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Full-Text Articles in Business

Farm Mechanization And Rural Migration In The Great Depression, Christopher Boone, Laurence Wilse-Samson Jan 2019

Farm Mechanization And Rural Migration In The Great Depression, Christopher Boone, Laurence Wilse-Samson

Working Papers

We study sectoral labor realloaction in the U.S. during the Great Depression by examining transitions between the farm and nonfarm sectors as well as movement within the farm sector. Towns and cities that are hit harder by the downturn see higher levels of out-migration to farms, suggesting that the widespread movement to farms serves as a source of migratory insurance. We also show that the more mechanized farming areas are far less able to provide this insurance function. In fact, while the subsistence agricultural sector gains large numbers of people during the crisis, the mechanized agricultural sector sheds workers ...


Fourth Quarter 2018: “David” Hotels Continue To Dominate The “Goliaths”, Crocker H. Liu, Adam D. Nowak, Robert M. White Jr Jan 2019

Fourth Quarter 2018: “David” Hotels Continue To Dominate The “Goliaths”, Crocker H. Liu, Adam D. Nowak, Robert M. White Jr

Cornell Real Estate Market Indices

Hotels in gateway cities continue to shine, with prices rising 25 percent year over year, compared to an 8-percent rise for hotels in non-gateway cities. Hotel financial performance is still breakeven, with operating profit similar to a hotel property’s borrowing cost, based on economic value analysis. Year over year, mortgage financing volume for hotels fell, as interest rates on Class A and Class B and C hotel deals have risen. A reading of our tea leaves suggests prices are expected to decline for the “Goliaths,” that is, large hotels, while prices moderate (at best) or decline slightly (at worst ...


A Quick And Easy Approach To Financial Fraud Detection, Pamela Moulton, Fang Liu Dec 2018

A Quick And Easy Approach To Financial Fraud Detection, Pamela Moulton, Fang Liu

Center for Hospitality Research Publications

[Excerpt] Financial fraud is a significant cost in the hospitality industry. According to the Report to the Nations on Occupational Fraud and Abuse, the typical organization loses 5 percent of its annual revenues to fraud. Hotels in particular are estimated to lose 5 to 6 percent of revenues to fraud on average, while the National Restaurant Association estimates that restaurants on average lose 4 percent of revenues to fraud. These are losses as a percentage of top-line revenues, not profits, meaning that their magnitudes represent a significant risk to hospitality methodology for detecting financial irregularities that may signal fraud based ...


Customer Satisfaction Through Service Excellence: The Importance Of Focused Training, Elizabeth Martyn, Chris K. Anderson Dec 2018

Customer Satisfaction Through Service Excellence: The Importance Of Focused Training, Elizabeth Martyn, Chris K. Anderson

Center for Hospitality Research Publications

[Excerpt] Technology has shifted the dynamics of guest interactions in the hospitality industry. Two key elements of this shift are that service providers now have fewer opportunities for direct interaction with guests, and interactions may often be the result of service failures. In these face-to-face encounters, employees’ ability to effectively manage the emotional components of the guest interaction can make a major contribution to a guest’s satisfaction with the outcome. Intrinsic employee behaviors, namely, employee engagement, communication, and attitude (that is, the “how” in the delivery of service) influence guest’s perceptions of service outcomes. In a preliminary study ...


Hotval Toolkit, Crocker H. Liu Oct 2018

Hotval Toolkit, Crocker H. Liu

Center for Real Estate and Finance Tools

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Scroll down to "Additional Files" to access the HOTVal Toolkit.

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HOTVal is a hotel valuation spreadsheet based on a regression model discussed in the Center for Real Estate and Finance at Cornell called Cornell Hotel Indices: Second Quarter 2012: The Trend is Our Friend by Crocker H. Liu, Adam D. Nowak, and Robert M. White, Jr. The model which will be continually updated, provides a rough estimation of the value of a hotel property once the user inputs information on whether the hotel is a large or small hotel, the year and quarter of the valuation, the state where the ...


