1984 research outputs found
Sort by
Individual Investors and the Financial Crisis
No full textThis paper studies the trading behavior of individual Chinese investors before and during the recent financial crisis. We have three major findings: (i) individual investors did not withdraw their capital from the equity market during the crisis; instead, they reduced investment more in the pre-crisis period, especially following portfolio gains; (ii) the net flow decisions were influenced by past positive returns, but not by past losses; the net flow patterns were consistent with the disposition effect, which was even stronger during the crisis; (iii) during the crisis, investors revised their portfolios to hold relatively safer and more liquid stocks, and this pattern is more evident for small investors
Bubbles, Post-Crash Dynamics, and the Housing Market
Get PDFThis paper documents and explains previously unrecognized post-crash dynamics following the collapse of a housing market bubble. Although home prices in Phoenix doubled 2004-2006, the relative price of small-to-large homes remained strikingly constant. That changed following the crash when small-home relative prices fell up to 80 percent. We argue that post-crash exit of speculative developers allowed relative prices to diverge while differences in demand elasticities and turnover associated with job loss pushed small-home values down relative to large homes. As speculative developers return relative prices should revert back to pre-boom levels, consistent with mean reversion that began in 2011. The implied post-crash mispricing of homes can be mitigated if cities publish size-stratified home price indexes
An Analysis of Data Regarding Public Private Partnerships to Encourage Hotel Development in the United States
Get PDFIn recent decades, communities in the United States have increasingly turned to public private partnerships, also known as PPPs or P3s, to encourage development of large convention headquarter hotels. Under such arrangements communities provide incentives to encourage private sector investors to build hotels that can house delegates, exhibitors and other attendees participating in events at publicly owned conventions centers. In recent years the practice of public subsidies, and in some cases outright public ownership, has spread beyond convention hotels to a wide range of hotel projects. This study presents data collected on these publicly assisted hotels to provide a picture of how these arrangements are structured. It goes on propose an economic model based on the income capitalization approach to valuation to determine the rate of return that communities can expect from their investments in these project
The Impact of Publicly Subsidized Hotels in the United States on Competing Properties
Get PDFThis paper examines the use of publicly funded subsidies to encourage hotel development in the United States. It reports highlights from the largest and most complete data base assembled on these transactions. This data shows that public subsidies play a significant role in American hotel development and many projects that are in various stages of the development pipeline include the use of public funds. It goes on to present eight impact analyses that look at how key performance metrics of competing hotels in various markets are affected when they have to contend with new entrants that are subsidized. Three markets saw increases in indexed RevPAR, while in the other five markets competing hotels seemed to suffer after the introduction of publicly subsidized competition
The Dynamics of Credit Spreads in Hotel Mortgages and Signaling Implications
No full textWe use a vector autoregression framework to investigate loan pricing in a market with short-term leases (hotels) relative to longer-term leases (office properties), studying how news on the economy and capital markets are incorporated into the relative pricing of risk. We examine the impact of economic variables on the incremental risk premium and establish its informational content. Relative loan prices reflect systematic risk: an improvement in the general economy, an increase in forward looking corporate profitability, an increase in capital availability, and an increase in industry demand forecast a decline in the risk premium differential. We then examine how loan pricing adjusts to expected delinquencies. The spreads themselves contain important economic information and can help forecast delinquencies. Lenders are forward-looking in the pricing of risk and appear to set interest rates in anticipation of future delinquencies
The Impact of Environmental Certification on Hotel Guest Ratings
No full textIn this article, we analyze the impact on hotels of the ISO 14001 environmental certification system from the customers’ perspective. Based on a comparison of customer ratings of 6,850 hotels in Spain with and without ISO 14001 certification, overall guests rate the hotels with ISO 14001 certification higher than those without the certification. These results are stronger for hotel comfort and hotel services compared with other hotel attributes. Moreover, the most significant differences were found in the upscale four-star hotels. While the study does not reveal causes for these findings, the implication is that the highest end five-star luxury hotels do not gain distinctive differentiation by having the ISO 14001 certification, while for three-star hotels, guests’ price sensitivity overrides environmental concerns. At the four-star level, however, hotels seem to be able to gain a distinct market advantage from environmental certification. For all hotels, the management discipline provided by ISO 14001 can provide a competitive advantage
CHR Reports Compendium 2014
Get PDFA compendium of 2013 publications of the Center for Hospitality Research
What Message Does Your Conduct Send? Building Integrity to Boost Your Leadership Effectiveness
No full textA suite of studies demonstrates the importance of managers’ acting in keeping with their verbalized commitments and stated beliefs. While this seems to be a logical proposition, the studies explained in this paper demonstrate some of the challenges that arise from conflicting priorities and how to address those conflicts. Although the studies were conducted in the healthcare, hospitality, and aerospace industries, as well as in Belgium and the United States, the results highlight the principle that applies to all industries. Management consistency in speech and action promotes employees’ performance and corporate outcomes. At the same time, perceived management hypocrisy is actively destructive of workplace attitudes and performance
Ready and Willing: Restaurant Customers’ View of Payment Technology
No full textRestaurant guests seem enthusiastically ready to adopt customer facing payment technologies, at least in casual restaurants, according to this study of the views of 1,297 U.S. consumers. Three sub-samples of consumers rated table-top tablets, smartphones, and traditional check settlement against eight measurement constructs. The constructs were accuracy, control of pacing, convenience, efficiency, experience quality, future spending intentions, privacy, and satisfaction with the payment method. In all eight constructs, paying with technology was rated significantly higher than the traditional settlement approach. For all but efficiency, the respondents’ ratings were no different for smartphones and table-top tablets, but the tablets were rated as significantly more efficient than smartphones. While these ratings may be different for other restaurant segments (or other countries’ consumers), it appears that restaurant operators do not have to be concerned about guests’ acceptance of customer payment technologies. In fact, given increasing privacy concerns, some guests may greatly appreciate the control and privacy that they gain by being able to use payment technologies
The Impact of LEED Certification on Hotel Performance
No full textThe LEED certification standard for green buildings has gained considerable acceptance since its launch in 2000. However the question as to whether LEED certification provides business benefits has remained largely unanswered, particularly for the hotel industry. On the one hand, many scholars and practitioners claim that organizations pursing LEED certification realize costs savings and increase revenues. On the other hand several scholars have returned results that are inconclusive. This study contributes evidence to this debate by calculating a differential revenue for LEED certified hotels, compared to those that are not certified. This comparison of the performance 93 LEED-certified hotels (representing the population of such hotels in 2012) to that of 514 comparable competitors finds that the certified hotels obtained superior financial performance as compared to their non-certified competitors, for at least the first two years after certification. Unfortunately, most hotels’ certification is so recent that there is insufficient data at this time to gauge whether the revenue advantage continues after two years