Business Commons^™

Incorporating Economic Objectives Into Bayesian Priors: Portfolio Choice Under Parameter Uncertainty, Jun Tu, Guofu Zhou

Research Collection Lee Kong Chian School Of Business

This paper proposes a way to allow Bayesian priors to reflect the objectives of an economic problem. That is, we impose priors on the solution to the problem rather than on the primitive parameters whose implied priors can be backed out from the Euler equation. Using monthly returns on the Fama-French 25 size and book-to-market portfolios and their 3 factors from January 1965 to December 2004, we find that investment performances under the objective-based priors can be significantly different from those under alternative priors, with differences in terms of annual certainty-equivalent returns greater than 10% in many cases. In terms …

Win Or Lose The Battle For Creativity: The Power And Perils Of Intergroup Competition, Markus Baer, Roger Leenders, Greg R. Oldham, Abhijeet K. Vadera

Research Collection Lee Kong Chian School Of Business

Integrating and refining social interdependence theory and structural adaptation theory, we examined the effects of intergroup competition on the creativity of 70 four-person groups engaged in two idea generation tasks. We manipulated both group membership change (change, no change) and intergroup competition level (low, intermediate, high). Competition had the expected U-shaped relation with creativity in open (membership change) groups but failed to produce the hypothesized inverted U-shaped pattern in closed (no membership change) groups. In the latter, effects were positive for low to intermediate competition and flat for intermediate to high levels. Within-group collaboration mediated these effects.

The Liquidity Risk Of Liquid Hedge Funds, Melvyn Teo

Research Collection Lee Kong Chian School Of Business

This paper evaluates hedge funds that grantfavorable redemption terms to investors. Within this group of purportedlyliquid funds, high net inflow funds subsequently outperform low net inflowfunds by 4.79% per year after adjusting for risk. The return impact of fundflows is stronger when funds embrace liquidity risk, when market liquidity islow, and when funding liquidity, as measured by the Treasury-Eurodollar spread,aggregate hedge fund flows, and prime broker stock returns, is tight. Inkeeping with an agency explanation, funds with strong incentives to raisecapital, low manager option deltas, and no manager capital co-invested are morelikely to take on excessive liquidity risk. These results …

Center For Real Estate Quarterly, Volume 4, Number 3, Portland State University. Center For Real Estate

Center for Real Estate Quarterly

Table of Contents:
--Summary and Editorial by Eric Fruits (pgs 1-2)
--Housing and the Economy: A New Paradigm? by Randall J. Pozdena (pgs 3-10)
--Interest Rates: What Goes Up Must Come Down by John M. Petersen (pgs 11-16)
--PERS in Crisis: The Sequel by Phil Keisling (pgs 17-22)
--Developers Use Creative Strategies to Keep the Lights On by Julie Serote (pgs 23-30)
--Portland's Unreinforced Masonry Apartment Buildings: A Threatened Species? by Walter W. McMonies (pgs 31-44)
--Office Market Analysis by Greg LeBlanc (pgs 45-52)
--Retail Market Analysis by Kyle Smith (pgs 53-58)
--Portland Industrial Market Analysis by Kyle Smith (pgs …

Hotel Feasibility In The Recessionary Economy Of 2010: A Case Study In Reno, Nevada, Sang-Mun Cho

UNLV Theses, Dissertations, Professional Papers, and Capstones

In the aftermath of the economic crisis of 2008, it became evident that Nevada’s economy felt pains greater than that of the rest of the country. With sinking property values, opportunities may exist for the hotel investor. The purpose of this paper is to analyze the risks and benefits of acquiring a hotel property through the instrumentality of a hotel feasibility report. The literature review includes an evaluation of hotel feasibility analysis, its historical context, criticisms, and recommendations for performing effective studies. The case study part of this paper investigates the broader implications of hotel acquisition in the current recessionary …

A Start To Finish Guide To Opening A Bed & Breakfast: The Business Plan., Ellen A. Fredette