Third Quarter: David Vs. Goliath Hotels: Which Performed Better This Quarter?, Crocker H. Liu, Adam D. Nowak, Robert M. White Jr Oct 2018

Third Quarter: David Vs. Goliath Hotels: Which Performed Better This Quarter?, Crocker H. Liu, Adam D. Nowak, Robert M. White Jr

Cornell Real Estate Market Indices

Hotels in gateway cities continue to shine, rising 15.3 percent year over year compared to 2.2 percent for hotels in non-gateway cities. Hotel operating performance scaled by price is still in the black based on economic value analysis (EVA), with returns continuing to exceed borrowing costs (for debt), and with the spread widening. This suggests that deals will be easier to pencil going forward, provided the current trend continues. With the Fed expected to continue to raise interest rates, however, the implication is that the return on invested capital must continue to increase as well. Transaction volume fell ...


What Do Hotel Guests Really Want? Anticipated Versus Actual Use Of Amenities, Chekitan S. Dev, Rebecca W. Hamilton, Roland T. Rust, Matthew V. Valenti Sep 2018

What Do Hotel Guests Really Want? Anticipated Versus Actual Use Of Amenities, Chekitan S. Dev, Rebecca W. Hamilton, Roland T. Rust, Matthew V. Valenti

Center for Hospitality Research Publications

Hotels provide a lengthy menu of amenities based on the (largely accurate) perception that guests want those amenities and claim they will use them. While many guests do exactly that, a substantial percentage will “overpredict” which amenities they will use. This study of fifty hotel-wide and in-room amenities details both the overpredictions and, in some cases, underpredictions of amenity use by 724 guests in thirty-three hotels operated by six hotel brands—one upscale, two upper upscale, and three luxury—belonging to one hotel company. This study is intended to assist brand managers and hotel owners in determining which amenities make ...


Benchmarking Index 2018: Carbon, Energy, And Water, Eric Ricaurte Aug 2018

Benchmarking Index 2018: Carbon, Energy, And Water, Eric Ricaurte

Center for Hospitality Research Publications

The fifth annual Cornell Hotel Sustainability Benchmarking study includes data from substantially more hotels than in all previous years. While the bulk of the data come from hotels in the United States, the study also recorded a greater international participation, with fifty-one nations and thirteen international brands represented. More than 10,400 hotels contributed information regarding their energy and water use, as well as greenhouse gas emissions. Complete as of 2016, the data show that the participating hotels generally have continued to reduce their energy and water usage, although the energy intensity recorded by luxury hotels continues to be relatively ...


Indexing Hotel Brand Reputation, Chris K. Anderson, Saram Han Aug 2018

Indexing Hotel Brand Reputation, Chris K. Anderson, Saram Han

Center for Hospitality Research Publications

Using monthly online reputation data from 2016 through to the first quarter of 2018, we index major hotel brands in the United States. This analysis of online reputation for branded properties yields three major conclusions: (1) the variation in reputation across brands is four times larger than the variation across chain scales; (2) online reputation is mainly a function of brand and sub brand rather than segment or hotel location; and (3) variability in reputation across hotels within a brand is greater than the variability in reputation in hotels across brands. These three points indicate the changing impact of brand ...


Second Quarter 2018: Is It Still "Hot" This Summer?, Crocker H. Liu, Adam D. Nowak, Robert M. White Jr. Jul 2018

Second Quarter 2018: Is It Still "Hot" This Summer?, Crocker H. Liu, Adam D. Nowak, Robert M. White Jr.

Cornell Real Estate Market Indices

Hotels in gateway cities continue to shine, rising 11.6 percent year over year compared to a 1.2-percent gain for hotels in non-gateway cities. Hotel operating performance scaled by price is still in the black based on economic value analysis (EVA), with returns continuing to exceed borrowing costs (for debt). However, the spread is narrowing, suggesting that deals will be harder to pencil going forward. Transaction volume rose both on a quarter-over-quarter and year-over-year basis. While our various pricing metrics point to continued positive price momentum for both large and small hotels, we are concerned whether rising interest rates ...


