Current issues in hospitality finance

This book gathers a wide range of research in the field of hospitality finance, especially investment issues related to hospitality stocks and hospitality firm performance. It is divided into eight chapters covering the following themes: - The mean reversion of hospitality stock prices; - The impact of the SARS outbreak on hotel stock performance; - The impact of government weekend policy changes and foreign institutional holdings on tourism stock returns; - The underpricing of IPOs in the tourism industry; - Hotel valuation; - The impact of insider managerial ownership on hotel firm performance; - Risk determinants of the hotel industry; - The impact of state ownership on hotel firms'characteristics and financial performance. The issues, methodological and theoretical innovations, and policy implications based on empirical results from hospitality sectors in different countries contribute to future research in the areas of financial management and investments related to the hospitality and tourism industry. Accordingly, this book can be used as a reference for academics, industry practitioners and policy makers, and for those who are interested in hospitality finance research.