Discounting Works in the Hotel Industry: A Structural Approach to Understanding Why

This case study provides an empirical assessment of the relationship between discounting hotel room rates and hotel financial performance. The dynamics of the lodging industry are accounted for through the adoption of an error correction model. Recent research suggests that the use of discounting room rates may not be an effective pricing strategy as it results in increased occupancy rates at decreased average daily rates, thereby reducing a common financial performance indicator – revenue per available room (revPAR). The recommendation made to hotel managers, then, is to avoid discounting and instead adopt an average rate. This study generates opposing findings and reveals that discounting may be a practical short-term pricing solution that may compensate for market disequilibria. The results suggest that using statistical residuals rather than room rate averages may more accurately forecast appropriate hotel room rates and balance supply and demand. Thus, the recommendation of adopting average room rates may provide incorrect implications for managers in the short run

AN EVENT STUDY OF THE DELISTING OF HOSPITALITY STOCKS IN THE UNITED STATES

Managers make important corporate strategic investment decisions such as mergers and acquisitions to improve the long-term competitiveness of their organizations; while at times they may be forced to manage for the short-term in order to satisfy the demands from the stock market.However, there is a lack of empirical research to examine the short- versus long-term view of management decision-making.This study analyses the mergers and acquisitions activities in the hospitality industry and particularly, investigates delisting behaviour of publicly traded hospitality firms and whether companies exhibit distinct patterns before delisting. Consolidation is prevalent in a maturing industry such as hospitality which currently faces a fiercely competitive global environment. The results of the study show that there is substantial difference between hospitality and non-hospitality stocks: not much information leakage in the delisting of hospitality stocks and a marked increase in institutional holdings with time but significant information leakage in non-hospitality stocks as reflected by positive and significant abnormal returns

Examining the Impact of STR Weekly RevPAR Announcements on Lodging Stock Returns

This study investigated whether or not there were abnormal stock market returns on the announcement date of weekly RevPAR (revenue per available room) data by the lodging industry research firm STR. Using event study methodology, the study found that there were not statistically significant abnormal returns on the weekly RevPAR announcement date for the period from 2004 to 2009. The implications of this study are important to the hotel investment community including lodging stock owners and investors, stock analysts, investment bankers, and consultants as it indicates that there is not advance trading in lodging stocks based on the STR weekly RevPAR announcements

Yes, implied volatilities are not informationally efficient: an empirical estimate using options on interest rate futures contracts

The accuracy of volatility forecast estimators has been assessed using daily overlapping and non overlapping observations on two major short-term interest rate futures contracts traded in London. The use of a panelized data set has eliminated some of the drawbacks usually associated with non overlapping data estimation, such as the lack of accuracy due to an insufficient number of observations or the arbitrariness of the choice of tenor. In the same way non stationarity and long memory characteristics of daily overlapping time series are disposed of. Information content estimation in levels associated with the Hansen (1982) variance covariance matrix estimator provides reasonably accurate estimates, broadly similar to the corresponding benchmark panel data ones

Industry agglomeration, sub-national institutions and the profitability of foreign subsidiaries

This study investigates the impact of agglomeration and its interaction with subnational institutions on the profitability of multinational enterprises (MNEs) subsidiaries operating in an emerging economy. We argue that in an emerging economy like China, competition in product and factor markets is more intense between foreign firms than between foreign and domestic firms owing to market segmentation. Consequently, agglomerating with other foreign firms has negative impact on the profitability of foreign subsidiaries. In contrast, foreign firms agglomerating with domestic firms may reap gains owing to less competition and improved access to local resources and knowledge. We find that these effects are more pronounced to domestic-market-oriented foreign firms. Furthermore, sub-national institutions moderate the above relationships. Our arguments are supported by the empirical analysis based on a comprehensive dataset of foreign firms operating in China over the period of 1999-2005

Progettare per l'utente: ergonomiae usabilità di oggetti disegnati attorno al corpo

Body sensors networks, elettronica indossabile, tessuti intelligenti sono solamente alcune delle interessanti tecnologie che si stanno affacciando sul mercato, o che sono già in commercio, ma il designer di fronte alle opportunità offerte da queste soluzioni come si pone? Quali possibilità reali di progettare e realizzare nuovi prodotti/servizi esistono? Il testo restituisce quindi una analisi ad uso dei giovani designer delle principali tecnologie e soprattutto delle loro conseguenze sul design di nuovi prodotti, indicazioni sulla metodologia progettuale, ergonomia, usabilità e psicologia per un corretto approccio alla progettazione con l’utente, una serie di spunti per nuovi prodotti e servizi ed infine numerose significative idee progettuali svolte in collaborazione gli studenti della Facoltà di Design del Politecnico di Milano

Teaching Design Thinking through Flipped Classroom

Digital technology has improved our lives in different ways and do-mains, also in the education field. Innovative teaching methods should integrate the use of digital technologies to enhance student engagement, support any education environment and encourage both teachers and learners that are now relying on them for a different purpose from con-ducting research to collaborating with peers. The actions have to foster innovative didactics that give value to the learner’s passions and skills, increase flexibility and transdisciplinarity, and boost project-building didactics. These changing are also occurring in the design process education. This paper aims to present a creative learning experience, based on the “flipped classroom” methodology enriched by the integration of other learning engagement strategies, developed by IDEActivity Center to explore the Design Thinking (DT) process and tools. The teaching project promotes forms of innovative learning of the Design Thinking (DT) process integrating different engagement strategies for adult learners including, Think-Pair-Share, Role-play, Flipped–Active Learning, Problem-based learning. The workshop designed for flipped DT learning is an experiential format applicable in any context, whether educational or corporate, in a public or private institution. The learning experience was experimented in a didactic module of Product Design on a Master’s course at the Politecnico di Milano