Learning To Become A Taste Expert, Kathryn A. Latour, John Deighton Jun 2018

Learning To Become A Taste Expert, Kathryn A. Latour, John Deighton

Working Papers

Evidence suggests that consumers seek to become more expert about hedonic products to enhance their enjoyment of future consumption occasions. Current approaches to becoming expert center on cultivating an analytic mindset. In the present research the authors explore the benefit to enthusiasts of moving beyond analytics to cultivate a holistic style of processing. In the taste context the authors define holistic processing as non-verbal, imagery-based, and involving narrative processing. The authors conduct qualitative interviews with taste experts (Master Sommeliers) to operationalize the holistic approach to hedonic learning, and then test it against traditional analytic methods in a series of experiments ...


Learning To Become A Taste Expert, Kathryn A. Latour, John A. Deighton Jun 2018

Learning To Become A Taste Expert, Kathryn A. Latour, John A. Deighton

Articles and Chapters

Evidence suggests that consumers seek to become more expert about hedonic products to enhance their enjoyment of future consumption occasions. Current approaches to becoming expert center on cultivating an analytic mindset. In the present research the authors explore the benefit to enthusiasts of moving beyond analytics to cultivate a holistic style of processing. In the taste context the authors define holistic processing as non-verbal, imagery-based, and involving narrative processing. The authors conduct qualitative interviews with taste experts (Master Sommeliers) to operationalize the holistic approach to hedonic learning, and then test it against traditional analytic methods in a series of experiments ...


What Really Happens During Flight To Safety: Evidence From Real Estate Markets, Walter I. Boudry, Robert A. Connolly, Eva Steiner May 2018

What Really Happens During Flight To Safety: Evidence From Real Estate Markets, Walter I. Boudry, Robert A. Connolly, Eva Steiner

Working Papers

Flight to safety (FTS) affects the markets for risky assets such as stocks, corporate bonds, and commodities. Yet, little is known about the effects on commercial real estate. We show that REITs offer a partial hedge against FTS, with daily total returns being less sensitive to FTS than many other industries and measures of REIT liquidity actually improving on FTS days. However, a cluster of FTS days signals a decline in economic fundamentals in the long run. We find that the odds of a drop in REIT quarterly revenue increase by 15% after an FTS cluster, ceteris paribus. This effect ...


Back Matter May 2018

Back Matter

Cornell Real Estate Review

Back cover for Cornell Real Estate Review (2018), Volume 16, Issue 1.


Seoul Office Market: Occupancy Characteristics And Their Impact On Market Stability At A Global Level, Jongpil Ryu May 2018

Seoul Office Market: Occupancy Characteristics And Their Impact On Market Stability At A Global Level, Jongpil Ryu

Cornell Real Estate Review

While other major cities in the global real estate market experienced a stiff downturn after the Global Financial Crisis in 2008, the Seoul office market remained very stable. Focusing on steady rent growth, this paper examines the characteristics of seventy-three office buildings in the city. The result shows three distinct features: (1) the office market, especially the manufacturing sector, is more diversified than that in other global cities, (2) the office space is chiefly occupied by local companies with a small number of foreign financial firms concentrated in the city center, and (3) Chaebols, the large family-based industrial conglomerates, constitute ...


International Trek To Dubai: A City Built In The Desert, Sean Mashian May 2018

International Trek To Dubai: A City Built In The Desert, Sean Mashian

Cornell Real Estate Review

In December 2018, the second-year students of the Baker Program in Real Estate had the pleasure of visiting the United Arab Emirates. The main goal of the annual trek is to get an understanding of how the interests of the stakeholders in real estate differ globally, both in terms of private and public goals. To do this, the students needed to get an understanding of the recent history of Dubai and Abu Dhabi and their rapid rise to prominence as a major worldwide commercial center.