UNLV Theses, Dissertations, Professional Papers, and Capstones

Background Beds and breakfast are the small business component of the hotel industry. Like all types of small businesses, many fail due to poor planning or misguided management. As more new entrepreneurs enter the market due to the decline of the economy and the unreliability of corporate America, it is important to identify the proper components of a business plan for beds and breakfast and to outline a successful operations model. A study of business plan and bed and breakfast operation models is included here. Results Existing literature suggests several components of a successful business plan. These include a detailed …

Adjustments In Inter-Cultural Communication Of Expatriate And Host National In Local Operation, Hanna Lee

UNLV Theses, Dissertations, Professional Papers, and Capstones

Due to the global expansion of international hotel chains into culturally isolated countries, such as China, many hotels are in need of qualified staffs in local operation where a strong culture exists. When expatriate managers are sent abroad for overseas assignments, they are often confronted with the conflicts that are caused by inter-cultural differences between expatriates and host nationals. This paper examines several aspects of cultural and interpersonal issues involved in the conflicts, and seeks to determine any necessary adjustment from the information gathered by telephone interviews with the current expatriate managers in Beijing, China. Furthermore, the study discusses essential …

An Analysis Of The Equity Of Utah’S Public School Funding System, Garrick Peterson

UNLV Theses, Dissertations, Professional Papers, and Capstones

There has not been an equity study of the public school funding allocation system, in the state of Utah, since 1990. The purpose of the study was to conduct an analysis of the equity of the Utah state funding allocation system for K-12 education including a trend analysis for the decade 2000-2009. The conceptual framework for the analysis applies four broad concepts of equity framed by Kern Alexander; (1) communitative equity, (2) distributive equity, (3) restitutive equity, and (4) positivism. The analysis of the Utah State funding system used Berne and Stiefel's methodology and included commonly used statistical measures of …

Room Rate Parity: A 2010 Study Of U.S. Booking Channels, Neven Sipic

UNLV Theses, Dissertations, Professional Papers, and Capstones

Hotel guests are facing a variety of different hotel rates when booking online. The transparency of the Internet is driving hotel prices towards rate parity. This study investigates room rate parity, room and hotel availability, price consistency, and rate guarantee. The study examines 240 property-date combinations, focusing on ten metropolitan areas, using a sample of 120 hotels for two booking dates, and analyzing three hotels per four hotel segments. The results suggest that Orbitz, an indirect distribution channel, is the best choice when booking rooms in budget and midscale market segments. Furthermore, Expedia offers the best room prices for luxury …

An Analysis Of Supervisor’S Gender And Subordinate Employees’ Job Satisfaction Within The Casino-Entertainment Industry, Nicholas J. Thomas

UNLV Theses, Dissertations, Professional Papers, and Capstones

This study investigates supervisor gender and various dimensions of employee job satisfaction within the casino-entertainment sector of the hospitality industry. Specifically, these dimensions were analyzed from the perspective of three variables related to individual employees: (1) satisfaction with company; (2) satisfaction with department; and, finally, (3) satisfaction with the supervisor. The data for this study was obtained from an employee survey administered to employees in three separate Nevada casino-entertainment properties and their corresponding corporate office. The results of this study fill existing gaps in the academic literature related to job satisfaction and the role of supervisor gender. There are implications …

Recommending A Productivity Model For Singapore Hotels: A Critical Review Of Productivity Models Adopted By Researchers And Hotel Operators, Hwee Noi Goh

UNLV Theses, Dissertations, Professional Papers, and Capstones

The business challenges and intensely competitive environment in today’s economy make productivity a key factor for organizational survival. This paper examines what productivity means to the services industry, in particular, to the hotel industry. This is underpinned by an investigation of the fundamental differences between goods and services and the implications on productivity measurement and control in the manufacturing and services industries.

