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2019

Journal of Hospitality Financial Management

Articles 1 - 7 of 7

Full-Text Articles in Finance and Financial Management

Hotel Industry Performance In 2018-2019 And The Jhfm Index, Atul Sheel Jan 2019

Hotel Industry Performance In 2018-2019 And The Jhfm Index, Atul Sheel

Journal of Hospitality Financial Management

No abstract provided.

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Intangible Assets Valuation In The Hospitality Industry, Ruixue Du, Yuan Li, Manisha Singal Jan 2019

Intangible Assets Valuation In The Hospitality Industry, Ruixue Du, Yuan Li, Manisha Singal

Journal of Hospitality Financial Management

In publicly traded firms, there is usually a discrepancy between the market value and the book value of the firm, often due to the valuation of intangible assets. Understanding this discrepancy is import- ant for investors, especially in the service industries like hospitality, where there is considerable industry disruption and consolidation. In this study we examine the effect of four intangible asset investments—research and development (R&D), training, advertising, and pension—on the market premium of restaurant firms. Using a longitudinal sample of 1,421 firm-year observations, the results of our analyses show that R&D, training, advertising, and pension are all important valuation …

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Hotel Asset And Equity Risk Before, During, And After The Global Financial Crisis, Marilyn F. Johnson, Mark S. Johnson, Antoinette C. Tessmer Jan 2019

Hotel Asset And Equity Risk Before, During, And After The Global Financial Crisis, Marilyn F. Johnson, Mark S. Johnson, Antoinette C. Tessmer

Journal of Hospitality Financial Management

In this paper, we use asset betas and equity betas over the period January 2000 through December 2015 to investigate the operating and financial risk of hotel industry REITs and C-Corps. We conclude that, on average over our sample period, the operating risk of C-Corps exceeds that of REITs. One interpretation of this result is that management contracts between REITs and C-Corps allocate more operating risk to C-Corps than to REITs. We also find that, on average, during our sample period, the equity betas of C-Corps exceed those of REITs. However, the difference between the average equity risk of the …

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Liquidity Effects On Travel And Tourism Stocks Following Global Financial Crises, Andros Gregoriou, Sotiroula Liasidou Jan 2019

Liquidity Effects On Travel And Tourism Stocks Following Global Financial Crises, Andros Gregoriou, Sotiroula Liasidou

Journal of Hospitality Financial Management

This paper explores liquidity effects following the global financial crises between 2007 and 2009 for 26 stocks listed on the Dow Jones Travel and Tourism Index. We find evidence of a sustained increase in the liquidity of the stocks as a result of the financial crises. The empirical findings are consistent with the information cost/liquidity hypothesis, which states that investors demand a lower premium for holding stocks with relatively more available information. Our results suggest that the travel and tourism industry is no longer considered a luxury item. On the contrary, it appears to be more of a necessity to …

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The Tendency Of Hotel Rooms Division Managers To Create Budgetary Slack, Collin Ramdeen, Marcia Taylor, Scott Lee Jan 2019

The Tendency Of Hotel Rooms Division Managers To Create Budgetary Slack, Collin Ramdeen, Marcia Taylor, Scott Lee

Journal of Hospitality Financial Management

This study explores how the budgeting system impacts rooms department managers’ tendency to create budgetary slack. The results provide support for four hypotheses, specifically indicating that rooms department managers’ tendency to create budgetary slack does change with the setting and the way the budgeting system is implemented. The major practical implication of this study is that allowing rooms department managers to participate actively in the budgeting process seems to reduce their tendencies to create budgetary slack.

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International Association Of Hospitality Financial Management Educators (IAhfme) Academic Member 2018 Total Annual Earnings, Raymond S. Schmidgall Jan 2019

International Association Of Hospitality Financial Management Educators (IAhfme) Academic Member 2018 Total Annual Earnings, Raymond S. Schmidgall

Journal of Hospitality Financial Management

This study uses survey research to determine the 2018 annual earnings of hospitality financial man- agement educators. Forty-two percent of iAHFME members affiliated with educational institutions responded. Survey results show that for 2018, annual base salaries of iAHFME members ranged from $71,250 to $285,000. The lowest-paid member was an assistant professor and the highest-paid mem- ber, a full professor. Many respondents supplemented their base salaries by teaching during summer school or consulting or both. The total annual earnings of iAHFME members ranged from $80,000 to $285,000. Survey results also show that hospitality financial management educators appear to be more highly …

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Abstracts Of Presentations At The 2018 Annual IAhfme Research Symposium Jan 2019

Abstracts Of Presentations At The 2018 Annual IAhfme Research Symposium

Journal of Hospitality Financial Management

No abstract provided.

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