Alumni Highlight: Ian Mckay May 2018

Alumni Highlight: Ian Mckay

Cornell Real Estate Review

Ian McKay is a member of the Portfolio Management team at Clarion Partners. Ian manages projects for the firm’s value-add and development funds. Prior to Clarion Partners, Ian worked as a Summer Associate in the New York Development Group at The Related Companies in Manhattan. There, his responsibilities included acquisitions and deal structuring functions for multifamily and mixed-use developments. Ian holds a Masters Degree in Real Estate Finance from Cornell University and BS/BA from Babson College. Ian is a member of ULI and the ULI Multifamily Bronze Council.


Alumni Highlight: Rob Dunn May 2018

Alumni Highlight: Rob Dunn

Cornell Real Estate Review

Rob is a Graduate of the Baker Program in Real Estate, Class of 2010. After graduating from the Baker Program, Rob took on a role at Long Wharf Capital, a Boston-based private equity real estate manager focused exclusively on value-added investments in the U.S. Currently, Rob is a Director at Hubb NYC Properties.


Case Competitions May 2018

Case Competitions

Cornell Real Estate Review

Cornell graduate real estate students continued their success in national real estate case competitions over the past year, including a second-place finish in the 2017 Impact Investing in Commercial Real Estate Competition hosted by the University of Miami, a third-place finish in the 2017 The Case Competition hosted by MIT, and a finalist finish in the 2017 Kellogg Real Estate Venture Competition hosted by Northwestern. Cornell teams have also been selected as finalists in the 2018 ULI-Hines Student Competition, 2018 The Case Competition hosted by MIT, and 2018 Impact Investing in Commercial Real Estate Competition hosted by the University of ...


Rental Housing In Bogota, Columbia: Challenges And Opportunities For Creating More Multifamily Properties, Rafael Vivas Ruiz May 2018

Rental Housing In Bogota, Columbia: Challenges And Opportunities For Creating More Multifamily Properties, Rafael Vivas Ruiz

Cornell Real Estate Review

This article examines the rental housing market in Bogotá, Colombia and the challenges in developing multifamily rental properties. A description of the factors that affect the development of this asset class is followed by recommendations to overcome the existing problems. Even though more than half of the population live in rental housing, there is almost no supply of rental housing projects at a large scale in Bogotá. Four reasons explain why this type of property has not been developed: (1) lack of financing; (2) laws that protect the tenants, making eviction a long and complex process; (3) market rents do ...


Letter From The Editors, Daniel Wright, Matthew Farrell, Lera Covington May 2018

Letter From The Editors, Daniel Wright, Matthew Farrell, Lera Covington

Cornell Real Estate Review

The Editorial Board of the Cornell Real Estate Review is pleased to present Volume 16 (2018). The Review is a student run publication under the direction of the Baker Program in Real Estate founded as a forum for faculty, professionals, and real estate students to focus attention on current issues in the real estate industry. The Review focuses on the interdisciplinary nature of real estate, blending informative articles on real estate practice with application-based academic research. The Review covers a broad range of issues from the various real estate disciplines including design, business economics, engineering, finance, law, planning, development, marketing ...


Match Made In Heaven: Investment Benefits Of Coworking Spaces In Historic Sacred Places, Daniel Wright May 2018

Match Made In Heaven: Investment Benefits Of Coworking Spaces In Historic Sacred Places, Daniel Wright

Cornell Real Estate Review

Coworking has experienced exponential growth and established a global identity in the short period of a single decade. While the terms “coworking” and “shared work space” existed prior to the market collapse in 2008, their presence as an asset class and worldwide network had not developed fully. Philadelphia has seen firsthand the rapid expansion of coworking spaces with companies like WeWork and Benjamin’s Desk (1776) opening multiple locations with thousands of square feet in the space of a few years. These and other coworking companies continue to see growth with some seeking to expand into more suburban areas once ...


