 Table of Contents |
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Table of Contents |
EDITOR’S NOTE
Trends in the Lodging Industry - the Future and the Present
Atul Sheel
REFEREED ARTICLES
Determinants of Restaurant Systematic Risk: A Re-Examination
Zheng Gu and Hyunjoon Kim
This paper re-examines the determinants of systematic risk or beta of restaurant firms based on the financial data of 75 U.S. restaurant firms from 1996 through 1999. Weighted least-squares regressions reveal that the systematic risk of restaurant is correlated negatively with assets turnover ratio but positively with quick ratio. Research findings also suggest that higher efficiency in generating sales revenue lowers the systematic risk in restaurants while excess liquidity tends to increase the risk.
Evolution and Development of Equity REITS - The Securitization of Equity Structures for Financing the U.S. Lodging Industry
Paul Beals and A.J. Singh
The mid-1990s saw the alignment of real estate and capital markets. The primary driver of such convergence was the increasing securitization of real estate debt and equity investments. This paper examines the evolution of Real Estate Investment Trusts (REITs) as innovative equity instruments during this period and their resulting impact on financing the U.S. lodging industry.
An Examination of Commercial Mortgage Backed Securities - Some Useful Insights for Borrowers
Amit Nagpal and Atul Sheel
Commercial Mortgage Backed Securities (CMBS) have emerged strong and have faced a generally positive credit environment since the last recession. As the market grew out of recession in the early nineties, the primary focus remained on providing better and safer returns to investors. Tied in their lock box, a period that contractually prohibits the borrower from all prepayments, the borrowers kept holding tightly onto their loans. Currently, as the delinquency rate on loans have been on the rise, and as the mortgage market offers refinancing opportunities at lower interest rates, more and more borrowers are looking to transfer or to refinance their loans. This paper examines commercial mortgage backed securities and provides useful insights for borrowers to find their way out of CMBS loans.
Boosting the Bottom-Line via Internet Sales - The Case of Conference Travel
Larry West and Randall S. Upchurch
The Internet has become one of the main channels of distribution for a variety of hospitality and tourism related companies. Because of cost efficiency and convenient access such electronic distribution channels often serve as useful tools for hospitality and tourism firms to boost their bottom line. This paper presents a case study of the use of Internet registration for conference travel. Using the 1999 annual Civil Affairs conference as a medium, this study ascertained the acceptance and utility of using the Internet for registration and informational purposes for a group of civil affairs officers. Findings reveal that computer usage and Internet access consumer patterns for the sampled travelers are distinctly different than other reported consumer usage profiles. The paper emphasizes the need for successful meeting planners to focus on strategic distribution of electronic or web based information, and adopt an approach that specifically targets the usage patters of conference travelers.
INVITED ARTICLE
AHFME Academic Member 2000 Total Annual Earnings Survey
Raymond S. Schmidgall
This study was conducted to determine the 2000 annual earnings of hospitality financial management educators. Analyses reveal several interesting issues related to the compensation structure of educators in the area of hospitality finance and accounting. The compensation trends of AHFME Members for the year 2000 are elaborately discussed.
VIEWPOINT
The Nigerian Tourism Sector: Economic Contribution, Constraints and Opportunities
Abiodun S. Bankole
Nigeria has made some important commitments in the area of tourism and travel related services in the General Agreement on Trade in Services (GATS) signed at the end of the multilateral trade negotiations of the Uruguay Round. This paper examines Nigeria's tourism as an important export sector capable of earning substantial foreign exchange for the country and diversifying its economic base. As such the economic contributions made by the Nigerian tourism industry, its constraints, and opportunities are better understood.
ABSTRACTS OF PRESENTATIONS AT THE 2001 ANNUAL AHFME RESEARCH SYMPOSIUM
Efficiency in Hotel Real Estate Market
Seonghee Oak and William Andrew
The Impact of Management Style on the Financial Performance of the Lodging Industry
Islam “Sam” Karadag
Growth opportunities and the long-term debt decision of U.S. lodging firms
Michael C. Dalbor and Arun Upneja