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Why Multinational Corporations Still Need to Keep It Local: Environment, Operations, and Ownership in the Hospitality Industry
No full text[Excerpt] As the world we live in becomes flatter and hotter, it is increasingly important to identify sustainability solutions sensitive to local variations and for policies to support those solutions. In this chapter, we offer preliminary evidence on how these local variations may affect sustainability performance in a typical built environment—the hospitality industry—and present the policy implications of these local variations
Tips Predict Restaurant Sales
Get PDFAn analysis of seven years of monthly charge-card sales and tip data from a multi-regional restaurant chain in the United States found that tip percentages predicted food sales in the following month. Thus, restaurant executives, managers, and owners are encouraged to add tip percentages to their sales forecasting models
Fourth Quarter 2012: Price Growth Is Moderating: A Return to Normalcy?
No full textThe Cornell Hotel Indices reveal that the hotel industry is continuing to experience positive price momentum for small hotels, with a moderating of prices for larger hotels. Consistent with this weakening in the price for larger hotels, construction costs for new 5-star hotels are now on par with the price of existing hotels. We also observe a lowering of expected growth in net operating income for full service hotels with anticipated NOI growth also moderating for limited service hotels. Hotel properties also exhibit a widening premium relative to other property types, signaling higher perceived default risk for hotel properties. Our index of business confidence suggests that we should continue to see a moderation in the prices for larger hotels. We expect a moderating of prices for smaller hotels going forward given the flattening of expected growth in NOI for limited service hotels and the worsening of consumer confidence in December. We also anticipate a continuous, slow growth in the hotel repeat sale index based on the NAREIT Lodging/Resort index and the Chemical Activity Barometer. This is paper number 5 of the index series
Economic Linkages, Relative Scarcity, and Commodity Futures Returns
No full textThis paper shows that economic linkages among commodities create a source of long-term correlation between futures returns. We extend the theory of storage to a multi-commodity level and find that the convenience yield of a commodity depends on its relative scarcity with respect to other related commodities. This implies a feedback effect between commodities that is necessary to replicate the upward-sloping correlation term structure of futures returns observed for related commodities. We present a multi-commodity affine model that validates our theoretical predictions and considerably reduces the pricing errors in out-of-sample crack spread options
Clothing Color and Tipping: An Attempted Replication and Extension
No full textAn online, hypothetical, tipping-scenario experiment found that subjects tipped the servers less (not more) when those servers wore a red shirt than when they wore a white or black one and that female subjects perceived a waiter (but not a waitress) as less attractive when wearing a red shirt than when wearing a white or black shirt. These findings are opposite those in the existing literature and suggest that the earlier findings are less generalizable than previously believed and that the process underlying previous clothing color effects on tipping may not be precisely what the researchers thought it was. Possible explanations of the discrepant findings are discussed along with directions for future research and practical implications
A Comparison of Asians’, Hispanics’, and Whites’ Restaurant Tipping
No full textAsians and Hispanics are perceived by many restaurant servers as poor tippers. This study tests the validity of those perceptions using data from a large restaurant chain’s online customer satisfaction survey. Findings partially support servers’ perceptions – Hispanics but not Asians tipped less on average than Whites after controlling for bill size, the customer’s own ratings of service quality and other variables. Discussion centers around the differences between these findings and those of a previous study and on the practical implications of the findings for restaurant managers
Team Gender Diversity and Investment Decision Making Behavior
Get PDFWe investigate whether the gender composition of a fund management team influences investment decision making behavior. Using an experimental economics approach, we examine the relationship between gender diversity and investment decisions. We find evidence that a male presence increases the probability of selecting a higher risk investment. However, the all male teams are not the most risk seeking. Moreover, having a male presence can increase loss aversion. In the context of workforce composition, these results could have important implications for team investment decisions driven by the assessment of risk and return trade-offs. (JEL: G11