Survey Highlights: 2017 Institutional Real Estate Allocations Monitor May 2018

Survey Highlights: 2017 Institutional Real Estate Allocations Monitor

Cornell Real Estate Review

Cornell University’s Baker Program in Real Estate and Hodes Weill & Associates are pleased to present the findings of the fifth annual Institutional Real Estate Allocations Monitor (the “2017 Allocations Monitor”). The 2017 Allocations Monitor focuses on the role of real estate in institutional portfolios, and the impact of institutional allocation trends on the investment management industry. Founded in 2013, the Allocations Monitor is a comprehensive annual assessment of institutions’ allocations to, and objectives in, real estate investments. This report analyzes trends in institutional portfolios and allocations by region, type and size of institution.


Dubai: Exposition 2020, Jennifer Spritzer May 2018

Dubai: Exposition 2020, Jennifer Spritzer

Cornell Real Estate Review

Dubai will have the honor of hosting Expo 2020 from October 20, 2020 through April 10, 2021. This universal exposition is designed to showcase the achievements of the United Arab Emirates as well as other nations. The theme of Expo 2020 is “Connecting Minds, Creating the Future,” placing an emphasis on how opportunity, mobility, and sustainability affect humanity worldwide (Expo 2020, 2018).


Dubai: The Transformation Of A Landscape, Ali Daye May 2018

Dubai: The Transformation Of A Landscape, Ali Daye

Cornell Real Estate Review

When the Baker Program visited Dubai for its annual international trek, a sense of welcoming was ever present. This was no surprise as Dubai has sought to open itself up to the world since the 1990s when the ruling Maktoum family made decisions that would chart the future course for the Emirate.


Sleepless Seattle Innovation: Demonstrating Recent Changes In Real Estate, Chris Trahan May 2018

Sleepless Seattle Innovation: Demonstrating Recent Changes In Real Estate, Chris Trahan

Cornell Real Estate Review

New ideas and untraditional perspectives can provide opportunity in unlikely places. This statement was in the Baker Program’s latest trip to the Seattle/ Tacoma area. The intent of the trip was to explore how technology merged with real estate can bring value to the world while disrupting traditional expectations. The site visits began with a visit to the NewCold storage facility.


Amazon's Impact On The Seattle Office Market, Dustin Dunham May 2018

Amazon's Impact On The Seattle Office Market, Dustin Dunham

Cornell Real Estate Review

The 2019 Baker Program Class trip to Seattle was an eye-opening experience. Among the biggest surprises was the dominance of Amazon within the city. As we met with developers, alumni and even Uber drivers, everyone was talking about the company’s impact on the growth of the community. According to CoStar, Amazon is the dominant space user in the Seattle office market, accounting for almost 45% of all the gross leasable class A office space. Amazon occupies more office space than the city’s next 40 biggest employers combined.


35th Annual Real Estate Conference Recap, Tiya Jain, Sean Mashian May 2018

35th Annual Real Estate Conference Recap, Tiya Jain, Sean Mashian

Cornell Real Estate Review

On October 13, 2017, the 35th Annual Cornell Real Estate Conference took place at the Pierre Hotel in Manhattan. Over 300 people attended the conference, including students, faculty, and industry professionals. The conference theme was “Mega Trends Impacting the Real Estate Industry.” The conference focused on how changes in how we live, work, shop and travel impact real estate.


Photo Credits May 2018

Photo Credits

Cornell Real Estate Review

Photo credits for Cornell Real Estate Review (2018), Volume 16, Issue 1.


Multifamily Reits: Columbia's Opportunity To Attract Foreign Capital, Juan Brito May 2018

Multifamily Reits: Columbia's Opportunity To Attract Foreign Capital, Juan Brito

Cornell Real Estate Review

The real estate market in Colombia has been very active during the past decade. Government spending through a free housing initiative and the stable and favorable political environment have incentivized capital flow into the country. All asset classes have benefited from the investments. Commercial real estate developments have taken advantage of this economic growth, but the residential market has been the strongest as an average of 230,000 units have been built and sold every year since 2013. Colombia still has room for residential expansion. Housing shortage is close to 4 million homes and it is estimated that 35% of ...