Inflation and its impact on investment decisions in the hospitality industry

The impact of inflation is more severe in the hospitality industry than in some others because of its high level of capital investment. Proper evaluation of investment returns can only be made if inflation is considered in the evaluation process. This article presents an approach based on the net present value method of investment evaluation which incorporates the anticipated level of inflation and provides for the uncertainties of future cash flows.     

OPTIMALLY UNIFORM COMMODITY TAXES IN A NON LINEAR DEMOGRAPHIC DEMAND MODEL

This paper derives a sufficient condition for optimally uniform commodity taxes within the demographically generalized RNLF'S demand functional form framework. This paper, besides admitting child subsidies, allows for non linear equivalence scales and demographically varying utility and demand functions. The derived condition is shown to yield some recent uniformity results as special cases.     

On the Technically Efficient Organization of an Industry: A Study of U.S. Airlines

In nonparametric analysis of production efficiency, the focus of attention is typically on the individual firm. In this article, we evaluate efficiency in resource utilization at the industry level. We propose an integer programming model to measure the extent of input saving possible if the observed output level of the industry is allocated to an optimal number of identical firms. This approach is applied to data for U.S. airlines covering the period 1970–84. Our results confirm that there were too few airlines prior to deregulation and suggest that there were too many firms during the early years of the post-deregulation era.     

Reviews

“REDUNDANCY AND RECESSION” Danson, M. (editor) 1986: Redundancy and Recession: Restructuring the Regions? Norwich: Geobooks £25.00.

“BUSINESS FINANCE” International Management Centre, Buckingham for the Local Government Training Board 1986: Business Finance for Economic Development Officers. LGTB/Coventry Open Tech Unit. £48.50.

“NEW FIRMS” Johnson, P. 1987: New Firms, An Economic Perspective, London: Allen and Unwin £20.00.     

Using accounting earnings and aggregate economic indicators to estimate firm-level systematic risk

Review of Accounting Studies - We revisit the literature on using accounting earnings to estimate firm-level systematic risk, using macroeconomic indicators rather than listed-firm indexes to...     

Correction to: using accounting earnings and aggregate economic indicators to estimate firm-level systematic risk

Review of Accounting Studies - A Correction to this paper has been published: https://doi.org/10.1007/s11142-021-09637-1     

Increasing Cognitive Response Sensitivity

Abstract

Traditional cognitive response elicitation procedures may not be sensitive enough to elicit the stylized and subtle thoughts that are generated during exposure to certain types of ads. When these types of thoughts are the focus of an advertising researcher's work, it is critical that he or she develop a procedure that has the sensitivity to draw them forth without being reactive. A laboratory study examines two different procedures to do this: pre-exposure exercises and directed post-exposure instructions. The results suggest that each procedure raises measurement sensitivity, but that there is no advantage in combining them. General guidelines are then presented for developing stylized cognitive response elicitation procedures.     

Innovation and the management of marketing in high technology small firms

This paper initially attempts conceptually to integrate marketing into the total innovation process within high technology small firms. It is argued that an understanding of marketing problems can only be achieved when viewed in terms of other preceding stages in the innovation cycle, of which marketing is a key final act. The subsequent presentation of evidence from two recent research studies indicates that marketing has been neglected in a surprising number of the high technology small firms studied, in which there was a considerable reliance on unsolicited orders as a reactive form of selling. It is argued that this lack of marketing vigour is partly caused by a shortage of human and financial resources which frequently stem from expensive earlier stages in the innovation cycle (e.g. R&D). It is concluded that vigorous marketing would increase output and growth in several of the currently reactive instances. Thus, the paper concludes with suggestions for a more pro‐active policy on the part of government agencies towards the promotion of sales growth in these currently inactive high technology small enterprises.