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Convene: Pioneers in a Corporate Real Estate Revolution: Convene Takes Manhattan
No full textThis case focuses on two young entrepreneurs who have created a company with an innovative business model that caters to an underserved segment of the local meetings industry. They have managed to establish a successful foothold in New York City, with three thriving facilities and rapidly growing brand recognition. However, the company’s co-founders have begun to think about expansion and whether their business model can be adapted for markets outside of Manhattan. The case gives a detailed overview of Convene’s business model and the nature of its facilities. It then presents an investment opportunity in Boston, and asks students to consider whether the proposed project is suitable as Convene’s first foray into a new market. Students are able to consider the opportunity from a market perspective as well as from an operational and financial perspective by analyzing the project based on the variables provided in the case. The case is intended to provide students with an understanding of deal dynamics from the perspective of both parties to the proposed transaction so that they can appreciate the interests that often influence deal structuring and how the different parties can appeal to those interests, while satisfying their own
Challenges and Opportunities in Healthcare Volunteer Management: Insights from Volunteer Administrators
No full textVolunteer administrators from 105 hospitals in five states in the northeast and southern United States provided open-ended survey responses about what they perceived to be the most pressing challenges and opportunities facing healthcare volunteer management. Taken together, these 105 hospitals used a total of 39,008 volunteers and 5.3 million volunteer hours during a 12-month period between 2010 and 2011. A qualitative content analysis of administrator responses suggests that primary challenges include volunteer recruitment and retention, administrative issues, and operational difficulties brought about by the current economic crisis. Key opportunities include more explicitly linking the volunteer function to hospital outcomes and community impact, expanding volunteer recruitment pools and roles and jobs, and developing organizational support for volunteers and making the volunteer management function more efficient and effective
Attribution Analysis Tool
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Scroll down to Additional Files to access the calculator.
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The attribution analysis spreadsheet is developed based on the model discussed in the Center for Real Estate and Finance at Cornell report called Measuring the Value Added of Hotel REIT Managers Using MSA Benchmarks: A Return-Based Attribution Analysis Approach by Walter I. Boudry, Crocker H. Liu, and Andrey D. Ukhov.
Attribution analysis also known as style analysis allows investors and managers to assess the extent to which managers add value to their firm’s common stock returns. Given a set of passive indices, the excel worksheet constructs a benchmark portfolio that most closely replicates the actual performance of a manager’s portfolio over a specified time period. Management performance is then measured relative to this benchmark portfolio. For more detailed information on how attribution analysis is used with respect to the performance of real estate commingled real estate funds to ascertain if a manager possesses skill or is simply lucky in his or her acquisitions, please see the NCREIF. For a useful publication on how it is used in practice, please click here.
Measuring the Value Added of REIT Managers Using MSA Benchmarks: A Return-Based Attribution Analysis Approach
Get PDFAn interesting, important, and challenging financial question both in academic research and in practice is how to determine asset managers’ investment performance. That is, how much can be attributed to luck or serendipitous timing and how much is skill? In this paper we demonstrate how return-based style analysis, known as attribution analysis, can be used to ascertain the extent to which managers of REITs add value to their firm’s stock returns. Developed by William F. Sharpe, a Nobel Laureate, the attribution analysis technique was originally used to analyze a manager’s investment style based on the individual’s equity portfolio (e.g., large cap growth versus large cap value) by comparing returns on various indices.1 The manager’s style would be inferred according to the extent to which a weighted combination of indices most closely replicated the actual performance of the manager’s portfolio over a specified time period. In this way, a fund manager’s style is determined by finding the mix of indices that provides returns that are the most similar to the manager’s portfolio’s returns. The manager’s performance can then be assessed from the resulting benchmark portfolio, which is constructed using the various indices. The unmanaged benchmark reflects how an investor would do if he or she owned a portfolio comprising the same indices but didn’t have the manager
Preferred Stock: Some Insights into Capital Structure
Get PDFThis study analyzes the reactions of equity holders and bondholders to the announcement of 427 preferred stock issues. We document an average equity announcement effect of –0:65%. This reaction is positively influenced by a number of measures of firm creditworthiness and transparency and is higher for bank issuers. The equity market reaction is negatively influenced by convertibility (and the moneyness of the embedded option) and by the firm’s accounting treatment of the issue (specifically if the issue is classified as equity). We find that average credit default swap spreads decrease by 50 basis points after the issue announcement. This decrease is also larger for more creditworthy and transparent firms. Convertibility and the moneyness of the embedded option further decrease the CDS spread. In aggregate, the decrease in equity value is much smaller than the increase in the value of the issuer’s debt
Critical Issues for Industry and Educators
Get PDFIn a concentrated two-day period, the Cornell Hospitality Research Summit 2012 produced over 80 presentations on a wide variety of hospitality-related subjects, all focused on critical issues for the hospitality industry. The conference was highlighted by two keynote panels, which are summarized in this report. On day one, five CEOs examined the top issues for the hospitality industry. Opening day two, five hospitality education deans analyzed how the industry’s rapid change affects college curricula. Given the industry’s many moving parts, specialized disciplines, and parallel enterprises, the overall message emerging from the CHRS is the need to engage all stakeholders in the necessary elements that create success for hospitality enterprises: providing service and facilities that satisfy customers, giving operators the tools to expand revenues, and controlling costs to provide a reasonable return for investors. In the process, hospitality executives and academic researchers presented their research on the many disciplines and issues that come to bear on the contemporary hospitality industry, including customer service, distribution, hotel investment and value, human resources, internet analytics, pricing and revenue management, restaurant service and operations, social media, sustainability, and technology
Business Cycle and Asset Valuation in the Gaming Industry
No full textThis study values takeover targets in the gaming industry and finds that privately held takeover targets command lower valuations than publicly traded firms. On average valuation multiples are 46% lower for private targets relative to public firms. This finding has significant implications for owners of privately held gaming companies who may consider a takeover as an option to maximize shareholder value. The study examines the effect of recessions and expansions on valuation. The discount of private targets relative to public targets is present at all stages of the business cycle. Acquisition targets receive lower valuations in recessions and the relative discount for private gaming firms deepens further in recessions. Jointly, the results suggest that recessions have an important impact on the market for corporate control in the gaming industry
Are Christian/Religious People Poor Tippers?
No full textA web-based survey was used to assess the relationships of religious faith and frequency of church attendance with tipping under conditions of good and bad service. Results indicated that Jews and those with no religion tipped more than Christians and members of other religions, but that the vast majority of Christians tipped at or above the normative 15% of bill size. Worship frequency also significantly interacted with service quality such that the tips of those who frequently worship vary with service quality less than the tips of those who worship less frequently. The practical implications of these results for service workers and restaurants or other service businesses with a large religious clientele are discussed