Annual Volume of the Cornell Real Estate Review. This year’s issue explores a wide range of topics, including the deployment of new technologies in multifamily properties, the effects of autonomous vehicles on real estate, and the continued ramifications of the housing crisis through the legal tactics of certain mortgage lenders. Also included, a recent repositioning project– the unique turnaround of a former casino hotel property in Reno, Nevada. Furthermore, this release includes a discussion of value-added multifamily investment strategy, an analysis of the impact of rapid transit on the residential market in Hudson County, New Jersey, and a summary of federal affordable housing incentive programs in the United States. This year’s Pathways features an interview with Toll Brothers Division President Karl Mistry (Baker ’04), and the Baker Viewpoint piece explores the concept of curtailment mortgages