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Does Geographic Focus Reduce Systematic Risk In Hotel Reits?, Brigitte Silvia Frutig, Prashant Das
Does Geographic Focus Reduce Systematic Risk In Hotel Reits?, Brigitte Silvia Frutig, Prashant Das
Journal of Hospitality Financial Management
This paper examines how the systematic risk of large commercial real estate owners is associated with geographic diversification. It analyzed time-varying equity betas and geographic exposure of publicly traded pure-play lodging REITs. Contrary to popular expectation, results of this study showed that stock investors perceive smaller risk in geographic focus rather than diversification. Further, regional focus becomes insignificant in reducing the risk if the focus expands beyond two or three regions. The findings were robust to multiple measures of geographic diversification. As such, the study reaffirmed the impact of geographic focus in the context of commercial real estate as a …
Cash In Hotels And Clubs: 2020 And Beyond, Agnes L. Defranco, Raymond S. Schmidgall
Cash In Hotels And Clubs: 2020 And Beyond, Agnes L. Defranco, Raymond S. Schmidgall
Journal of Hospitality Financial Management
Cash is the lifeblood of any business. Even if a business has cash but is not properly managed, the operation will suffer. One hundred and sixty clubs and hotels shared their accounts receivable and accounts payable practices. In addition, for the users and usage of the statement of cash flows and cash budgets, how often such statements are prepared are documented as points of comparison. It is found that both clubs and hotels view the cash budget more favorably than the statement of cash flows, and hotels are more vigilant, employing more practices to collect their accounts receivable. Managing the …