The purpose of this paper is to critically review productivity measurement and control methods used by researchers and hotel operators in order to find a model suitable for the hotel industry in Singapore, taking into consideration the local …

Complimentary Rewards In Las Vegas Casinos: A Literature Synthesis And Recommendations For Profitable Complimentary Reward Programs, Katharine S. Meczka

UNLV Theses, Dissertations, Professional Papers, and Capstones

This study summarizes academic theories and industry applications related to loyalty marketing schemes, drawing on literature pertaining to casino marketing, behavioral learning theory, loyalty marketing, and economics. Specifically, this study attempts to understand the market conditions and program structure under which Las Vegas Strip casinos may profitably utilize complimentary rewards through increasing short-term revenue and generating long-term loyalty. This literature synthesis provides important professional implications for casino marketers both in terms of effectively designing complimentary reward programs and sustaining profitable business during recessionary times.

An Analysis Of The Placement Of Music In Miami Beach Hotels, Richard R. Hertan

UNLV Theses, Dissertations, Professional Papers, and Capstones

In recent years, there has been a shifting trend of music’s use in hotels. Hotel companies are now using music to enhance their servicescapes at their individual properties. Hotel companies such as Hyatt, Omni, Hilton and Starwood hotels are strategically using music to enhance their servicescapes while others simply sit on the sideline failing to see music’s strategic value (Torrini, 2006). W hotels even ventured a step further by hiring a Director of Music to strategically utilize music to enhance the hotel servicescape. This professional paper details the placement of music in public areas of hotels in Miami Beach, Florida. …

Bid For An International Meeting: A Guide For Taiwanese Associations, Yu-Chun Liu

UNLV Theses, Dissertations, Professional Papers, and Capstones

The meeting and exhibition industry is commonly referred to the MICE industry because it pertains to meetings, incentives, conventions, and exhibitions. Ancient eastern and medieval European countries were familiar with the practice of conducting meetings centuries ago. However, those meetings were most commonly designed to address the aftermath of war. During the seventeenth century, the Peace of Westphalia, a series of treaties, concluded the Thirty Years War and created a precedent that through large-scale meeting; significantly international problems among countries could be resolved. Until the early nineteenth century, international meetings between countries were popular. The scopes and topics of discussion …

The Gulf Of Mexico Oil Disaster: A Case Study On The Projected Economic Impact On Tourism Among The Gulf States Of Louisiana, Mississippi, Alabama, And Florida, Richard Andrew Robinson Jr.

UNLV Theses, Dissertations, Professional Papers, and Capstones

This case study found that from May through July 2010 most reports from Gulf area hospitality providers noted a significant drop in tourism revenue due to the BP oil spill. During this period, anecdotal accounts from business owners in the area described a sales decrease of 50% or more in some tourist spots. A University of Southern Mississippi study found that for that state alone non-gaming hotels experienced a 50% drop in sales with a total factored direct/indirect shortfall of $119,400. A Moody’s report, released in July, calculated the economic damage to tourism for that period to be $1.2 billion. …

협력적 가격차별 수단으로서의 일시적 가격할인, Jae Do Song

Asia Marketing Journal

This paper considers a duopoly where switching costs exist. The analysis proves that temporal price reductions can be pure strategy equilibrium where firms earn more profit than in a regular price strategy. Greater profits result from price discrimination in temporal price reductions. The equilibrium is contrasted with previous studies, which explain temporal price reductions as a result of mixed strategy. In a given model with an assumption about forming switching cost, firms can control their range of loyal consumers by properly setting their regular and promotional prices. The model shows that temporal price reduction tends to raise the regular price …

온라인 구전과 영화 매출 간 상호영향에 관한 연구, Jung Ho Bae, Bum Jun Shim, Byung Do Kim

Asia Marketing Journal

Motion pictures are so typical experience goods that consumers tend to look for more credible information. Hence, movie audiences consider movie viewers` reviews more important than the information provided by the film distributor. Recently many portal sites allow consumers to post their reviews and opinions so that other people check the number of consumer reviews and scores before going to the theater. There are a few previous researches studying the electronic word of mouth(eWOM) effect in the movie industry. They found that the volume of eWOM influenced the revenue of the movie significantly but the valence of eWOM did not …

한국 금융회사 마케팅 현황에 대한 탐색 연구, Sung Yong Chun

Asia Marketing Journal

Marketing financial services used to be easier. Today, the competition in financial services is fierce. Not only has the competition become more intense, financial services have also changed structurally. In an environment with various customer needs and severe competitions, the marketing in financial services industry is getting more difficult and more important than before. However, there are still not enough studies on financial services marketing in Korea whereas lots of research papers have been published frequently in some international journals. The purpose of this paper is (1)to review the literature on financial services marketing, (2)to investigate current marketing activities based …

Priorities, Progress, And Perspectives On Branding, Kevin Lane Keller

Asia Marketing Journal

No abstract provided.

