Risk-Return Analysis of Fast-Food Versus Casual-Dining Restaurants: Who Moved My Cheeseburger?

Journal of Hospitality and Tourism Research

Volumn 32, Issue 3, 2008, Pages 327-341

  Madanoglu, Melih ^a   Lee, Kyuho ^b   Kwansa, Francis A ^c  

^a FLORIDA GULF COAST UNIVERSITY   (United States)

^b WESTERN CAROLINA UNIVERSITY   (United States)

^c UNIVERSITY OF DELAWARE   (United States)

Author keywords

casual dining; downside risk; fast food; restaurant industry; risk adjusted performance

Indexed keywords

EID: 80054044623     PISSN: 10963480     EISSN: 15577554     Source Type: Journal    
DOI: 10.1177/1096348008317387     Document Type: Article

References (51)

1. The lognormal distribution. Cambridge: Cambridge University Press; 1957:.
2. Fama-French and small company cost of equity calculations. 1997 2003:.
3. Investment risk: A unified approach to upside and downside returns Managing downside risk in financial markets: Theory, practice and implementation. Oxford: Butterworth Heinemann; 2001:103-155.
4. How the government shaped the American diet. Boston: Harvard Business School; 2004:.
5. September 20). Franchisees, leadership groups assist in McD's "salad" days.Nation's Restaurant News. 2004;38 (38): 30.
6. Risk diversity across restaurants: An empirical analysis.Cornell Hotel and Restaurant Administration Quarterly. 1998;39 (2): 64-69.
7. Best practices in estimating the cost of capital: Survey and synthesis.Financial Practice and Education. 1998;8 (1): 13-28.
8. Behavioral aspects of decision models in asset management. Capelle a d Ijssel: Labyrint; 1998:.
9. Adjusting for risk: An improved Sharpe ratio.International Review of Economics and Finance. 2000;9 (3): 209-222.
10. An introduction to the bootstrap. London: Chapman and Hall; 1993:.
11. Common risk factors in the returns on stocks and bonds.Journal of Financial Economics. 1993;33 (1): 3-56.
12. Industry costs of equity.Journal of Financial Economics. 1997;43 (2): 153-193.
13. Mean-risk analysis with risk associated with below target returns.American Economic Review. 1977;67 (1): 116-126.
14. Debt use and profitability: A reality check for the restaurant industry.Journal of Foodservice Systems. 1993;7 (3): 135-147.
15. Determinants of restaurant systematic risk: A reexamination.Journal of Hospitality Financial Management. 2003;10 (1): 1-13.
16. Modern investment theory. 1997). Modern investment theory (4th ed.). Upper Saddle River, NJ: Prentice Hall.Upper Saddle River, NJ: Prentice Hall; 1997:.
17. Obesity rate could reach nearly 40% in five years.USA Today. 2003 2003;:.
18. The performance of mutual funds in the period 1945-1964.Journal of Finance. 1968;23 (2): 389-416.
19. Risk analysis in the lodging industry The practice of hospitality management. Westport, CT: AVI; 1986:393-406.
20. Prospect theory: An analysis of decision under risk.Econometrica. 1979;47 (2): 263-291.
21. The analysis of economic time series.Journal of the Royal Statistical Society. 1953;96 (1): 11-25.
22. An empirical examination of market performance, risk features, and risk determinants of hotel real estate investment trusts (REITs). Unpublished doctoral dissertation. University Park: Pennsylvania State University; 2001:.
23. Risk-adjusted performance: A sector analysis of restaurant firms.Journal of Hospitality and Tourism Research. 2003;27 (2): 200-216.
24. Portfolio and investment selection: Theory and practice. Englewood Cliffs, NJ: Prentice Hall; 1984:.
25. The valuation of risk assets and the selection of risky investments in stock portfolios and capital budgets.Review of Economics and Statistics. 1965;47 (1): 13-37.
26. A random walk down Wall Street. New York: Norton; 1985:.
27. Portfolio selection: Efficient diversification of investments. New York: John Wiley; 1959:.
28. McDonald's posts its first loss and lowers outlook for growth Reuters; 2003 2003:.
29. Industry surveys: Restaurants.Standard & Poor's. 2005;173 (43 1): 1-38.
30. Strategic management in the hospitality industry. 1998). Strategic management in the hospitality industry (2nd ed.). New York: John Wiley.New York: John Wiley; 1998:.
31. The restaurant revolution-Growth, change and strategy in the international foodservice industry.Journal of Restaurant and Foodservice Marketing. 2001;4 (3): 1-34.
32. A class by itself.Restaurants and Institutions. 2003;113 (3): 28 52-34 54.
33. Hotel real estate in a property investment portfolio: An examination of results from 1992 to 2001.Journal of Hospitality Financial Management. 2003;13 (1): 11-25.
34. Risk-adjusted performance measures and implied risk attitudes (Working Paper). Groningen: University of Groningen, Research Institute SOM (Systems, Organisations and Management); 2001:.
35. September 11 and its effects on the rates of return and risk in the hospitality industry: An event study approach. Paper presented at the fifteenth symposium of the Association of Hospitality Financial Management Educators; New York.
36. A portfolio manager's view on downside risk Managing downside risk in financial markets: Theory, practice and implementation. Oxford: Butterworth Heinemann; 2001:93-100.
37. On the cross-sectional relation between expected returns and betas.Journal of Finance. 1994;49 (1): 101-121.
38. Strategy, structure, and economic performance. Boston: Harvard University Press; 1974:.
39. Capital asset prices: A theory of market equilibrium under conditions of risk.Journal of Finance. 1964;19 (3): 425-442.
40. Mutual fund performance.Journal of Business. 1966;39 (1): 119-138.
41. The Sharpe ratio.Journal of Portfolio Management. 1994;21 (1): 49-58.
42. Performance measurement in a downside risk framework.Journal of Investing. 1994;3 (3): 50-58.
43. Managing downside risk in financial markets: Theory, practice and implementation. Oxford: Butterworth Heinemann; 2001:.
44. Downside risk.Journal of Portfolio Management. 1991;18 (2): 27-31.
45. The Dutch triangle.Journal of Portfolio Management. 1999;26 (1): 50-58.
46. Restaurants: Ya' gotta eat out! Review & outlook. New York: Lehman Brothers; 2002:.
47. The 2003 Technomic public chain restaurant company report. Chicago: Author; 2003:.
48. How to rate management investment funds.Harvard Business Review. 1965;44 (1): 63-75.
49. The Wall Street Journal. 2003 2003;:.
50. Environmental scanning, industry structure and strategy making: Concepts and research in the hospitality industry.International Journal of Hospitality Management. 1989;8 (4): 283-298.
51. Fast-food franchisees hoping area's sizzling price wars won't last.Pittsburgh Tribune-Review. 2002 2003.