메뉴 건너뛰기




Volumn 9, Issue 2, 2008, Pages 105-127

The determinant of the hospitality industry's unsystematic risk: A comparison between hotel and restaurant firms

Author keywords

And restaurant firms; CAPM; Financial leverage; Hotel firms; Operating leverage; Unsystematic risk

Indexed keywords


EID: 67650066606     PISSN: 15256480     EISSN: 15286499     Source Type: Journal    
DOI: 10.1080/15256480801907877     Document Type: Review
Times cited : (40)

References (48)
  • 2
    • 0010023511 scopus 로고
    • The relationship between return and market value of common stocks
    • Banz, R. W. (1981). The relationship between return and market value of common stocks. Journal of Financial Economics, 9, 3-18.
    • (1981) Journal of Financial Economics , vol.9 , pp. 3-18
    • Banz, R.W.1
  • 3
    • 84978569932 scopus 로고
    • The analysis and use of financial ratios: A review article
    • Barnes, P. (1987). The analysis and use of financial ratios: A review article. Journal of Business Finance and Accounting, 14(4), 449-61.
    • (1987) Journal of Business Finance and Accounting , vol.14 , Issue.4 , pp. 449-461
    • Barnes, P.1
  • 4
    • 0040197221 scopus 로고
    • The relationship between earnings, yield, market value, and return for NYSE common stocks: Further Evidence
    • Basu, S. (1983). The relationship between earnings, yield, market value, and return for NYSE common stocks: Further Evidence. Journal of Financial Economics, 12, 129-56.
    • (1983) Journal of Financial Economics , vol.12 , pp. 129-156
    • Basu, S.1
  • 5
    • 0001632191 scopus 로고
    • The association between market determined and accounting determined risk measures
    • Beaver, W., Kettler, P., & Scholes, M. (1970). The association between market determined and accounting determined risk measures. The Accounting Review, 45, 654-82.
    • (1970) The Accounting Review , vol.45 , pp. 654-682
    • Beaver, W.1    Kettler, P.2    Scholes, M.3
  • 6
    • 3142611153 scopus 로고
    • Size, leverage, and dividend record as determinants of equity risk
    • Ben-Zion, U., & Shalit, S. (1975). Size, leverage, and dividend record as determinants of equity risk. The Journal of Finance, 30(4),1015-26.
    • (1975) The Journal of Finance , vol.30 , Issue.4 , pp. 1015-1026
    • Ben-Zion, U.1    Shalit, S.2
  • 7
    • 84977705340 scopus 로고
    • Debt/Equity ratio and expected common stock returns: Empirical evidence
    • Bhandari, L. C. (1988). Debt/Equity ratio and expected common stock returns: Empirical evidence. Journal of Finance, 43, 507-28.
    • (1988) Journal of Finance , vol.43 , pp. 507-528
    • Bhandari, L.C.1
  • 10
    • 0008930842 scopus 로고
    • Corporate financial strategies and market measures of risk and return
    • Breen, W. J., Lerner, E. M. (1973). Corporate financial strategies and market measures of risk and return. The Journal of Finance, 28(2), 339-51.
    • (1973) The Journal of Finance , vol.28 , Issue.2 , pp. 339-351
    • Breen, W.J.1    Lerner, E.M.2
  • 11
    • 19844375282 scopus 로고
    • Asset characteristics and systematic risk
    • Brenner, M., & Schmidt, S. (1978). Asset characteristics and systematic risk. Financial Management, 7, 33-9.
    • (1978) Financial Management , vol.7 , pp. 33-39
    • Brenner, M.1    Schmidt, S.2
  • 12
    • 0000232861 scopus 로고
    • An exploratory investigation of the firm size effect
    • Chan, K., Chen, N., & Hsieh, D. (1985). An exploratory investigation of the firm size effect. Journal of Financial Economics, 14, 451-71.
    • (1985) Journal of Financial Economics , vol.14 , pp. 451-471
    • Chan, K.1    Chen, N.2    Hsieh, D.3
  • 13
    • 0033160179 scopus 로고    scopus 로고
    • Toward a strategic theory of risk premium: Move beyond CAPM
    • Chaterjee, S., Lubatkin, M. H., & Schulze, W. S. (1999). Toward a strategic theory of risk premium: Move beyond CAPM. Academy of Management Review, 24(3), 556-67.
    • (1999) Academy of Management Review , vol.24 , Issue.3 , pp. 556-567
    • Chaterjee, S.1    Lubatkin, M.H.2    Schulze, W.S.3
  • 14
    • 84951404750 scopus 로고
    • Beta, non-systematic risk and portfolio selection
    • Dowen, R. J. (1988). Beta, non-systematic risk and portfolio selection. Applied Economics, 20, 221-8.
    • (1988) Applied Economics , vol.20 , pp. 221-228
    • Dowen, R.J.1
  • 16
    • 84977737676 scopus 로고
    • The cross-section of expected stock returns
    • Fama, E. F., & French, K. R. (1992). The cross-section of expected stock returns. The Journal of Finance, 47(2), 427-65.
    • (1992) The Journal of Finance , vol.47 , Issue.2 , pp. 427-465