An Investigation Of Psychological Factors Inluencing Investment Decision Making, Hsin Hue Chang

The Indonesian Capital Market Review

This study applies a second-order conirmatory factor analysis (CFA) approach to investigate psychological factors inluencing individuals' investment decision-making. A second-order CFA approach consists of ive irst-order psychological factors in terms of mental accounting, regret avoidance, self-control, heuristic and overconidence, and one second-order factor in terms of investment decision-making. Quantitative data was yielded by the questionnaire, and an effective sample of 752 responses was used to execute the estimation procedure. The results reveal that there exist statistically signiicant relationships between ive psychological factors and investment decision-making. Investors are likely to consider a product with different functions as one with different mental …

Exploring Determinant Factors Of Bond Trading With Inventory Management Theory (Case Study Of Indonesian Capital Market, January – March 2009), Imam Wahyudi, Abdu Robbi

The Indonesian Capital Market Review

This paper studies trading volume of 206 recorded and publicly traded bonds in Indonesian Capital Market on January 4th - March 9th 2009 observed period. The data covers almost all trading data in the market and all brokers that exist. The microstructure data used in this study is a complete understanding for almost every phenomenons in the market, and thus could explain more about bond liquidity. We ind that some bonds are actively traded and most are rare. We also construct some determinant facto tests of bond trading volume, included descriptive statistic, GLS, and other formal test. We ind that …

Estimating Structural Models Of Corporate Bond Prices In Indonesian Corporations, Lenny Suardi, M. Syamsudin

The Indonesian Capital Market Review

This paper applies the maximum likelihood (ML) approaches to implementing the structural model of corporate bond, as suggested by Li and Wong (2008), in Indonesian corporations. Two structural models, extended Merton and Longstaff & Schwartz (LS) models, are used in determining these prices, yields, yield spreads and probabilities of default. ML estimation is used to determine the volatility of irm value. Since irm value is unobserved variable, Duan (1994) suggested that the irst step of ML estimation is to derive the likelihood function for equity as the option on the irm value. The second step is to ind parameters such …

Determinants Of Financial Behaviours Among Malaysians, Zauwiyah Ahmad, Maimun Simun, Md. Shukor Masuod

The Indonesian Capital Market Review

The importance of financial literacy in promoting good financial behaviour has been established in previous studies. Nonetheless, a study that speciically analyses Malaysian or Asian general public is very rare, despite various cases involving bankruptcies, suicides and harassment that result from improper financial decisions within the region. This study focuses on Malaysians' financial literacy and inancial behaviour. It is hypothesized that inancial behaviour is signiicantly correlated with financial literacy. It is also expected that Malaysians' inancial behaviour and financial literacy vary signiicantly among those from different education and income levels. A quantitative approach was adopted for this study, utilizing questionnaire …

Style Analysis: Asset Allocation & Performance Evaluation Of Indonesian Equity Funds, April 2004 – March 2009, Boniarga Mangiring, Zäafri Ananto Husodo

The Indonesian Capital Market Review

This paper explores investment styles and risk exposures of mutual funds in Indonesia using Sharpe's return-based style analysis, a quadratic optimization of an asset class factor model, proposed by William F. Sharpe in 1992. The research observes nine sectoral asset class indexes and ifteen survivor Indonesian equity funds within April 2004 - March 2009. The results suggest that the infrastructure sector has the biggest exposure on average. This study also measures the relative performance of the funds with respect to their style benchmarks. The results indicate that the nine funds have been able to beat their style benchmarks on average. …

