The purpose of this paper is to further investigate a previously researched positive relationship between the long-term debt ratio and growth opportunities in the U.S. lodging industry. Research by Smith and Watts (1992) and Barclay and Smith (1993) finds that firms with more growth...

Although U.S. restaurant firms face high risks in diversifying their operations internationally, there are no previous studies that motivate international diversification. If international diversification is risky then why do restaurant firms go abroad? This study focuses on one potential...

Extensive literature in hospitality finance indicates that the lodging depression of the 1980s spanned the years 1980-92 and that the entire industry was losing money for most of that period. For example, Hanson (1994) claims that "after operating at a loss in every year since 1982, the U.S....

Very few academic studies have systematically attempted to evaluate equity valuation models in the lodging industry. Most academic papers in the mainstream finance and accounting literature either exclude hospitality firms or do not examine it in detail. For example, it is very common to find...

Lodging stock undervaluation has been a longstanding issue in the hotel industry. Many market experts and industry educators and managers have participated in, or at least been exposed to, discussions and/or arguments over this issue. In summary, the proponent of lodging stock undervaluation...

Very few academic studies have systematically attempted to evaluate equity valuation models in the lodging industry. Most academic papers in the mainstream finance and accounting literature either exclude hospitality firms or do not examine them in detail. For example, it is very common to find...

There is a growing awareness that corporate governance variables play an important role in firm performance. While the majority of researchers argue that firm performance is positively associated with corporate governance structure, some other scholars suggest that there is no link between...

Leasing of equipment has increased dramatically in the United States. According to the Equipment Leasing Association of America, total leasing in 1999 reached $226 billion (www.elaoa.com). Despite the popularity and widespread use of leasing, there is a paucity of literature in hospitality on...

Previous studies state that the value relevance of earnings information has declined over time, based on decreasing ERCs and R2s. This paper demonstrates that measurement error bias is a major factor that drives these results when using earnings changes as a proxy for unexpected earnings. The...

This study provides value estimates for intangible assets of publicly traded hotel firms in the United States, approaching from both time-series and cross-sectional perspectives. When evaluating a firms tangible and intangible assets, tests of model usefulness reveal it is meaningful to...