    • Fama, E.F.1    French, K.R.2
  • 17
    • 38549147867 scopus 로고
    • Common factors in the returns on stock and bonds
    • Fama, E. F., & French, K. R. (1993). Common factors in the returns on stock and bonds. Journal of Financial Economics, 33, 3-56.
    • (1993) Journal of Financial Economics , vol.33 , pp. 3-56
    • Fama, E.F.1    French, K.R.2
  • 18
    • 0002475788 scopus 로고
    • On the relationship between systematic risk and the degree of operating and financial leverage
    • Summer
    • Gahlon, J. M., & Gentry, J. A. (1982). On the relationship between systematic risk and the degree of operating and financial leverage. Financial Management, 11(Summer), 15-23.
    • (1982) Financial Management , vol.11 , pp. 15-23
    • Gahlon, J.M.1    Gentry, J.A.2
  • 20
    • 85016059830 scopus 로고    scopus 로고
    • Determinants of restaurant systematic risk: A reexamination
    • Gu, Z., & Kim, H. (2002). Determinants of restaurant systematic risk: A reexamination. The Journal of Hospitality Financial Management, 10(1), 1-13.
    • (2002) The Journal of Hospitality Financial Management , vol.10 , Issue.1 , pp. 1-13
    • Gu, Z.1    Kim, H.2
  • 21
    • 34548819376 scopus 로고    scopus 로고
    • An examination of the determinants of hotel REIT's unsystematic risk
    • Gu, Z., & Kim, H. (2003). An examination of the determinants of hotel REIT's unsystematic risk. Journal of Hospitality & Tourism Research, 27(2), 166-84.
    • (2003) Journal of Hospitality & Tourism Research , vol.27 , Issue.2 , pp. 166-184
    • Gu, Z.1    Kim, H.2
  • 23
    • 0001685353 scopus 로고
    • The effect of the firm's capital structures on the systematic risk of common stock
    • Hamada, R. S. (1972). The effect of the firm's capital structures on the systematic risk of common stock. The Journal of Finance, 27(2), 435-52.
    • (1972) The Journal of Finance , vol.27 , Issue.2 , pp. 435-452
    • Hamada, R.S.1
  • 25
    • 84899674492 scopus 로고    scopus 로고
    • Hotel real estate investment trusts' risk features and beta determinants
    • Kim, H., Z. Gu, & Mattila, A. S. (2002). Hotel real estate investment trusts' risk features and beta determinants. Journal of Hospitality & Tourism Research, 26(2), 138-54.
    • (2002) Journal of Hospitality & Tourism Research , vol.26 , Issue.2 , pp. 138-154
    • Kim, H.1    Gu, Z.2    Mattila, A.S.3
  • 26
    • 84959716532 scopus 로고
    • On the association between operation and risk
    • Lev, B. (1974). On the association between operation and risk. Journal of Financial and Quantitative Analysis, 9(4), 627-41.
    • (1974) Journal of Financial and Quantitative Analysis , vol.9 , Issue.4 , pp. 627-641
    • Lev, B.1
  • 27
    • 84911608997 scopus 로고
    • Equilibrium in an imperfect market: A constraint on the number of securities in the portfolio
    • Levy, C. (1978). Equilibrium in an imperfect market: A constraint on the number of securities in the portfolio. American Economic Review, 68, 643-58.
    • (1978) American Economic Review , vol.68 , pp. 643-658
    • Levy, C.1
  • 29
    • 0003114587 scopus 로고
    • The valuation of risk assets and the selection of risky investments in stock portfolios and capital budgets
    • Linter, J. (1965a). The valuation of risk assets and the selection of risky investments in stock portfolios and capital budgets. Review of Economics and Statistics, 47, 13-37.
    • (1965) Review of Economics and Statistics , vol.47 , pp. 13-37
    • Linter, J.1
  • 30
    • 84980100064 scopus 로고
    • Security prices, risk and maximal gains from diversification
    • Linter, J. (1965b). Security prices, risk and maximal gains from diversification. Journal of Finance, 20(4), 587-615.
    • (1965) Journal of Finance , vol.20 , Issue.4 , pp. 587-615
    • Linter, J.1
  • 31
    • 0008901461 scopus 로고
    • Financial policy and market expectations
    • Logue, L., & Merville, J. 1972. Financial policy and market expectations. Financial Management, 1(3), 37-44.
    • (1972) Financial Management , vol.1 , Issue.3 , pp. 37-44
    • Logue, L.1    Merville, J.2
  • 32
    • 84974379086 scopus 로고
    • The impact of the degrees of operating and financial leverage on systematic risk of common stock
    • Mandelker, G. N., & Rhee, S. G. (1984). The impact of the degrees of operating and financial leverage on systematic risk of common stock. The Journal of Finance and Quantitative Analysis, 19(1), 45-57.
    • (1984) The Journal of Finance and Quantitative Analysis , vol.19 , Issue.1 , pp. 45-57
    • Mandelker, G.N.1    Rhee, S.G.2