한국형 기업의 사회적 책임활동 측정을 위한 척도 개발 연구, Jong Chul Park, Jong Chul Par, Kyung Jin Kim, Lee

Asia Marketing Journal

It is not new that today`s business organizations are expected to exhibit ethical and moral management and to carry out social responsibility as a good corporate citizen. Since South Korea emerged as a newly industrialized country during the 1980s, Korean corporations have become active in carrying out their social responsibility as a good corporate citizen to society. In spite of the short history of corporate social responsibility, Korean companies have actively participated in corporate philanthropy. Corporations` significant donations to various social causes, no-lay-off policies, corporate volunteerism and green marketing are evidences of their commitment to corporate citizenship. Corporate social responsibility …

브랜드의 총체적 체험이 소비자-브랜드의 정서적 유대관계에 미치는 영향, Jie Un Lee, Joo Eon Jeon, Jae Young Yoon

Asia Marketing Journal

Brand experience has received much attention from considerable marketing research. When consumers consume and use brands, they are exposed to various specific brand-related stimuli. These brand-related stimuli include brand identity and brand communications(e.g., colors, shapes, designs, slogans, mascots, brand characters) components. Brakus, Schmitt, and Zarantonello(2009) conceptualized brand experience as subjective and internal consumer responses evoked by brand-related stimuli. They demonstrated that brand experience can be broken down into four dimensions(sensory, affective, intellectual, and behavioral). Because experiences result from stimulations and lead to pleasurable outcomes, we expect consumers to want to repeat theses experiences. That is, brand experiences, stored in consumer …

고객의 자기조절성향이 서비스 실패에 따른 부정적 감정과 고객반응에 미치는 영향, Hyung Suk Sung, Sang Lin Han

Asia Marketing Journal

Dissatisfied customers may express their dissatisfaction behaviorally. These behavioral responses may impact the firms` profitability. How do we model the impact of self regulatory orientation on emotions and subsequent customer behaviors? Obviously, the positive and negative emotions experienced in these situations will influence the overall degree of satisfaction or dissatisfaction with the service(Zeelenberg and Pieters 1999). Most likely, these specific emotions will also partly determine the subsequent behavior in relation to the service and service provider, such as the likelihood of complaining, the degree to which customers will switch or repurchase, and the extent of word of mouth communication they …

관계혜택과 브랜드 동일시의 역할에 관한 탐색적 연구, Joung Hae Bang, Ji Yeon Jung, Eun Hyung Lee, Kang

Asia Marketing Journal

Most of the service industries including finance and telecommunications have become matured and saturated. The competitions have become severe while the differences among brands become smaller. Therefore maintaining good relationships with customers has been critical for the service providers. In case of credit card and debit card, the similar patterns are shown. It is important for them to maintain good relationships with customers, and therefore, they have used marketing program which provides customized services to customers and utilizes the membership programs. Not only do they build and maintain good relationships, but also highlight their brands from the emotional aspects. For …

From Under The Shadows: Developing Awareness In A Conventional Market With A Product Less Recognized, Nelson Barber, Janis Donovan

Hospitality Management

The wine industry has considered product quality as the benchmark driving ­competitiveness, with wine quality the target standard. This focus on quality exposes producers to intense price competition with consumers alternating between wines. Some research has been done on country of origin suggesting the value consumers place on specific origins goes deeper than quality and price, inferring the presence of other dimensions such as emotional, economic, and social associations. However, little has been done to determine the value consumers place on the sub-wine regions of these larger countries. This study examines dimensions of wine region brand equity, by analyzing benefits …

Blue Cross And Blue Shield Of Florida Partners With Jacksonville Jaguars In Naming Of Practice Fields, 7/29/2010, Blue Cross And Blue Shield Of Florida, Inc.

Florida Blue Archives Printed Materials

Blue Cross and Blue Shield of Florida partners with Jacksonville Jaguars in naming of practice fields, with attachment: Talking points- Jacksonville Jaguars Announce Partnerships with Blue Cross and Blue Shield of Florida in naming Practice Fields from July 29, 2010.