  • 33
    • 84974325304 scopus 로고
    • Financial factors which influence beta variations within an homogeneous industry environment
    • Melicher, R. W. (1974). Financial factors which influence beta variations within an homogeneous industry environment. The Journal of Financial and Quantitative Analysis, 9(2), 231-41.
    • (1974) The Journal of Financial and Quantitative Analysis , vol.9 , Issue.2 , pp. 231-241
    • Melicher, R.W.1
  • 34
    • 84977707554 scopus 로고
    • President address: A simple model of capital market equilibrium with incomplete information
    • Merton, R. (1987). President address: A simple model of capital market equilibrium with incomplete information. Journal of Finance, 42, 483-510.
    • (1987) Journal of Finance , vol.42 , pp. 483-510
    • Merton, R.1
  • 36
    • 0033976790 scopus 로고    scopus 로고
    • Comparison of two methods for transforming height and weight to normality
    • Pere, A. (2000). Comparison of two methods for transforming height and weight to normality. Annals of Human Biology, 27(1), 35-45.
    • (2000) Annals of Human Biology , vol.27 , Issue.1 , pp. 35-45
    • Pere, A.1
  • 38
    • 77953813199 scopus 로고
    • The prediction of systematic risk and specific risk in common stocks
    • Rosenberg, B., & McKibben, W. (1973). The prediction of systematic risk and specific risk in common stocks. Journal of Business and Quantitative Analysis, 8(2), 317-34.
    • (1973) Journal of Business and Quantitative Analysis , vol.8 , Issue.2 , pp. 317-334
    • Rosenberg, B.1    McKibben, W.2
  • 39
    • 84978569021 scopus 로고
    • The behavior of changes in accounting risk measures
    • Ruland, W. (1981). The behavior of changes in accounting risk measures. Journal of Business Finance & Accounting, 8(3), 373-87.
    • (1981) Journal of Business Finance & Accounting , vol.8 , Issue.3 , pp. 373-387
    • Ruland, W.1
  • 40
    • 33845482427 scopus 로고    scopus 로고
    • Investment strategies for REIT investors
    • Scherrer, P. S., & Mathison, T. J. (1996). Investment strategies for REIT investors. Real Estate Review, 26(1), 5-10.
    • (1996) Real Estate Review , vol.26 , Issue.1 , pp. 5-10
    • Scherrer, P.S.1    Mathison, T.J.2
  • 41
    • 0001217228 scopus 로고
    • A simplified model of portfolio analysis
    • Sharpe, W. F. (1963). A simplified model of portfolio analysis. Management Science, 9(2), 425-442.
    • (1963) Management Science , vol.9 , Issue.2 , pp. 425-442
    • Sharpe, W.F.1
  • 42
    • 0001217228 scopus 로고
    • Capital asset prices: A simplified model of portfolio analysis
    • Sharpe, W. F. (1964). Capital asset prices: A simplified model of portfolio analysis. Management Science, 9(2), 425-42.
    • (1964) Management Science , vol.9 , Issue.2 , pp. 425-442
    • Sharpe, W.F.1
  • 43
    • 8744263375 scopus 로고
    • Determinants of capital structure choice and empirics on leverage behavior: A comparative analysis of hotel and manufacturing firms
    • Sheel, A. 1994. Determinants of capital structure choice and empirics on leverage behavior: A comparative analysis of hotel and manufacturing firms. Hospitality Research Journal, 17(3), 3-16.
    • (1994) Hospitality Research Journal , vol.17 , Issue.3 , pp. 3-16
    • Sheel, A.1
  • 44
    • 0347660679 scopus 로고    scopus 로고
    • Hotel and restaurants - Are the risks rewarded? Evidence from Norway
    • Skalpe, O. (2003). Hotel and restaurants - Are the risks rewarded? Evidence from Norway. Tourism Management, 24, 623-34.
    • (2003) Tourism Management , vol.24 , pp. 623-634
    • Skalpe, O.1
  • 45
    • 0041470974 scopus 로고
    • The cost of capital and market power of firms
    • Sullivan, T. G. (1978). The cost of capital and market power of firms. Review of Economics and Statistics, 60, 209-17.
    • (1978) Review of Economics and Statistics , vol.60 , pp. 209-217
    • Sullivan, T.G.1
  • 46
    • 0008896819 scopus 로고
    • Source of systematic risk in common stocks
    • Thompson, D. J. (1976). Source of systematic risk in common stocks. The Journal of Business 49(2), 173-88.
    • (1976) The Journal of Business , vol.49 , Issue.2 , pp. 173-188
    • Thompson, D.J.1
  • 48
    • 0001601464 scopus 로고
    • Working wives and food away from home: The Box-Cox double hurdle model
    • Yen, S. T. (1993). Working wives and food away from home: The Box-Cox double hurdle model. American Journal of Agricultural Economics, 75, 884-95.
    • (1993) American Journal of Agricultural Economics , vol.75 , pp. 884-895
    • Yen, S.T.1


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.